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Forward Products (2013) Ltd

Registered Number
08598414
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Forward Products (2013) Ltd
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Cameron Francis
Giles Francis
Nigel Francis
Peter Francis
Rachel Francis

Registered Address

Unit 11 Sherwood Road
Bromsgrove
B60 3DR

Registered Number

08598414 (England and Wales)
Forward Products (2013) Ltd
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3-46,083
Tangible assets4326,672255,553
326,672301,636
Current assets
Stocks5745,8391,318,196
Debtors944,748745,012
Cash at bank and on hand963,957395,304
2,654,5442,458,512
Creditors amounts falling due within one year6(1,534,846)(1,543,756)
Net current assets (liabilities)1,119,698914,756
Total assets less current liabilities1,446,3701,216,392
Creditors amounts falling due after one year7(210,610)(261,686)
Provisions for liabilities8(74,934)(46,072)
Net assets1,160,826908,634
Capital and reserves
Called up share capital10,00010,000
Profit and loss account1,150,826898,634
Shareholders' funds1,160,826908,634
The financial statements were approved and authorised for issue by the Board of Directors on 12 September 2024, and are signed on its behalf by:
Giles Francis
Director
Registered Company No. 08598414
Forward Products (2013) Ltd
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
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. Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 5 year straight line and 3 year straight line.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year2724
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 23790,000790,000
At 31 December 23790,000790,000
Amortisation and impairment
At 01 January 23743,917743,917
Charge for year46,08346,083
At 31 December 23790,000790,000
Net book value
At 31 December 23--
At 31 December 2246,08346,083
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 January 23301,023152,450453,473
Additions174,65827,871202,529
Disposals(14,471)(15,485)(29,956)
At 31 December 23461,210164,836626,046
Depreciation and impairment
At 01 January 23147,58750,333197,920
Charge for year99,29528,589127,884
On disposals(10,565)(15,865)(26,430)
At 31 December 23236,31763,057299,374
Net book value
At 31 December 23224,893101,779326,672
At 31 December 22153,436102,117255,553
Included in the net book value of £326,672 is £103,975 (2022 - £69,373) relating to assets held under finance agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £40,842 (2022 - £5,629).
5.Stocks

2023

2022

££
Finished goods745,8391,318,196
Total745,8391,318,196
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables651,960936,181
Taxation and social security401,892301,439
Other creditors480,994306,136
Total1,534,8461,543,756
Other Creditors includes Other Loans and Borrowings 2023 £55,489 (2022 - £2,409)
7.Creditors: amounts due after one year

2023

2022

££
Other creditors210,610261,686
Total210,610261,686
Other Creditors after one year includes Other Loans and Borrowings 2023 - £210,610 (2022 - £261,686)
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)74,93446,072
Total74,93446,072