Company registration number 13905164 (England and Wales)
FORMELS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
FORMELS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
FORMELS LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
31 October 2023
28 February 2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,044,053
2,044,053
Current assets
Debtors
4
30,001
30,001
Cash at bank and in hand
965
1,000
30,966
31,001
Creditors: amounts falling due within one year
5
(1,044,054)
(1,044,054)
Net current liabilities
(1,013,088)
(1,013,053)
Net assets
1,030,965
1,031,000
Capital and reserves
Called up share capital
6
1,000,200
1,000,200
Share premium account
29,800
29,800
Profit and loss reserves
965
1,000
Total equity
1,030,965
1,031,000
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
Mr A Melligan
Director
Company registration number 13905164 (England and Wales)
FORMELS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Formels Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 89 Chester Road, Streetly, Sutton Coldfield, England, B74 2HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FORMELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2023
Number
Number
Total
3
Fixed asset investments
2023
2023
£
£
Shares in group undertakings and participating interests
2,044,053
2,044,053
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Other debtors
30,001
30,001
5
Creditors: amounts falling due within one year
2023
2023
£
£
Amounts owed to group undertakings
1,044,054
1,044,054
6
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
100
100
100
100
B ordinary shares of £1 each
100
100
100
100
C ordinary shares of £1 each
100
100
100
100
Non redeemable preference shares of £1 each
999,900
999,900
999,900
999,900
1,000,200
1,000,200
1,000,200
1,000,200