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Registration number: 08023149

Forward Contracting (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Forward Contracting (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Forward Contracting (UK) Limited

Company Information

Director

Mr M Ward

Registered office

Unit 4
Courtney Commercial Business Park
Courtney Street
Hull
HU8 7QF

Accountants

Botterill & Co
Chartered Certified Accountants
First Floor Offices
40 Norwood
Beverley
East Yorkshire
HU17 9EY

 

Forward Contracting (UK) Limited

(Registration number: 08023149)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

203,522

125,383

Investment property

5

396,150

-

 

599,672

125,383

Current assets

 

Stocks

6

2,620

328,093

Debtors

7

1,090,974

1,516,267

Cash at bank and in hand

 

2,122,840

1,445,254

 

3,216,434

3,289,614

Creditors: Amounts falling due within one year

8

(922,358)

(1,263,026)

Net current assets

 

2,294,076

2,026,588

Total assets less current liabilities

 

2,893,748

2,151,971

Creditors: Amounts falling due after more than one year

8

(76,091)

(82,140)

Provisions for liabilities

(34,889)

(31,345)

Net assets

 

2,782,768

2,038,486

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

2,782,668

2,038,386

Shareholders' funds

 

2,782,768

2,038,486

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Forward Contracting (UK) Limited

(Registration number: 08023149)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr M Ward
Director

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Unit 4
Courtney Commercial Business Park
Courtney Street
Hull
HU8 7QF
England

These financial statements were authorised for issue by the director on 27 November 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.

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.

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 balance sheet 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

Computer Equipment

25% on cost

Plant and Equipment

20% on cost

Fixtures and Fittings

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

14,594

151,072

165,666

Additions

7,380

227,163

234,543

Disposals

-

(122,991)

(122,991)

At 30 November 2023

21,974

255,244

277,218

Depreciation

At 1 December 2022

12,416

27,867

40,283

Charge for the year

2,297

48,490

50,787

Eliminated on disposal

-

(17,374)

(17,374)

At 30 November 2023

14,713

58,983

73,696

Carrying amount

At 30 November 2023

7,261

196,261

203,522

At 30 November 2022

2,178

123,205

125,383

5

Investment properties

2023
£

Additions

396,150

At 30 November

396,150

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

2,620

328,093

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

349,534

579,534

Prepayments

9,636

3,649

Other debtors

731,804

933,084

 

1,090,974

1,516,267

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

21,952

28,367

Trade creditors

 

311,865

369,797

Taxation and social security

 

370,061

720,306

Accruals and deferred income

 

3,299

3,601

Other creditors

 

215,181

140,955

 

922,358

1,263,026

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

76,091

82,140

9

Share capital

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,363

25,490

Hire purchase contracts

60,728

56,650

76,091

82,140

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,127

9,877

Hire purchase contracts

11,825

18,490

21,952

28,367

 

Forward Contracting (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1,422.00 per each Ordinary Shares

142,200

142,200

 

 

12

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr M Ward

Amount owed by the director

710,804

305

(155,988)

555,121

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr M Ward

Amount owed by the director

710,791

157,500

(157,487)

710,804

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

12,570

Contributions paid to money purchase schemes

190

190

12,760

12,760

Summary of transactions with other related parties

Wardlet DM Ltd is a company also under the control of Mr M Ward
 As at 30 November 2023 Wardlet DM Ltd owed Forward Contracting (UK) Limited £37,482 (2022- £37,482)