Registered number
07530644
Forecourt Refresh Ltd
Filleted Abridged Accounts
31 March 2023
Forecourt Refresh Ltd
Registered number: 07530644
Abridged Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 138,580 103,414
Current assets
Stocks 195,254 236,724
Debtors 1,709,346 2,104,723
Cash at bank and in hand 640,149 336,837
2,544,749 2,678,284
Creditors: amounts falling due within one year (1,273,779) (1,521,343)
Net current assets 1,270,970 1,156,941
Total assets less current liabilities 1,409,550 1,260,355
Provisions for liabilities (34,645) (19,649)
Net assets 1,374,905 1,240,706
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,374,904 1,240,705
Shareholder's funds 1,374,905 1,240,706
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
C Hayward
Director
Approved by the board on 30 November 2023
Forecourt Refresh Ltd
Notes to the Abridged Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.3% straight line
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 18
3 Tangible fixed assets
Total
£
Cost
At 1 April 2022 197,681
Additions 76,906
Disposals (25,591)
At 31 March 2023 248,996
Depreciation
At 1 April 2022 94,267
Charge for the year 31,277
On disposals (15,128)
At 31 March 2023 110,416
Net book value
At 31 March 2023 138,580
At 31 March 2022 103,414
4 Related party transactions
As at 31 March 2023, the Company was owed £481,175, from a Company in which the director has an interest as both a director and a shareholder, the loan is interest free and repayable on demand.
5 Other information
Forecourt Refresh Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11 Ventura House
Norwich Road
Watton
Norfolk
IP25 6JU
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