COMPANY REGISTRATION NUMBER:
01011775
Filleted Unaudited Financial Statements |
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Forgeside-Lines Limited |
|
Period from 1 March 2023 to 27 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forgeside-Lines Limited for the period ended 27 February 2024, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Forgeside-Lines Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Forgeside-Lines Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forgeside-Lines Limited and its director for our work or for this report.
It is your duty to ensure that Forgeside-Lines 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 profit of Forgeside-Lines Limited. You consider that Forgeside-Lines Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Forgeside-Lines 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.
PAUL PHILLIS & CO LIMITED
Chartered accountants
11a Corelli Street
Newport
South Wales
NP19 7AR
14 February 2025
Statement of Financial Position |
|
27 February 2024
|
27 Feb 24 |
28 Feb 23 |
Note |
£ |
£ |
£ |
|
|
|
|
Current assets
Debtors |
5 |
– |
|
21 |
Cash at bank and in hand |
262,995 |
|
303,665 |
|
--------- |
|
--------- |
|
262,995 |
|
303,686 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
11,026 |
|
52,711 |
|
--------- |
|
--------- |
Net current assets |
|
251,969 |
250,975 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
251,969 |
250,975 |
|
|
--------- |
--------- |
Net assets |
|
251,969 |
250,975 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
70 |
70 |
Profit and loss account |
|
251,899 |
250,905 |
|
|
--------- |
--------- |
Shareholders funds |
|
251,969 |
250,975 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
14 February 2025
, and are signed on behalf of the board by:
Mrs D.M. Hollinger |
|
Director |
|
|
|
Company registration number:
01011775
Notes to the Financial Statements |
|
Period from 1 March 2023 to 27 February 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swan Cottage, Cley Road, Holt, Norfolk, NR25 7EA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: Depreciation and amortisation: The company exercises judgement to determine useful lives and residual values of tangible and intangible assets. The assets are depreciated down to their residual values over their estimated lives.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
Plant and machinery |
- |
15% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2023:
1
).
5.
Debtors
|
27 Feb 24 |
28 Feb 23 |
|
£ |
£ |
Other debtors |
– |
21 |
|
---- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
27 Feb 24 |
28 Feb 23 |
|
£ |
£ |
Corporation tax |
467 |
42,733 |
Other creditors |
10,559 |
9,978 |
|
-------- |
-------- |
|
11,026 |
52,711 |
|
-------- |
-------- |
|
|
|
7.
Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
|
27 Feb 24 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs D.M. Hollinger |
21 |
(
10,100) |
– |
(
10,079) |
|
|
---- |
-------- |
---- |
-------- |
|
|
|
|
|
|
|
28 Feb 23 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs D.M. Hollinger |
11,261 |
4,085 |
(
15,325) |
21 |
|
|
-------- |
------- |
-------- |
---- |
|
|
|
|
|
|
The directors' loans are interest free and repayable on demand.
8.
Related party transactions
The company was under the control of Mrs D. Hollinger throughout the current financial period and with effect from 12th April 2022 in the previous financial period. Prior to this, the company was under the control of the trustees of the estate of Mr MR Pearson.