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REGISTERED NUMBER: 04751743 (England and Wales)















FORMAR 3 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






FORMAR 3 LIMITED (REGISTERED NUMBER: 04751743)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FORMAR 3 LIMITED

COMPANY INFORMATION
For The Year Ended 31 DECEMBER 2023







DIRECTOR: M J Hancock





SECRETARY: Mrs L M Hancock





REGISTERED OFFICE: 1171 Evesham Road
Astwood Bank
Redditch
Worcestershire
B96 6DY





REGISTERED NUMBER: 04751743 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

FORMAR 3 LIMITED (REGISTERED NUMBER: 04751743)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 36,138 27,207
36,138 27,207

CURRENT ASSETS
Inventories 745 965
Debtors 6 36,458 31,534
Cash at bank 129,315 170,565
166,518 203,064
CREDITORS
Amounts falling due within one year 7 148,463 160,169
NET CURRENT ASSETS 18,055 42,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,193

70,102

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 54,093 70,002
SHAREHOLDERS' FUNDS 54,193 70,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 May 2024 and were signed by:





M J Hancock - Director


FORMAR 3 LIMITED (REGISTERED NUMBER: 04751743)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2023


1. STATUTORY INFORMATION

Formar 3 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost and 12.5% on cost
Motor vehicles - 12.5% on cost
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

FORMAR 3 LIMITED (REGISTERED NUMBER: 04751743)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 17,500
AMORTISATION
At 1 January 2023
and 31 December 2023 17,500
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of five years.

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 48,050 26,050 3,617 77,717
Additions 402 31,067 915 32,384
Disposals (5,929 ) (19,300 ) (770 ) (25,999 )
At 31 December 2023 42,523 37,817 3,762 84,102
DEPRECIATION
At 1 January 2023 37,351 10,462 2,697 50,510
Charge for year 5,969 4,728 895 11,592
Eliminated on disposal (5,929 ) (7,439 ) (770 ) (14,138 )
At 31 December 2023 37,391 7,751 2,822 47,964
NET BOOK VALUE
At 31 December 2023 5,132 30,066 940 36,138
At 31 December 2022 10,699 15,588 920 27,207

FORMAR 3 LIMITED (REGISTERED NUMBER: 04751743)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2023


5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 19,300
Transfer to ownership (19,300 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 19,300

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 27,249 26,150
Other debtors 9,209 5,384
36,458 31,534

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 107 910
Taxation and social security 559 (5,949 )
Other creditors 147,797 165,208
148,463 160,169

8. SECURED DEBTS

The bank loans are secured by a fixed and floating charge over the undertaking and all property and assets present and future.

9. ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party due to the diversified holding of share capital.