Company registration number 05985185 (England and Wales)
FORTE CLOTH (INTERNATIONAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FORTE CLOTH (INTERNATIONAL) LIMITED
COMPANY INFORMATION
Director
Mr I G Wallace
Company number
05985185
Registered office
Digital House
Stourport Road
Kidderminster
Worcestershire
DY11 7QH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
66 Oxford Street
Kidderminster
Worcestershire
DY10 1BL
FORTE CLOTH (INTERNATIONAL) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FORTE CLOTH (INTERNATIONAL) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FORTE CLOTH (INTERNATIONAL) LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forte Cloth (International) Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Forte Cloth (International) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Forte Cloth (International) Limited and state those matters that we have agreed to state to the board of directors of Forte Cloth (International) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forte Cloth (International) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Forte Cloth (International) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forte Cloth (International) Limited. You consider that Forte Cloth (International) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Forte Cloth (International) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
22 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FORTE CLOTH (INTERNATIONAL) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,677
9,323
Current assets
Debtors
5
278,648
223,439
Cash at bank and in hand
8,661
4,254
287,309
227,693
Creditors: amounts falling due within one year
6
(211,867)
(144,381)
Net current assets
75,442
83,312
Total assets less current liabilities
84,119
92,635
Creditors: amounts falling due after more than one year
7
(15,680)
(25,675)
Provisions for liabilities
8
(1,277)
(1,772)
Net assets
67,162
65,188
Capital and reserves
Called up share capital
10
102
102
Share premium account
254
254
Capital redemption reserve
1,999
1,999
Profit and loss reserves
64,807
62,833
Total equity
67,162
65,188
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
FORTE CLOTH (INTERNATIONAL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr I G Wallace
Director
Company registration number 05985185 (England and Wales)
FORTE CLOTH (INTERNATIONAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Forte Cloth (International) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Digital House, Stourport Road, Kidderminster, Worcestershire, DY11 7QH.
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 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 provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
Over three years
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:
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FORTE CLOTH (INTERNATIONAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
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
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Software
£
Cost
At 1 December 2022 and 30 November 2023
39,635
Amortisation and impairment
At 1 December 2022 and 30 November 2023
39,635
Carrying amount
At 30 November 2023
At 30 November 2022
FORTE CLOTH (INTERNATIONAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 December 2022
19,405
60,087
79,492
Additions
533
2,101
2,634
At 30 November 2023
19,938
62,188
82,126
Depreciation and impairment
At 1 December 2022
12,098
58,071
70,169
Depreciation charged in the year
1,570
1,710
3,280
At 30 November 2023
13,668
59,781
73,449
Carrying amount
At 30 November 2023
6,270
2,407
8,677
At 30 November 2022
7,307
2,016
9,323
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,794
45,730
Amounts owed by group undertakings
183,926
142,981
Other debtors
44,928
34,728
278,648
223,439
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,149
10,154
Trade creditors
155,210
23,112
Taxation and social security
9,099
9,969
Other creditors
37,409
101,146
211,867
144,381
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,680
25,675
FORTE CLOTH (INTERNATIONAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,277
1,772
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
25,829
35,829
Bank loans are secured by way of a Government-backed guarantee and a fixed and floating charge over all assets of the company.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
2
2
2
2
102
102
102
102
11
Related party transactions
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.
12
Control
Ultimate parent company
The ultimate parent company is Archive House Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr I G Wallace and Mrs C L Wallace, by virtue of their controlling interest in the ultimate parent company.