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01/06/2023
31/05/2024
2024-05-31
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No description of principal activities is disclosed
2023-06-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
07255447
2023-06-01
2024-05-31
07255447
2024-05-31
07255447
2023-05-31
07255447
2022-06-01
2023-05-31
07255447
2023-05-31
07255447
2022-05-31
07255447
core:PlantMachinery
2023-06-01
2024-05-31
07255447
core:FurnitureFittingsToolsEquipment
2023-06-01
2024-05-31
07255447
core:MotorVehicles
2023-06-01
2024-05-31
07255447
bus:RegisteredOffice
2023-06-01
2024-05-31
07255447
bus:LeadAgentIfApplicable
2023-06-01
2024-05-31
07255447
bus:Director1
2023-06-01
2024-05-31
07255447
bus:Director2
2023-06-01
2024-05-31
07255447
core:PlantMachinery
2023-05-31
07255447
core:FurnitureFittingsToolsEquipment
2023-05-31
07255447
core:MotorVehicles
2023-05-31
07255447
core:PlantMachinery
2024-05-31
07255447
core:FurnitureFittingsToolsEquipment
2024-05-31
07255447
core:MotorVehicles
2024-05-31
07255447
core:WithinOneYear
2024-05-31
07255447
core:WithinOneYear
2023-05-31
07255447
core:AfterOneYear
2024-05-31
07255447
core:AfterOneYear
2023-05-31
07255447
core:ShareCapital
2024-05-31
07255447
core:ShareCapital
2023-05-31
07255447
core:RetainedEarningsAccumulatedLosses
2024-05-31
07255447
core:RetainedEarningsAccumulatedLosses
2023-05-31
07255447
core:CostValuation
core:Non-currentFinancialInstruments
2024-05-31
07255447
core:Non-currentFinancialInstruments
2024-05-31
07255447
core:Non-currentFinancialInstruments
2023-05-31
07255447
core:MotorVehicles
2023-05-31
07255447
bus:Director1
2023-05-31
07255447
bus:Director1
2024-05-31
07255447
bus:Director1
2022-05-31
07255447
bus:Director1
2023-05-31
07255447
bus:Director1
2022-06-01
2023-05-31
07255447
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2023-06-01
2024-05-31
07255447
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2023-06-01
2024-05-31
07255447
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2023-06-01
2024-05-31
07255447
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2023-06-01
2024-05-31
07255447
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2023-06-01
2024-05-31
07255447
core:AllAssociates
2023-06-01
2024-05-31
07255447
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2022-06-01
2023-05-31
07255447
core:AllAssociates
2024-05-31
07255447
core:AllAssociates
2023-05-31
07255447
1
2023-06-01
2024-05-31
Company registration number:
07255447
Formosa London Limited
Unaudited filleted financial statements
31 May 2024
Formosa London Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Formosa London Limited
Directors and other information
|
|
|
|
Directors |
Mr Gerome Formosa |
|
|
Mr Daniel John Formosa |
|
|
|
|
|
|
|
Company number |
07255447 |
|
|
|
|
|
|
|
Registered office |
5 Calico Row |
|
|
Plantation Wharf |
|
|
Battersea |
|
|
London |
|
|
SW11 3YH |
|
|
|
|
|
|
|
Accountant |
Reza Samii |
|
|
19 Cornerways |
|
|
1 Daylesford Avenue |
|
|
London |
|
|
SW15 5QP |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
HSBC |
|
|
240 Lavender Hill |
|
|
Clapham Junction |
|
|
London |
|
|
SW11 1LH |
|
|
|
Formosa London Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Formosa London Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Formosa London Limited for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Reza Samii
Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
5 December 2024
Formosa London Limited
Statement of financial position
31 May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
2,864 |
|
|
|
5,728 |
|
|
Investments |
|
6 |
377,502 |
|
|
|
377,502 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
380,366 |
|
|
|
383,230 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
500 |
|
|
|
500 |
|
|
Debtors |
|
7 |
26,059 |
|
|
|
22,949 |
|
|
Cash at bank and in hand |
|
|
316,020 |
|
|
|
357,870 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
342,579 |
|
|
|
381,319 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
56,236) |
|
|
|
(
58,064) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
286,343 |
|
|
|
323,255 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
666,709 |
|
|
|
706,485 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
41,167) |
|
|
|
(
67,167) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
625,542 |
|
|
|
639,318 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
625,442 |
|
|
|
639,218 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
625,542 |
|
|
|
639,318 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
05 December 2024
, and are signed on behalf of the board by:
Mr Gerome Formosa
Director
Company registration number:
07255447
Formosa London Limited
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Formosa London Limited, 5 Calico Row, Plantation Wharf, Battersea, London, SW11 3YH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
straight line |
|
Computer Equipment |
- |
25 % |
straight line |
|
Motor vehicles |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
14,145 |
1,839 |
11,456 |
27,440 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2023 |
14,145 |
1,839 |
5,728 |
21,712 |
|
|
|
|
Charge for the year |
- |
- |
2,864 |
2,864 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
14,145 |
1,839 |
8,592 |
24,576 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2024 |
- |
- |
2,864 |
2,864 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2023 |
- |
- |
5,728 |
5,728 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Shares in group undertakings and participating interests |
Other investments other than loans |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
100 |
377,402 |
377,502 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 May 2024 |
100 |
377,402 |
377,502 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2023 |
100 |
377,402 |
377,502 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
11,097 |
11,918 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
237 |
- |
|
Other debtors |
|
14,725 |
11,031 |
|
|
|
_______ |
_______ |
|
|
|
26,059 |
22,949 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
26,000 |
26,000 |
|
Trade creditors |
|
4,515 |
4,192 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
263 |
|
Corporation tax |
|
17,632 |
19,774 |
|
Social security and other taxes |
|
406 |
- |
|
Other creditors |
|
7,683 |
7,835 |
|
|
|
_______ |
_______ |
|
|
|
56,236 |
58,064 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
41,167 |
67,167 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Interest is charged at a rate of 3.99% per annum for Coronavirus Business Interruption Loan.
10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Gerome Formosa |
(
700) |
410 |
(
290) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Gerome Formosa |
(
11,580) |
10,880 |
(
700) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
The director's loan is unsecured and interest free.
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Formosa Property Ltd |
500 |
67,485 |
237 |
(
263) |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
The above loan is interest free, unsecured and repayable on demand.
12.
Controlling party
The company was controlled throughout the current and previous period by its director Mr G Formosa by virtue of his 65% shareholding.