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Forza Cloud Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

Registration number: 13182049

 

Forza Cloud Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Forza Cloud Limited

(Registration number: 13182049)
Statement of financial position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

950

1,519

Current assets

 

Stocks

5

452

-

Debtors

6

8,451

8,727

Cash at bank and in hand

 

77

814

 

8,980

9,541

Creditors: Amounts falling due within one year

7

(9,512)

(10,291)

Net current liabilities

 

(532)

(750)

Total assets less current liabilities

 

418

769

Provisions for liabilities

(180)

(289)

Net assets

 

238

480

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

138

380

Shareholders' funds

 

238

480

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr K Horsley
Director

 

Forza Cloud Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Forza Cloud Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Forza Cloud Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

2,279

2,279

At 29 February 2024

2,279

2,279

Depreciation

At 1 March 2023

760

760

Charge for the year

569

569

At 29 February 2024

1,329

1,329

Carrying amount

At 29 February 2024

950

950

At 28 February 2023

1,519

1,519

5

Stocks

2024
£

2023
£

Other inventories

452

-

 

Forza Cloud Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,317

589

Prepayments

435

-

Other debtors

6,699

8,138

 

8,451

8,727

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,411

2,336

Taxation and social security

3,616

4,393

Accruals and deferred income

930

1,183

Other creditors

3,555

2,379

9,512

10,291

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Forza Cloud Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,193

4,003

Later than one year and not later than five years

266

-

3,459

4,003

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,003 (2023 - £Nil).

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Miss F Ainscough

Directors loan

2,570

(260)

2,310

Mr K Horsley

Directors loan

5,568

(1,180)

4,388

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Miss F Ainscough

Directors loan

-

2,570

2,570

Mr K Horsley

Directors loan

-

5,568

5,568