Formex Archive Services Limited Filleted Accounts Cover |
Company No. 02781820 | |||||||||
For the Year Ended | |||||||||
Formex Archive Services Limited Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Investments | 5 | |||||||||
Current assets | ||||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Creditors: Amounts falling due after more than one year | 8 | ( | ( | |||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | 11 | |||||||||
Capital redemption reserve | 12 | |||||||||
Profit and loss account | 12 | |||||||||
Total equity | ||||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 25 September 2024 and signed on its behalf by: | ||||||||||
M.R.K. Phillips | ||||||||||
Director | ||||||||||
25 September 2024 |
Formex Archive Services Limited Notes to the Accounts Registrar |
for the year ended 31 December 2023 | ||||||||||||||
1 | General information | |||||||||||||
Formex Archive Services Limited is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||
Its registered number is: 02781820 | ||||||||||||||
Its registered office is: | ||||||||||||||
2 | Accounting policies | |||||||||||||
Turnover | ||||||||||||||
year exclusive of value added tax. Revenue is recognised in the month in which the service is provided. Revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Plant and machinery | ||||||||||||||
Motor vehicles | ||||||||||||||
Furniture, fittings and equipment | ||||||||||||||
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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Freehold investment property | ||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||
Investments | ||||||||||||||
impairment. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. | ||||||||||||||
Trade and other creditors | ||||||||||||||
Dividends | ||||||||||||||
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the Annual General Meeting. | ||||||||||||||
Borrowing costs | ||||||||||||||
All borrowing costs are recognised in the Profit & Loss in the year in which they occurred. | ||||||||||||||
Foreign currencies | ||||||||||||||
Leased assets | ||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||
Defined contribution pensions | ||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||
Provisions | ||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||
3 | Employees | |||||||||||||
2023 | 2022 | |||||||||||||
Number | Number | |||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Land and buildings | Plant and machinery | Motor vehicles | Fixtures, fittings and equipment | Total | ||||||||||
£ | £ | £ | £ | £ | ||||||||||
Cost or revaluation | ||||||||||||||
At 1 January 2023 | ||||||||||||||
Disposals | ( | ( | ||||||||||||
At 31 December 2023 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 January 2023 | ||||||||||||||
Charge for the year | ||||||||||||||
Disposals | ( | ( | ||||||||||||
At 31 December 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 31 December 2023 | ||||||||||||||
At 31 December 2022 | 747,111 | 22,558 | 40,476 | 990 | ||||||||||
5 | Investments | |||||||||||||
Investment in Subsidiaries | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or valuation | ||||||||||||||
At 1 January 2023 | ||||||||||||||
At 31 December 2023 | ||||||||||||||
Provisions/Impairment | ||||||||||||||
Net book values | ||||||||||||||
At 31 December 2023 | ||||||||||||||
At 31 December 2022 | ||||||||||||||
6 | Debtors | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Amounts owed by group undertakings | ||||||||||||||
Corporation tax recoverable | ||||||||||||||
Deferred tax asset | ||||||||||||||
Loans to directors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
Trade creditors | ||||||||||||||
Taxes and social security | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
8 | Creditors: | |||||||||||||
amounts falling due after more than one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
9 | Loans | |||||||||||||
Analysis of the maturity of loans is given below: | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Amounts falling due within 1 year | 38,969 | 37,507 | ||||||||||||
Amounts falling due 2-5 years | 171,670 | 165,229 | ||||||||||||
Amounts falling due more than 5 years | 142,074 | 187,453 | ||||||||||||
Details of Securities provided on Bank Loans: | ||||||||||||||
A mortgage charge created on 11 February 2008 providing a fixed charge over the Assets of the Company and the present and future goodwill of any business carried out is registered in favour of NatWest Bank PLC in respect of all amounts due to the bank. | ||||||||||||||
A Debenture created on 02 May 2003 providing a floating charge of all the undertaking and all property assets and rights of the Company, and a Fixed Charge over all the assets of the company is registered in favour of NatWest Bank PLC in respect of all amounts due to the bank. | ||||||||||||||
10 | Pension | |||||||||||||
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund & amounted to £4,569 (2022: £3,425) in the year. Pension contributions of £842 (2022: £802) were payable at the balance sheet date. | ||||||||||||||
11 | Share Capital | |||||||||||||
Share capital includes following: | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
100 ordinary shares of £1 each | 100 | 100 | ||||||||||||
50,000 ordinary B shares of £1 each | 50,000 | 50,000 | ||||||||||||
50,100 | 50,100 | |||||||||||||
12 | Reserves | |||||||||||||
Capital redemption reserve | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
At 1 January 2022 | ||||||||||||||
At 31 December 2022 and 1 January 2023 | ||||||||||||||
At 31 December 2023 | ||||||||||||||
13 | Related party transactions | |||||||||||||
At the Balance Sheet date the company was owed £9,239 (2022 : £22,329) from the directors. | ||||||||||||||