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Registered number: 05978521
Formby Trading Limited
Financial Statements
For The Year Ended 31 January 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05978521
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,884 6,295
6,884 6,295
CURRENT ASSETS
Stocks 6 43,798 41,009
Debtors 7 721 1,940
Cash at bank and in hand 35,961 65,976
80,480 108,925
Creditors: Amounts Falling Due Within One Year 8 (86,436 ) (103,904 )
NET CURRENT ASSETS (LIABILITIES) (5,956 ) 5,021
TOTAL ASSETS LESS CURRENT LIABILITIES 928 11,316
NET ASSETS 928 11,316
CAPITAL AND RESERVES
Called up share capital 9 183 183
Profit and Loss Account 745 11,133
SHAREHOLDERS' FUNDS 928 11,316
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs R Jackson
Director
15th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Formby Trading Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05978521 . The registered office is 55 Hoghton Street, Southport, Merseyside, PR9 0PG. The financial statements are presented in the company's presentation currency of GBP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 10)
12 10
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4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 148,047
As at 31 January 2024 148,047
Amortisation
As at 1 February 2023 148,047
As at 31 January 2024 148,047
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2023 16,849
Additions 1,755
As at 31 January 2024 18,604
Depreciation
As at 1 February 2023 10,554
Provided during the period 1,166
As at 31 January 2024 11,720
Net Book Value
As at 31 January 2024 6,884
As at 1 February 2023 6,295
6. Stocks
2024 2023
£ £
Finished goods 43,798 41,009
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Page 5
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 721 1,940
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,024 12,579
Other creditors 61,357 78,407
Taxation and social security 10,055 12,918
86,436 103,904
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 183 183
Page 5