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COMPANY REGISTRATION NUMBER: 5057125
FORWARD AUTOS LIMITED
Filleted Unaudited Financial Statements
30 June 2023
FORWARD AUTOS LIMITED
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
25,743
28,728
Current assets
Stocks
517,814
411,863
Debtors
6
13,314
73,950
Cash at bank and in hand
156,234
189,425
---------
---------
687,362
675,238
Creditors: amounts falling due within one year
7
391,085
368,769
---------
---------
Net current assets
296,277
306,469
---------
---------
Total assets less current liabilities
322,020
335,197
Creditors: amounts falling due after more than one year
8
19,908
29,923
---------
---------
Net assets
302,112
305,274
---------
---------
Capital and reserves
Called up share capital
2
2
Share premium account
414,076
414,076
Profit and loss account
( 111,966)
( 108,804)
---------
---------
Shareholders funds
302,112
305,274
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FORWARD AUTOS LIMITED
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
Mr G C Forward
Mr P J Forward
Director
Director
Mr M P Forward
Director
Company registration number: 5057125
FORWARD AUTOS LIMITED
Notes to the Financial Statements
Year ended 30th June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gaskell Street, St. Helens, Merseyside, WA9 1PX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st July 2022
112,472
26,953
139,425
Additions
420
420
---------
--------
---------
At 30th June 2023
112,892
26,953
139,845
---------
--------
---------
Depreciation
At 1st July 2022
84,587
26,110
110,697
Charge for the year
2,831
574
3,405
---------
--------
---------
At 30th June 2023
87,418
26,684
114,102
---------
--------
---------
Carrying amount
At 30th June 2023
25,474
269
25,743
---------
--------
---------
At 30th June 2022
27,885
843
28,728
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
3,748
58,410
Other debtors
9,566
15,540
--------
--------
13,314
73,950
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,015
9,768
Trade creditors
201,966
145,082
Social security and other taxes
16,312
37,343
Other creditors
162,792
176,576
---------
---------
391,085
368,769
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,908
29,923
--------
--------
9. Directors' advances, credits and guarantees
2023 2022
£ £
Directors current account 155,194 168,588
--------- ---------
No interest has been charged to the company in respect of the balance which is repayable on demand and classified under Other creditors.