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Registered number: 07136396
Forward Partners Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07136396
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,084 3,507
Investments 5 124,519 125,646
126,603 129,153
CURRENT ASSETS
Debtors 6 96,064 85,818
Cash at bank and in hand 600,749 477,717
696,813 563,535
Creditors: Amounts Falling Due Within One Year 7 (57,112 ) (79,475 )
NET CURRENT ASSETS (LIABILITIES) 639,701 484,060
TOTAL ASSETS LESS CURRENT LIABILITIES 766,304 613,213
PROVISIONS FOR LIABILITIES
Deferred Taxation (521 ) (877 )
NET ASSETS 765,783 612,336
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 765,683 612,236
SHAREHOLDERS' FUNDS 765,783 612,336
Page 1
Page 2
For the year ending 31 January 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 Franck Debane
Director
30th January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Forward Partners Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07136396 . The registered office is 2058 Davenport House, 261 Bolton Road, Bury, Lancashire, BL8 2NZ.
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.
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. 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:
Fixtures & Fittings 25% on cost
Computer Equipment 50% on cost
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. 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 years 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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2.5. 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 assets reflect 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.
2.6. Investments
Investments are held at cost less accumulated impairment losses. Gains and losses are recognised in profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 4,076 15,322 19,398
Additions 151 1,018 1,169
As at 31 January 2024 4,227 16,340 20,567
Depreciation
As at 1 February 2023 3,109 12,782 15,891
Provided during the period 407 2,185 2,592
As at 31 January 2024 3,516 14,967 18,483
Net Book Value
As at 31 January 2024 711 1,373 2,084
As at 1 February 2023 967 2,540 3,507
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5. Investments
Other
£
Cost
As at 1 February 2023 125,646
Disposals (1,127 )
As at 31 January 2024 124,519
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 124,519
As at 1 February 2023 125,646
Investments are held at cost less accumulated impairment losses.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 95,060 39,689
Other debtors 1,004 46,129
96,064 85,818
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 815 1
Other creditors 52,793 41,373
Taxation and social security 3,504 38,101
57,112 79,475
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
During the year dividends of £12,570 (2023: £14,570) were paid to the director.
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10. Ultimate Controlling Party
The company's ultimate controlling party is Mr Franck Debane by virtue of his ownership of 100% of the issued share capital in the company.
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