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Registration number: 06980884

Forbes Art Consultancy Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Forbes Art Consultancy Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Forbes Art Consultancy Limited

(Registration number: 06980884)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

10,487

Tangible assets

5

2,781

3,819

 

2,781

14,306

Current assets

 

Stocks

6

21,662

15,775

Debtors

7

3,810

520

Cash at bank and in hand

 

376

11,762

 

25,848

28,057

Creditors: Amounts falling due within one year

8

(116,357)

(116,798)

Net current liabilities

 

(90,509)

(88,741)

Total assets less current liabilities

 

(87,728)

(74,435)

Creditors: Amounts falling due after more than one year

8

(2,817)

(5,417)

Net liabilities

 

(90,545)

(79,852)

Capital and reserves

 

Called up share capital

20,000

20,000

Retained earnings

(110,545)

(99,852)

Shareholders' deficit

 

(90,545)

(79,852)

 

Forbes Art Consultancy Limited

(Registration number: 06980884)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
RG Farrant
Director

 

Forbes Art Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
Trebyan House
Lanhydrock
Cornwall
PL30 5AE

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 company is reliant on the financial support of its director, who has committed to provide additional cash injections as required. Therefore, the accounts have been prepared on a going concern basis on the understanding that sufficient cash will be made available to enable the company to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of frame making. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Short leasehold

10% straight line basis

Plant and Machinery

25% reducing balance basis

Fixtures and fittings

20% straight line basis

Computer Equipment

25% straight line basis

 

Forbes Art Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.


Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful economic life.

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

3

Staff numbers

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

 

Forbes Art Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

69,918

69,918

At 30 April 2024

69,918

69,918

Amortisation

At 1 May 2023

59,431

59,431

Amortisation charge

10,487

10,487

At 30 April 2024

69,918

69,918

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

10,487

10,487

 

Forbes Art Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

3,161

14,297

13,754

31,212

At 30 April 2024

3,161

14,297

13,754

31,212

Depreciation

At 1 May 2023

3,161

13,760

10,472

27,393

Charge for the year

-

218

820

1,038

At 30 April 2024

3,161

13,978

11,292

28,431

Carrying amount

At 30 April 2024

-

319

2,462

2,781

At 30 April 2023

-

537

3,282

3,819

6

Stocks

2024
£

2023
£

Other inventories

21,662

15,775

7

Debtors

Current

2024
£

2023
£

Trade debtors

3,810

520

 

3,810

520

 

Forbes Art Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

2,600

2,600

Trade creditors

 

6,518

5,671

Taxation and social security

 

509

1,771

Other creditors

 

106,730

106,756

 

116,357

116,798

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,817

5,417

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,600

2,600

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,817

5,417

 

Forbes Art Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

RG Farrant

Loan

(102,157)

11,606

(13,491)

(104,042)

-

-

-

-

(102,157)

11,606

(13,491)

(104,042)

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

RG Farrant

Loan

(94,444)

2,488

(10,201)

(102,157)

-

-

-

-

(94,444)

2,488

(10,201)

(102,157)