FORM (MIDLANDS) LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH SEPTEMBER 2023 |
FORM (MIDLANDS) LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH SEPTEMBER 2023 |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FORM (MIDLANDS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
BALANCE SHEET |
30TH SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Form (Midlands) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process. |
The critical judgments that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the statutory financial statements are discussed below. |
(i) Recoverability of debtors |
The company establishes a provisions for debtors that are estimated not to be recoverable. When assessing |
recoverability, the directors have considered factors such as the ageing of debtors, past experience of recoverability and the credit profile of individual or groups of customers. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Amounts recoverable on contracts is recognised in debtors where a contract for goods is evaluated on the stage of completion of the contract. |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Plant and machinery | - 25% on reducing balance |
Computer equipment | - 15% on cost |
Furniture and fixings | - 15% on cost |
Motor vehicles | - 25% on reducing balance |
Premises improvements | - 15% on cost |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the period end the company has net liabilities of £569,857 (2022: £596,104). The company is supported by an intercompany loan provided by Lousada PLC, the parent company of Lousada London Limited. Lousada PLC will not recall the loan until the company is making sufficient profits and will continue to support the company moving forwards. The directors have considered these factors and the improvement in trade since the period end and consider the company to be a going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1st October 2022 |
Additions |
Disposals | ( |
) |
At 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st October 2022 |
Additions |
Disposals | ( |
) |
At 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Doubtful debt provision | (4,574 | ) | (27,908 | ) |
Amounts owed by group undertakings | 3,137 | - |
Amounts owed by related parties |
Amounts recoverable on contract |
Other debtors |
Prepayments |
6. | CASH AT BANK AND IN HAND |
2023 | 2022 |
£ | £ |
Bank current account | 215,023 | 148,626 |
Cash in hand |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related parties | 374 | - |
Social security and other taxes |
VAT | 44,212 | 59,509 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | OTHER FINANCIAL COMMITMENTS |
The company has non cancellable operating lease commitments for the rent of the premises for £240,000. |
FORM (MIDLANDS) LIMITED (REGISTERED NUMBER: 13459922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year the Company provided services to IBC Products Limited, a Company in which Mr S Lousada is a director amounting to £121,854 (2022 - Nil). At the year end the Company was owed £14,551 (2022 - Nil).. |
Also during the year the Company provided services to Red Construction Group Limited a company in which Mr S Lousada is a director and shareholder amounting to £381,684 (2022 - £116,670). At the year end the Company were owed £20,653 (2022 - Nil). |
The company also provided services to Lousada Investments Limited (LIL), a Company in which Mr S Lousada is a director, amounting to £29,191 (2022 - Nil). There were also recharged costs from LIL amounting to £289,453 (2022 - £22,452). At the year end there were no balances due either to or from the Company. |
14. | CONTINGENT ASSETS |
Form (Midlands) Limited have submitted a loss and expense claim on a project that they acted as a subcontractor for during the financial year. The total amount claimed for is £143,514. The directors expect that after negotiations the estimated compensation that is likely to be awarded is in the region of £30,000 and £75,000. After considering the merits of the claim, the directors are certain that a minimum of £30,000 will be received and as such have recognised this revenue in the financial statements. |
15. | ULTIMATE CONTROLLING PARTY |
The parent company is Lousada (London) Limited. |
The ultimate parent undertaking is Lousada Holdings Limited, a company registered in England. Group accounts are available from the registered company address: |
Estate Office |
Oakley House |
Oakley |
Bedford |
MK43 7ST. |
The ultimate controlling party is Mr S C Lousada by virtue of his controlling interest in Lousada Holdings Limited. |