Registered number
11610066
Forge Logistics Limited
Filleted Accounts
31 March 2024
Forge Logistics Limited
Registered number: 11610066
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 15,996 18,664
Tangible assets 4 319,408 757,640
335,404 776,304
Current assets
Debtors 5 403,419 360,711
Cash at bank and in hand 115,969 74,684
519,388 435,395
Creditors: amounts falling due within one year 6 (626,681) (824,552)
Net current liabilities (107,293) (389,157)
Total assets less current liabilities 228,111 387,147
Creditors: amounts falling due after more than one year 7 (227,503) (319,796)
Provisions for liabilities - (125,247)
Net assets/(liabilities) 608 (57,896)
Capital and reserves
Called up share capital 2 2
Profit and loss account 606 (57,898)
Shareholders' funds 608 (57,896)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jamie Keen
Director
Approved by the board on 10 June 2024
Forge Logistics Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 15% per annum, on a reducing balance
Leasehold land and buildings over the lease term
Plant and machinery 25% per annum, on a reducing balance
Fixtures, fittings, and office equipment 25% per annum, on a reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 33 45
3 Intangible fixed assets £
Franchise fee:
Cost
At 1 April 2023 26,683
At 31 March 2024 26,683
Amortisation
At 1 April 2023 8,019
Provided during the year 2,668
At 31 March 2024 10,687
Net book value
At 31 March 2024 15,996
At 31 March 2023 18,664
Franchise fee is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Fixture,fittings and office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 12,550 55,132 50,137 932,915 1,050,734
Additions - 5,209 - 3,500 8,709
Disposals - - (44,237) (478,007) (522,244)
At 31 March 2024 12,550 60,341 5,900 458,408 537,199
Depreciation
At 1 April 2023 5,020 27,621 21,630 238,823 293,094
Charge for the year 7,530 8,179 672 48,240 64,621
On disposals - - (18,415) (121,509) (139,924)
At 31 March 2024 12,550 35,800 3,887 165,554 217,791
Net book value
At 31 March 2024 - 24,541 2,013 292,854 319,408
At 31 March 2023 7,530 27,511 28,507 694,092 757,640
5 Debtors 2024 2023
£ £
Trade debtors 188,115 217,025
Other debtors and uninvoiced sales 215,304 143,686
403,419 360,711
6 Creditors: amounts falling due within one year 2024 2023
£ £
Loans 115,000 114,045
Obligations under finance lease and hire purchase contracts 43,869 208,852
Trade creditors 41,552 152,302
Taxation and social security costs 416,347 341,451
Other creditors and accruals 9,913 7,902
626,681 824,552
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 145,987 106,764
Obligations under finance lease and hire purchase contracts 81,516 213,032
227,503 319,796
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 227,503 319,796
Secured bank loans 145,987 106,764
9 Other information
Forge Logistics Limited is a private company limited by shares and incorporated in England. Its registered office is:
A2 Arundel House
Ackhurst Business Park
Foxhole Road
Chorley, Lancashire
PR7 1NY
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