Company Registration No. 14967910 (England and Wales)
F & R FORNELLO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
F & R FORNELLO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
F & R FORNELLO LIMITED
Company Registration No. 14967910
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
4,833
Current assets
Debtors
4
32,704
Cash at bank and in hand
21,738
54,442
Creditors: amounts falling due within one year
5
(71,918)
Net current liabilities
(17,476)
Net liabilities
(12,643)
Capital and reserves
Called up share capital
6
2
Profit and loss reserves
(12,645)
Total equity
(12,643)

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 period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Miss F  Kentish-Beard
Director
F & R FORNELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

F & R Fornello Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stonehouse South, Hartfield Road, Forest Row, East Sussex, RH18 5DA.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company had net liabilities of £12,643, of this £14,000 is owed to the director. These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

1.3
Reporting period

The reporting period length covers a period of 1 year and 2 days, this is because it is the companies first year of trading.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.5
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
5 years straight line
Computers
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

F & R FORNELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.8
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 period was:

2024
Number
Total
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 June 2023
-
0
Additions
5,804
At 30 June 2024
5,804
Depreciation and impairment
At 28 June 2023
-
0
Depreciation charged in the period
971
At 30 June 2024
971
Carrying amount
At 30 June 2024
4,833
F & R FORNELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
3,753
Other debtors
28,951
32,704
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
201
Taxation and social security
3,341
Other creditors
68,376
71,918
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
of £1 each
2
2
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
£
18,000
8
Related party transactions

At the balance sheet date the company owed £14,000 to Foreign Kentish-Beard, the director. This loan is interest free and repayable on demand.

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