Company registration number 08746936 (England and Wales)
FORCE FOUR CREATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FORCE FOUR CREATIVE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,330
34,496
Current assets
Debtors
4
19,604
18,476
Cash at bank and in hand
95,281
106,663
114,885
125,139
Creditors: amounts falling due within one year
Loans and overdrafts
5,533
5,396
Taxation and social security
18,885
4,428
Other creditors
55,140
46,964
79,558
56,788
Net current assets
35,327
68,351
Total assets less current liabilities
65,657
102,847
Creditors: amounts falling due after more than one year
Loans and overdrafts
37,312
42,841
(37,312)
(42,841)
Net assets
28,345
60,006
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
28,344
60,005
Total equity
28,345
60,006
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 year ended 30 September 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 member has not required the company to obtain an audit of its financial statements for the year 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.
FORCE FOUR CREATIVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr PM Long
Mr M Smith
Director
Director
Company registration number 08746936 (England and Wales)
FORCE FOUR CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Force Four Creative Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on the going concern basis. This is considered appropriate despite the Covid-19 pandemic having had a major effect on the company's turnover. Although the company has been operating at a reduced level of turnover the directors are hopeful that the situation is changing and certain aspects of the business are returning. The company is currently still financially viable as the directors are prepared to support it and therefore they consider it to be a going concern.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
FORCE FOUR CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
During the previous year the company received covid related Government support in the form of interest paid by the government on a Bounceback Loan which has been accounted for in the profit and loss account in the period when it accrued.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
5
FORCE FOUR CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
52,738
48,952
101,690
Additions
2,405
2,520
4,925
Disposals
(575)
(575)
At 30 September 2023
55,143
50,897
106,040
Depreciation and impairment
At 1 October 2022
35,558
31,636
67,194
Depreciation charged in the year
3,917
4,887
8,804
Eliminated in respect of disposals
(288)
(288)
At 30 September 2023
39,475
36,235
75,710
Carrying amount
At 30 September 2023
15,668
14,662
30,330
At 30 September 2022
17,180
17,316
34,496
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,729
3,988
Corporation tax recoverable
12,613
Prepayments and accrued income
1,875
1,875
19,604
18,476
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,533
5,396
Trade creditors
35,817
37,119
Corporation tax
82
Other taxation and social security
18,803
4,428
Other creditors
5,873
4,541
Accruals and deferred income
13,450
5,304
79,558
56,788
FORCE FOUR CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Other creditors falling due after one year
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
13,765
19,874
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
4,375
11,875