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Registration number: 03478935

Form Design Architecture Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Form Design Architecture Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Form Design Architecture Limited

Company Information

Directors

Malcolm Crayton

Jeremy Lingard

Paul Lower

Registered office

Unit 1
Bermondsey Exchange
179-181 Bermondsey Street
London
SE1 3UW

 

Form Design Architecture Limited

(Registration number: 03478935)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,671

3,712

Current assets

 

Stocks

5

3,150

6,700

Debtors

6

147,413

86,737

Cash at bank and in hand

 

20,057

161,604

 

170,620

255,041

Creditors: Amounts falling due within one year

7

(112,114)

(99,006)

Net current assets

 

58,506

156,035

Total assets less current liabilities

 

64,177

159,747

Creditors: Amounts falling due after more than one year

7

-

(7,279)

Provisions for liabilities

(1,417)

(928)

Net assets

 

62,760

151,540

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

62,660

151,440

Shareholders' funds

 

62,760

151,540

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.

 

Form Design Architecture Limited

(Registration number: 03478935)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Malcolm Crayton
Director

.........................................
Jeremy Lingard
Director

 

Form Design Architecture 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:
Unit 1
Bermondsey Exchange
179-181 Bermondsey Street
London
SE1 3UW

These financial statements were authorised for issue by the Board on 29 January 2025.

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.

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.

 

Form Design Architecture Limited

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

2

Accounting policies (continued)

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

Plant, machinery and equipment

25% reducing balance

Fixtures and furniture

25% reducing balance

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.

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.

 

Form Design Architecture Limited

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

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Form Design Architecture Limited

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

4

Tangible assets

Fixtures and furniture
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

1,266

45,960

47,226

Additions

156

2,856

3,012

At 30 April 2024

1,422

48,816

50,238

Depreciation

At 1 May 2023

892

42,622

43,514

Charge for the year

100

953

1,053

At 30 April 2024

992

43,575

44,567

Carrying amount

At 30 April 2024

430

5,241

5,671

At 30 April 2023

374

3,338

3,712

5

Stocks

2024
£

2023
£

Work in progress

3,150

6,700

6

Debtors

Current

2024
£

2023
£

Trade debtors

122,622

56,747

Prepayments

24,791

19,592

Other debtors

-

10,398

 

147,413

86,737

 

Form Design Architecture Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

3,233

Trade creditors

 

20,675

12,043

Amounts owed to parent entity

10

25,000

-

Taxation and social security

 

61,553

75,293

Accruals and deferred income

 

690

4,650

Other creditors

 

4,196

3,787

 

112,114

99,006

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

7,279

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 (2023 - £1) each

10,000

100

100

100

       

During the year, the share capital was sub-divided into 10,000 shares of value £0.01 each.

 

Form Design Architecture Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

7,279

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

3,233

10

Related party transactions

Summary of transactions with other related parties

Bronzebrook Properties Limited, a UK resident company in which M Crayton and J Lingard are directors and shareholders.
 
The company rents property from Bronzebrook Properties Limited under the terms of a formal agreement between both parties.

 

Summary of transactions with parent

FormStudio EOT Limited is a UK resident company in which M Crayton and P Lower are directors.
 
During the year, in November 2023, FormStudio EOT Limited acquired the shareholding in Form Design Architecture Limited.

 

Loans from related parties

2024

FormStudio EOT Limited
£

Total
£

Advanced

25,000

25,000

At end of period

25,000

25,000

 

Form Design Architecture Limited

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

10

Related party transactions (continued)

Terms of loans from related parties

The loan balance owed by the company to FormStudio EOT Limited represents the April 2024 quarter capital contribution due, per the terms of the share purchase deed, which was paid shortly after the balance sheet date. No interest is charged by FormStudio EOT Limited on the balance of the loan.
 

11

Ultimate controlling party

During the year, in November 2023, the shares of Form Design Architecture Limited were acquired by FormStudio EOT Limited, an employee ownership trust. The company is controlled by FormStudio EOT Limited.