Fortro Ltd SC651035 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is business consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true true SC651035 2023-02-01 2024-01-31 SC651035 2024-01-31 SC651035 bus:OrdinaryShareClass1 2024-01-31 SC651035 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC651035 core:ShareCapital 2024-01-31 SC651035 core:CurrentFinancialInstruments 2024-01-31 SC651035 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 SC651035 core:FurnitureFittingsToolsEquipment 2024-01-31 SC651035 bus:SmallEntities 2023-02-01 2024-01-31 SC651035 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC651035 bus:FullAccounts 2023-02-01 2024-01-31 SC651035 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC651035 bus:RegisteredOffice 2023-02-01 2024-01-31 SC651035 bus:Director1 2023-02-01 2024-01-31 SC651035 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC651035 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC651035 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 SC651035 core:OfficeEquipment 2023-02-01 2024-01-31 SC651035 1 2023-02-01 2024-01-31 SC651035 countries:Scotland 2023-02-01 2024-01-31 SC651035 2023-01-31 SC651035 core:FurnitureFittingsToolsEquipment 2023-01-31 SC651035 2022-02-01 2023-01-31 SC651035 2023-01-31 SC651035 bus:OrdinaryShareClass1 2023-01-31 SC651035 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC651035 core:ShareCapital 2023-01-31 SC651035 core:CurrentFinancialInstruments 2023-01-31 SC651035 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 SC651035 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC651035

Fortro Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Fortro Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Fortro Ltd

(Registration number: SC651035)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

360

682

Current assets

 

Debtors

5

234

4,672

Cash at bank and in hand

 

6,649

2,111

 

6,883

6,783

Creditors: Amounts falling due within one year

6

(19,159)

(15,897)

Net current liabilities

 

(12,276)

(9,114)

Total assets less current liabilities

 

(11,916)

(8,432)

Provisions for liabilities

1,560

1,042

Net liabilities

 

(10,356)

(7,390)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(10,456)

(7,490)

Shareholders' deficit

 

(10,356)

(7,390)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 February 2024
 

Mrs Aileen Margaret Boyle
Director

   
     
 

Fortro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
18 Browns Place
East Linton
EH40 3AX
Scotland

These financial statements were authorised for issue by the director on 29 February 2024.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had net current liabilities of £12,276 (2023: £9,114) and retained losses of £10,456 (2023: £7,490). The director has pledged to financially support the company for a period of at least twelve months from the signature date and on this basis, feels that it is appropriate for the financial statements to be prepared on a going concern basis.

 

Fortro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services 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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office Equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits,

 

Fortro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Trade debtors are reviewed annually for any bad debts and any adjustment is made accordingly through the profit and loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Fortro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

1,287

1,287

At 31 January 2024

1,287

1,287

Depreciation

At 1 February 2023

605

605

Charge for the year

322

322

At 31 January 2024

927

927

Carrying amount

At 31 January 2024

360

360

At 31 January 2023

682

682

5

Debtors

Current

2024
£

2023
£

Trade debtors

-

3,749

Prepayments

234

258

Other debtors

-

665

 

234

4,672

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

12,816

10,000

Trade creditors

 

-

35

Taxation and social security

 

2,935

1,811

Accruals and deferred income

 

900

600

Other creditors

 

2,508

3,451

 

19,159

15,897

Other creditors include a loan which is unsecured of £10,000 (2023: £10,000).

 

Fortro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

2,816

-

Other borrowings

10,000

10,000

12,816

10,000

Other borrowings are referred to in note 6 to these accounts.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Fortro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Related party transactions

Other transactions with the director

At the balance sheet date, the company owed Mrs A Boyle, director and sole shareholder, £2,508 (2023: £3,452). There are no terms for repayment of this amount and interest is not being charged on the balance.

10

Ultimate Controlling Party

The ultimate controlling party is Mrs Aileen Boyle, director and sole shareholder.