Registered number
08451784
Forbes Dawson Ltd
Unaudited Filleted Accounts
30 April 2024
Forbes Dawson Ltd
Registered number: 08451784
Balance Sheet
As at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 79,140 53,644
Current assets
Work in progress 123,954 192,557
Debtors 5 1,010,918 970,620
Cash at bank and in hand 1,246,097 1,256,113
2,380,969 2,419,290
Creditors: amounts falling due within one year 6 (715,836) (672,842)
Net current assets 1,665,133 1,746,448
Total assets less current liabilities 1,744,273 1,800,092
Creditors: amounts falling due after more than one year 7 (33,755) (46,547)
Provisions for liabilities (5,893) (11,366)
Net assets 1,704,625 1,742,179
Capital and reserves
Called up share capital 1,000 1,050
Share premium 18,990 18,990
Profit and loss account 1,684,635 1,722,139
Shareholders' funds 1,704,625 1,742,179
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Marr
Director
Approved by the board on 30 August 2024
Forbes Dawson Ltd
Notes to the Accounts
For the Year Ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment, fixtures & fittings 25% straight line basis
Motor vehicles 25% straight line basis
Work in Progress
Work in progress is measured at the lower of cost and net realisable value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 17
3 Intangible fixed assets £
Goodwill:
At 1 May 2023 1,154,736
At 30 April 2024 1,154,736
At 1 May 2023 1,154,736
At 30 April 2024 1,154,736
Net book value
At 30 April 2024 -
At 30 April 2023 -
The goodwill was acquired on 30 April 2014 as part of the acquisition of the trade and assets of FD Taxation Specialists LLP for its net book value. The goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2023 173,726 184,879 358,605
Additions 3,291 90,595 93,886
Disposals - (75,496) (75,496)
At 30 April 2024 177,017 199,978 376,995
Depreciation
At 1 May 2023 157,603 (64,486) 304,963
Charge for the year 8,671 131,581 57,378
On disposals - - (64,486)
At 30 April 2024 166,274 131,581 297,855
Net book value
At 30 April 2024 10,743 68,397 79,140
At 30 April 2023 16,123 37,519 53,642
5 Debtors 2024 2023
£ £
Trade debtors 903,603 878,562
Other debtors 107,315 92,058
1,010,918 970,620
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 12,792 12,792
Trade creditors 56,245 66,912
Corporation tax 355,180 336,851
Other taxes and social security costs 206,104 186,474
Other creditors 85,515 69,813
715,836 672,842
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 33,755 46,547
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 302,790 380,098
9 Related party transactions
The company is owed £14,312 by Forbes Dawson Enterprises Ltd at the year-end (2023 - £14,312. This loan is interest-free and repayable on demand.
10 Controlling party
Forbes Dawson Enterprises Ltd controlled the company by virtue of its voting rights.
11 Other information
Forbes Dawson Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
Fairbank House
27 Ashley Road
Altrincham
WA14 2DJ
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