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Registration number: 13515337

South West Fraud Forum Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

South West Fraud Forum Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

South West Fraud Forum Limited

(Registration number: 13515337)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

-

3,000

Cash at bank and in hand

 

2,503

-

 

2,503

3,000

Creditors: Amounts falling due within one year

5

(8,478)

(4,800)

Net liabilities

 

(5,975)

(1,800)

Reserves

 

Retained earnings

(5,975)

(1,800)

Deficit

 

(5,975)

(1,800)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

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.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

H L Gregory
Director

   
     
 

South West Fraud Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
Devon
PL4 0BN

These financial statements were authorised for issue by the Board on 19 April 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 have been prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Going concern

The company's statement of financial position at 31 July 2023 shows that liabilities exceed assets by £5,975 (2022 - £1,800). The negative reserves gives rise to uncertainty in relation to the company's future activity, however the directors are committed to ensure that the company is able to meet its liabilities on a day to day basis, therefore the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

South West Fraud Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2022 - 5).

4

Debtors

2023
£

2022
£

Prepayments

-

2,305

Other debtors

-

695

-

3,000

 

South West Fraud Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Creditors

Note

2023
£

2022
£

 

Loans and borrowings

6

3,523

3,000

Accruals

 

4,955

1,800

 

8,478

4,800

6

Loans and borrowings

Current loans and borrowings

Note

2023
£

2022
£

Amounts due to related parties

7

3,523

3,000

7

Related party transactions

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

3,000

3,000

Advanced

523

523

At end of period

3,523

3,523

2022

Other related parties
£

Total
£

Advanced

3,000

3,000

At end of period

3,000

3,000

Terms of loans from related parties

The loan is interest free and repayable on demand.