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COMPANY REGISTRATION NUMBER: 05546932
Forward Environmental Ltd
Filleted Unaudited Financial Statements
31 August 2024
Forward Environmental Ltd
Financial Statements
Year ended 31 August 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
Forward Environmental Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Forward Environmental Ltd
Year ended 31 August 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 Forward Environmental Ltd for the year ended 31 August 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 Board of Directors of Forward Environmental Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Forward Environmental Ltd and state those matters that we have agreed to state to you, as a body, 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 Forward Environmental Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Forward Environmental Ltd 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 Forward Environmental Ltd. You consider that Forward Environmental Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Forward Environmental Ltd. 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
26 February 2025
Forward Environmental Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
1,183,671
1,110,279
Current assets
Debtors
7
309,696
272,333
Cash at bank and in hand
137,203
174,685
---------
---------
446,899
447,018
Creditors: amounts falling due within one year
8
384,931
391,491
---------
---------
Net current assets
61,968
55,527
------------
------------
Total assets less current liabilities
1,245,639
1,165,806
Creditors: amounts falling due after more than one year
9
688,980
644,219
Provisions
Taxation including deferred tax
104,043
81,513
------------
------------
Net assets
452,616
440,074
------------
------------
Forward Environmental Ltd
Statement of Financial Position (continued)
31 August 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
452,614
440,072
---------
---------
Shareholders funds
452,616
440,074
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr S R Hopkins
Director
Company registration number: 05546932
Forward Environmental Ltd
Notes to the Financial Statements
Year ended 31 August 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 White Rose Recycling Centre, Off Station Road, Halfway, Sheffield, S20 3PJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully amortised
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Land & buildings
-
2% straight line
Plant & Equipment
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
15,000
--------
Amortisation
At 1 September 2023 and 31 August 2024
15,000
--------
Carrying amount
At 31 August 2024
--------
At 31 August 2023
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
836,482
285,032
532,925
1,654,439
Additions
6,880
177,558
184,438
Disposals
( 111,315)
( 111,315)
---------
---------
---------
------------
At 31 August 2024
836,482
291,912
599,168
1,727,562
---------
---------
---------
------------
Depreciation
At 1 September 2023
52,253
232,396
259,511
544,160
Charge for the year
16,730
11,136
54,683
82,549
Disposals
( 82,818)
( 82,818)
---------
---------
---------
------------
At 31 August 2024
68,983
243,532
231,376
543,891
---------
---------
---------
------------
Carrying amount
At 31 August 2024
767,499
48,380
367,792
1,183,671
---------
---------
---------
------------
At 31 August 2023
784,229
52,636
273,414
1,110,279
---------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 August 2024
327,821
---------
At 31 August 2023
156,982
---------
7. Debtors
2024
2023
£
£
Trade debtors
270,903
227,484
Other debtors
38,793
44,849
---------
---------
309,696
272,333
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,404
20,628
Trade creditors
151,373
220,969
Corporation tax
22,427
20,357
Social security and other taxes
36,923
55,216
Other creditors
152,804
74,321
---------
---------
384,931
391,491
---------
---------
Included in other creditors is an amount of £127,173 (2023 £51,441) relating to hire purchase contracts which are secured on the assets to which the finance relates. The balance in relation to the bank loan of £21,404 (2023 £20,628), as above, is secured by reference to the company property.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
485,611
506,947
Trade creditors
83,520
Other creditors
203,369
53,752
---------
---------
688,980
644,219
---------
---------
Included in other creditors above is an amount of £203,369 (2023 £53,752) relating to hire purchase contracts which are secured against the assets to which the finance relates. The balance in relation to the bank loan of £485,611 (2023 £506,947), as above, is secured by reference to the company property. Of this total falling due after more than one year, £391,611 (2023 £416,353) is payable after more than five years from the balance sheet date.