Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 04864637 Mr Robert Edward Harris iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04864637 2023-02-28 04864637 2024-02-29 04864637 2023-03-01 2024-02-29 04864637 frs-core:CurrentFinancialInstruments 2024-02-29 04864637 frs-core:Non-currentFinancialInstruments 2024-02-29 04864637 frs-core:ComputerEquipment 2023-03-01 2024-02-29 04864637 frs-core:NetGoodwill 2024-02-29 04864637 frs-core:NetGoodwill 2023-03-01 2024-02-29 04864637 frs-core:NetGoodwill 2023-02-28 04864637 frs-core:MotorVehicles 2024-02-29 04864637 frs-core:MotorVehicles 2023-03-01 2024-02-29 04864637 frs-core:MotorVehicles 2023-02-28 04864637 frs-core:PlantMachinery 2024-02-29 04864637 frs-core:PlantMachinery 2023-03-01 2024-02-29 04864637 frs-core:PlantMachinery 2023-02-28 04864637 frs-core:ShareCapital 2024-02-29 04864637 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 04864637 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04864637 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 04864637 frs-bus:SmallEntities 2023-03-01 2024-02-29 04864637 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04864637 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04864637 frs-bus:Director1 2023-03-01 2024-02-29 04864637 frs-countries:EnglandWales 2023-03-01 2024-02-29 04864637 2022-02-28 04864637 2023-02-28 04864637 2022-03-01 2023-02-28 04864637 frs-core:CurrentFinancialInstruments 2023-02-28 04864637 frs-core:Non-currentFinancialInstruments 2023-02-28 04864637 frs-core:ShareCapital 2023-02-28 04864637 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 04864637
Forward Management Limited
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04864637
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,919 -
Tangible Assets 5 87,474 45,297
92,393 45,297
CURRENT ASSETS
Stocks 6 23,638 22,933
Debtors 7 5,541 156,733
Cash at bank and in hand 657,397 402,275
686,576 581,941
Creditors: Amounts Falling Due Within One Year 8 (159,160 ) (90,935 )
NET CURRENT ASSETS (LIABILITIES) 527,416 491,006
TOTAL ASSETS LESS CURRENT LIABILITIES 619,809 536,303
Creditors: Amounts Falling Due After More Than One Year 9 (22,508 ) (32,181 )
NET ASSETS 597,301 504,122
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 597,299 504,120
SHAREHOLDERS' FUNDS 597,301 504,122
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Edward Harris
Director
29th November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Forward Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04864637 . The registered office is Cornish Garage, Westheath Avenue, Bodmin, PL31 1QH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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 statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 112,500
Additions 5,000
As at 29 February 2024 117,500
Amortisation
As at 1 March 2023 112,500
Provided during the period 81
As at 29 February 2024 112,581
Net Book Value
As at 29 February 2024 4,919
As at 1 March 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 150,727 104,771 255,498
Additions 9,082 56,615 65,697
As at 29 February 2024 159,809 161,386 321,195
Depreciation
As at 1 March 2023 117,517 92,684 210,201
Provided during the period 6,469 17,051 23,520
As at 29 February 2024 123,986 109,735 233,721
Net Book Value
As at 29 February 2024 35,823 51,651 87,474
As at 1 March 2023 33,210 12,087 45,297
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 23,638 22,933
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,011 8,761
Other debtors 1,530 2,618
Director's loan account - 145,354
5,541 156,733
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 75,526 59,075
Bank loans and overdrafts 9,950 10,000
Corporation tax 23,423 15,914
Other taxes and social security 16,611 406
Other creditors 2,655 5,540
Director's loan account 30,995 -
159,160 90,935
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 22,508 32,181
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5