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REGISTERED NUMBER: 04892711 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Folderway Limited

Folderway Limited (Registered number: 04892711)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Folderway Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P E Compton-Sandy
M T Foston





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





BUSINESS ADDRESS: 4 Southgate
Sleaford
Lincolnshire
NG34 7RZ





REGISTERED NUMBER: 04892711 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Folderway Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Folderway Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Folderway Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Folderway Limited and state those matters that we have agreed to state to the Board of Directors of Folderway Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Folderway Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Folderway Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Folderway Limited. You consider that Folderway Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Folderway Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


14 November 2024

Folderway Limited (Registered number: 04892711)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 61,117 81,489
Tangible assets 5 107,418 145,832
168,535 227,321

CURRENT ASSETS
Debtors 6 218,175 150,658
Cash at bank - 27,990
218,175 178,648
CREDITORS
Amounts falling due within one year 7 265,255 198,440
NET CURRENT LIABILITIES (47,080 ) (19,792 )
TOTAL ASSETS LESS CURRENT LIABILITIES 121,455 207,529

CREDITORS
Amounts falling due after more than one year 8 (107,956 ) (143,231 )

PROVISIONS FOR LIABILITIES (20,409 ) (27,708 )
NET (LIABILITIES)/ASSETS (6,910 ) 36,590

CAPITAL AND RESERVES
Called up share capital 11 275 275
Retained earnings (7,185 ) 36,315
SHAREHOLDERS' FUNDS (6,910 ) 36,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Folderway Limited (Registered number: 04892711)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





P E Compton-Sandy - Director


Folderway Limited (Registered number: 04892711)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Folderway Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors have prepared the accounts on the going concern basis on the assumption that the directors will continue to support the entity. At the year end the company had net current liabilities of £47,080 (2022: £19,792).

Turnover
Turnover represents fees received from the selling and letting of properties.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of seven years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Motor Vehicles - 25% on reducing balance
Tenants Improvements - 10% on cost
Computer Equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Folderway Limited (Registered number: 04892711)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 169,769
AMORTISATION
At 1 January 2023 88,280
Charge for year 20,372
At 31 December 2023 108,652
NET BOOK VALUE
At 31 December 2023 61,117
At 31 December 2022 81,489

Folderway Limited (Registered number: 04892711)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Tenants Computer Motor
improvements equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 31,373 43,318 207,136 281,827
Disposals - - (15,048 ) (15,048 )
At 31 December 2023 31,373 43,318 192,088 266,779
DEPRECIATION
At 1 January 2023 31,373 39,217 65,405 135,995
Charge for year - 2,187 35,168 37,355
Eliminated on disposal - - (13,989 ) (13,989 )
At 31 December 2023 31,373 41,404 86,584 159,361
NET BOOK VALUE
At 31 December 2023 - 1,914 105,504 107,418
At 31 December 2022 - 4,101 141,731 145,832

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 192,088
DEPRECIATION
At 1 January 2023 51,416
Charge for year 35,168
At 31 December 2023 86,584
NET BOOK VALUE
At 31 December 2023 105,504
At 31 December 2022 140,672

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 29,413 14,094
Other debtors 188,762 136,564
218,175 150,658

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,605 9,890
Hire purchase contracts (see note 9) 25,735 29,082
Trade creditors 8,122 8,408
Taxation and social security 82,109 61,949
Other creditors 128,684 89,111
265,255 198,440

Folderway Limited (Registered number: 04892711)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 14,806 24,946
Hire purchase contracts (see note 9) 92,209 106,924
Other creditors 941 11,361
107,956 143,231

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 25,735 29,082
Between one and five years 92,209 106,924
117,944 136,006

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 2,891

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 10,465 -
Hire purchase contracts 117,944 136,006
128,409 136,006

The hire purchase contract is secured against the asset that it refers to.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250 B Ordinary £1 250 250
25 C Ordinary £1 25 25
275 275

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end director P E Compton-Sandy owed the company £43,512 (2022: £nil) and director M T Foston owed the company £234 (2022: £nil).

Folderway Limited (Registered number: 04892711)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

Related party loans

Included within Other Debtors under 1 year at the year end are loan amounts of £126,418 (2022: £131,418) due from a company under common control. The loan is unsecured, free of interest and repayable on demand.

Included within Other Creditors under 1 year at the year end are loan amounts of £107,645 (2022: £47,685) due to a company under common control. The loan is unsecured, free of interest and repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The controlling party is P E Compton-Sandy.