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FORMAX CREDIT (UK) LIMITED

Registered Number
09044698
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

FORMAX CREDIT (UK) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

BOSSO, Deborah Anna Lisa
WANG, Yesheng

Registered Address

Room 1908 100 Bishopsgate
London
EC2N 4AG

Registered Number

09044698 (England and Wales)
FORMAX CREDIT (UK) LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Current assets
Debtors4,530,239320,850
Cash at bank and on hand6,43937,860
36,678358,710
Creditors amounts falling due within one year6(507,087)(80,848)
Net current assets (liabilities)(470,409)277,862
Total assets less current liabilities(470,409)277,862
Creditors amounts falling due after one year7(30,239)(468,933)
Net assets(500,648)(191,071)
Capital and reserves
Called up share capital2,059,6972,059,697
Profit and loss account(2,560,345)(2,250,768)
Shareholders' funds(500,648)(191,071)
The financial statements were approved and authorised for issue by the Board of Directors on 14 March 2025, and are signed on its behalf by:
BOSSO, Deborah Anna Lisa
Director
Registered Company No. 09044698
FORMAX CREDIT (UK) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A, as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue 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.
Interest income
Interest income is recognised using the effective interest rate method.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 April 233,3383,338
At 31 March 243,3383,338
Depreciation and impairment
At 01 April 233,3383,338
At 31 March 243,3383,338
Net book value
At 31 March 24--
At 31 March 23--
4.Debtors: amounts due within one year

2024

2023

££
Other debtors-89,355
Total-89,355
5.Debtors: amounts due after one year

2024

2023

££
Other debtors30,239231,495
Total30,239231,495
6.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties428,350-
Other creditors75,13779,048
Accrued liabilities and deferred income3,6001,800
Total507,08780,848
7.Creditors: amounts due after one year

2024

2023

££
Other creditors30,239468,933
Total30,239468,933