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Registered number: 03364711
Fords International Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03364711
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 37,824 38,853
37,824 38,853
CURRENT ASSETS
Debtors 6 523,999 497,909
Cash at bank and in hand 47,939 30,637
571,938 528,546
Creditors: Amounts Falling Due Within One Year 7 (573,441 ) (464,270 )
NET CURRENT ASSETS (LIABILITIES) (1,503 ) 64,276
TOTAL ASSETS LESS CURRENT LIABILITIES 36,321 103,129
Creditors: Amounts Falling Due After More Than One Year 8 - (3,361 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,204 ) (6,185 )
NET ASSETS 30,117 93,583
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 30,017 93,483
SHAREHOLDERS' FUNDS 30,117 93,583
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For the year ending 31 March 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 his 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 Income Statement.
On behalf of the board
Mr Russell Ford
Director
05/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fords International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03364711 . The registered office is 147 Draycott Road, Breaston, Derby, Derbyshire, DE72 3DB.
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 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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 income statement over its estimated economic life. It has now been fully amortised.
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:
Freehold 15% reducing balance
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 20)
21 20
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 96,000
As at 31 March 2024 96,000
Amortisation
As at 1 April 2023 96,000
As at 31 March 2024 96,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 - 23,050 79,995 3,931
Additions - - 10,000 -
As at 31 March 2024 - 23,050 89,995 3,931
Depreciation
As at 1 April 2023 1 9,331 57,084 3,123
Provided during the period - 2,058 7,602 121
Disposals (1 ) - - -
As at 31 March 2024 - 11,389 64,686 3,244
Net Book Value
As at 31 March 2024 - 11,661 25,309 687
As at 1 April 2023 (1 ) 13,719 22,911 808
Computer Equipment Total
£ £
Cost
As at 1 April 2023 13,303 120,279
Additions - 10,000
As at 31 March 2024 13,303 130,279
Depreciation
As at 1 April 2023 11,887 81,426
Provided during the period 1,249 11,030
Disposals - (1 )
As at 31 March 2024 13,136 92,455
...CONTINUED
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Net Book Value
As at 31 March 2024 167 37,824
As at 1 April 2023 1,416 38,853
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 266,780 240,037
Other debtors 257,219 257,872
523,999 497,909
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,300 3,960
Trade creditors 67,134 36,553
Other creditors 202,572 240,505
Taxation and social security 300,435 183,252
573,441 464,270
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 3,361
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,300 3,960
Later than one year and not later than five years - 3,361
3,300 7,321
3,300 7,321
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from the directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Russell Ford 34,479 (70,650 ) 40,000 - 3,829
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
Included in other debtors is an amount of £250,512 (2023: £204,756) owed from T & H Ford Freight, an entity in which the director has an interest. 
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