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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: T R Lousada
S C Lousada





REGISTERED OFFICE: Estate Office
Oakley House
Oakley
Bedford
Bedfordshire
MK43 7ST





REGISTERED NUMBER: 13459922 (England and Wales)





AUDITORS: HW Bedford Limited
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 4 200,749 222,277

CURRENT ASSETS
Stocks 174,414 122,139
Debtors 5 593,705 862,144
Cash at bank and in hand 6 215,084 148,834
983,203 1,133,117
CREDITORS
Amounts falling due within one year 7 1,698,929 1,892,270
NET CURRENT LIABILITIES (715,726 ) (759,153 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(514,977

)

(536,876

)

CREDITORS
Amounts falling due after more than one year 8 (4,692 ) (16,895 )

PROVISIONS FOR LIABILITIES (50,188 ) (42,233 )
NET LIABILITIES (569,857 ) (596,004 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (569,957 ) (596,104 )
SHAREHOLDERS' FUNDS (569,857 ) (596,004 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15th April 2024 and were signed on its behalf by:





S C Lousada - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 36 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st October 2022 105,332 100,324 2,000
Additions 16,533 - -
Disposals - (1,875 ) -
At 30th September 2023 121,865 98,449 2,000
DEPRECIATION
At 1st October 2022 8,068 24,805 400
Charge for year 17,505 18,705 300
Eliminated on disposal - (875 ) -
At 30th September 2023 25,573 42,635 700
NET BOOK VALUE
At 30th September 2023 96,292 55,814 1,300
At 30th September 2022 97,264 75,519 1,600

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 46,853 16,392 270,901
Additions 12,950 - 29,483
Disposals - - (1,875 )
At 30th September 2023 59,803 16,392 298,509
DEPRECIATION
At 1st October 2022 12,739 2,612 48,624
Charge for year 11,042 2,459 50,011
Eliminated on disposal - - (875 )
At 30th September 2023 23,781 5,071 97,760
NET BOOK VALUE
At 30th September 2023 36,022 11,321 200,749
At 30th September 2022 34,114 13,780 222,277

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 381,892 633,050
Doubtful debt provision (4,574 ) (27,908 )
Amounts owed by group undertakings 3,137 -
Amounts owed by related parties 35,205 -
Amounts recoverable on contract 29,415 165,789
Other debtors 86,709 35,963
Prepayments 61,921 55,250
593,705 862,144

6. CASH AT BANK AND IN HAND
2023 2022
£    £   
Bank current account 215,023 148,626
Cash in hand 61 208
215,084 148,834

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 6,453 4,303
Trade creditors 187,632 122,829
Amounts owed to group undertakings 1,215,804 1,397,252
Amounts owed to related parties 374 -
Social security and other taxes 27,843 30,368
VAT 44,212 59,509
Other creditors 16,721 2,056
Accruals and deferred income 199,890 275,953
1,698,929 1,892,270

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 4,692 16,895

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)
for and on behalf of HW Bedford Limited

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 35,696 28,800

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.