Company Registration No. 09360539 (England and Wales)
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Financial statements
for the year ended 30 November 2023
Pages for filing with the registrar
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Company information
Directors
Mr Jamie Bernstein
Mr Daniel Fox
Mr Ivan Jackson
Company number
09360539
Registered office
24 Cornhill
London
EC3V 3ND
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Statement of financial position
As at 30 November 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,257,464
1,733,855
Cash at bank and in hand
50,368
97,448
1,307,832
1,831,303
Creditors: amounts falling due within one year
4
(866,269)
(709,248)
Net current assets
441,563
1,122,055
Creditors: amounts falling due after more than one year
5
(20,098)
(29,845)
Net assets
421,465
1,092,210
Capital and reserves
Called up share capital
600
600
Profit and loss reserves
420,865
1,091,610
Total equity
421,465
1,092,210

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr Ivan Jackson
Director
Company Registration No. 09360539
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Statement of changes in equity
For the year ended 30 November 2023
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
600
751,249
751,849
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
340,361
340,361
Balance at 30 November 2022
600
1,091,610
1,092,210
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
229,255
229,255
Dividends
-
(900,000)
(900,000)
Balance at 30 November 2023
600
420,865
421,465
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Notes to the financial statements
For the year ended 30 November 2023
3
1
Accounting policies
Company information

Forbes Project Solutions Limited (formerly known as Forbes Testing Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 24 Cornhill, London, EC3V 3ND.

 

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
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.

 

Turnover consists of contractor placements, representing fees billed for the services of contractors including their costs, which is recognised when the service has been provided.

 

Turnover not invoiced at the balance sheet date is included within accrued income.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
4
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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 income statement 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.

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
5
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0

The directors are remunerated by other group companies.

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
388,019
197,195
Amounts owed by fellow group undertakings
101,948
963,199
Other debtors
351,910
374,225
Prepayments and accrued income
415,587
199,236
1,257,464
1,733,855

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.

 

Amounts owed by other debtors are detailed further in the Related party transactions note.

 

 

Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2023
6
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
40,481
3,481
Amounts owed to group undertakings
345,241
345,250
Corporation tax
68,520
79,856
Other taxation and social security
42,870
73,223
Other creditors
10,325
-
0
Accruals and deferred income
348,184
196,790
866,269
709,248

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
20,098
29,845

During the year ended 31 December 2020, the company entered in to a fixed rate loan agreement for £50,000 with HSBC UK Bank plc attracting an annual interest of 2.5%, after one year from the date the loan was granted. The loan is due for repayment in monthly instalments and to be repaid in full by 18 November 2026. The balance at 30 November 2023 was £30,746 (2022: £40,493). This lending facility is supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.

 

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jamie Cassell
Statutory Auditors:
Saffery LLP
Forbes Project Solutions Limited (formerly known as Forbes Testing Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2023
7
7
Related party transactions

During the year, the company provided loans amounting to £Nil (2022: £99,000) to connected company Quantum Six Consulting Limited, of which £40,000 (2022: £59,000) was repaid during the year. These loans accrued interest at a rate of 6%, amounting to £17,685 in the period (2022: £16,181). The interest is only charged on the original £250,000 loan agreement. The loan is due for repayment in full by 31 January 2024. The rest of the loan amount is unsecured, interest free and repayable on demand. At the year end, the company was owed £351,910 (2022: £374,225).

 

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the group. The balances outstanding at the year end are disclosed in the Debtors and Creditors notes.

 

8
Parent company

Trilogy International Holdings Limited is the company's ultimate parent undertaking and controlling party, which prepares consolidated financial statements, that are available from its registered office - 24 Cornhill, London, United Kingdom, EC3V 3ND.

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