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Registration number: 11760608

Forte Forte UK Limited

Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Forte Forte UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Forte Forte UK Limited

Company Information

Director

R Benaglia

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Forte Forte UK Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

-

340

Tangible assets

6

188,388

331,109

 

188,388

331,449

Current assets

 

Stocks

7

211,095

233,290

Debtors

8

138,801

121,209

Cash at bank and in hand

 

141,211

193,637

 

491,107

548,136

Creditors: Amounts falling due within one year

9

(727,934)

(712,330)

Net current liabilities

 

(236,827)

(164,194)

Total assets less current liabilities

 

(48,439)

167,255

Creditors: Amounts falling due after more than one year

9

(248,691)

(239,137)

Net liabilities

 

(297,130)

(71,882)

Capital and reserves

 

Called up share capital

300,100

300,100

Other reserves

44,238

44,238

Retained earnings

(641,468)

(416,220)

Shareholders' deficit

 

(297,130)

(71,882)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 28 November 2023
 

.........................................

R Benaglia

Director

Company registration number: 11760608

 

Forte Forte UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

The principal activity of the company is that of the retail sale of clothing in specialised stores.

2

Audit Report

The Independent Auditor's Report was qualified. We did not observe counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2023, which are included in the statement of financial position at £211,095, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
The name of the Senior Statutory Auditor who signed the audit report on 28 November 2023 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

 

Forte Forte UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Going concern

The company made a loss for the year ended 31 March 2023 and had a deficit of net current assets at that date of £297,130. At that date an amount of £938,105 was due to the parent undertaking who has agreed not to call for repayment until such time as the company has sufficient working capital.

The director has considered the effect of the current cost of living crisis in the UK and the global economic environment as impacted by ongoing conflicts overseas and believes that there will be no material impact on the ability of the company to continue as a going concern.

With the resources that the company has, including funding from the parent undertaking and from which support and additional funding is expected to continue, the director believes that the company has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the sale of goods at the point of sale and from online sales when the goods are despatched and the payment made, when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over the lease term

Furniture, fittings and equipment

5 years straight line

Computer equipment

3 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software licences

3 years straight line

 

Forte Forte UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4

Staff numbers

The average number of persons employed by the company during the year, was 3 (2022 - 3).

 

Forte Forte UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Licences
£

Cost or valuation

At 1 April 2022

3,052

At 31 March 2023

3,052

Amortisation

At 1 April 2022

2,713

Amortisation charge

339

At 31 March 2023

3,052

Carrying amount

At 31 March 2023

-

At 31 March 2022

340

 

Forte Forte UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

493,258

190,422

15,317

698,997

Additions

241

-

1,681

1,922

Disposals

-

(3,808)

-

(3,808)

At 31 March 2023

493,499

186,614

16,998

697,111

Depreciation

At 1 April 2022

257,999

98,289

12,186

368,474

Charge for the year

100,458

36,584

3,207

140,249

At 31 March 2023

358,457

134,873

15,393

508,723

Carrying amount

At 31 March 2023

135,042

51,741

1,605

188,388

At 31 March 2022

235,845

92,133

3,131

331,109

7

Stocks

2023
£

2022
£

Stock

211,095

233,290

8

Debtors

2023
£

2022
£

Trade debtors

5,441

4,447

Amounts owed by group undertakings

-

4,878

Other debtors

133,360

111,884

138,801

121,209

Included within other debtors is an amount of £Nil (2022 - £108,000) due in more than one year.

 

Forte Forte UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

16,459

50,499

Amounts owed to group undertakings

689,414

626,581

Taxation and social security

-

12,691

Accruals and deferred income

22,053

22,256

Other creditors

8

303

727,934

712,330

Creditors: amounts falling due after more than one year

2023
£

2022
£

Amounts owed to group undertakings

248,691

239,137

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £107,049 (2022 - £227,507).

11

Non adjusting events after the financial period

Subsequent to 31 March 2023 the company entered into a financial commitment amounting to £510,000.