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REGISTERED NUMBER: 03998703 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Forge Ahead Ironworks Limited

Forge Ahead Ironworks Limited (Registered number: 03998703)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Forge Ahead Ironworks Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: M E J Jacques





SECRETARY: Mrs E A Jacques





REGISTERED OFFICE: Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ





REGISTERED NUMBER: 03998703 (England and Wales)





ACCOUNTANTS: Xeinadin Billericay Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

Forge Ahead Ironworks Limited (Registered number: 03998703)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 159,628 166,628

CURRENT ASSETS
Stocks 21,000 20,000
Debtors 5 205,732 250,422
Cash at bank and in hand 82,820 93,347
309,552 363,769
CREDITORS
Amounts falling due within one year 6 131,657 147,482
NET CURRENT ASSETS 177,895 216,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

337,523

382,915

CREDITORS
Amounts falling due after more than one
year

7

(16,700

)

(21,126

)

PROVISIONS FOR LIABILITIES 8 (33,410 ) (41,657 )
NET ASSETS 287,413 320,132

CAPITAL AND RESERVES
Called up share capital 9 1 1
Capital redemption reserve 100 100
Retained earnings 287,312 320,031
SHAREHOLDERS' FUNDS 287,413 320,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Forge Ahead Ironworks Limited (Registered number: 03998703)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2025 and were signed by:





M E J Jacques - Director


Forge Ahead Ironworks Limited (Registered number: 03998703)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Forge Ahead Ironworks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services net of VAT and trade discounts (having regard to the fulfilment of contractual obligations).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are stated at cost (deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any revaluation gains or losses recognised in other comprehensive income. Revaluations shall be made with sufficient regularity to ensure that carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Forge Ahead Ironworks Limited (Registered number: 03998703)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax provided on timing differences which arise from the inclusion of income and expenses in tax in assessments in periods different from those in which they are recognised in the financial statements. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. Goodwill is adjusted by the amount of such deferred tax.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted at the balance sheet date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.at it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

Forge Ahead Ironworks Limited (Registered number: 03998703)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 69,075 358,927 21,032
Additions 4,186 22,532 1,499
At 31 May 2024 73,261 381,459 22,531
DEPRECIATION
At 1 June 2023 21,802 280,853 14,453
Charge for year 3,663 25,152 2,600
At 31 May 2024 25,465 306,005 17,053
NET BOOK VALUE
At 31 May 2024 47,796 75,454 5,478
At 31 May 2023 47,273 78,074 6,579

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 92,201 19,595 560,830
Additions 7,400 3,002 38,619
At 31 May 2024 99,601 22,597 599,449
DEPRECIATION
At 1 June 2023 65,380 11,714 394,202
Charge for year 8,555 5,649 45,619
At 31 May 2024 73,935 17,363 439,821
NET BOOK VALUE
At 31 May 2024 25,666 5,234 159,628
At 31 May 2023 26,821 7,881 166,628

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 85,730 113,142
Other debtors 500 306
Directors' current accounts 81,109 95,389
Tax 36,143 40,494
Prepayments and accrued income 2,250 1,091
205,732 250,422

Forge Ahead Ironworks Limited (Registered number: 03998703)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 47 -
Trade creditors 36,434 21,368
Tax 31,309 68,164
Social security and other taxes 3,628 2,220
VAT 27,375 27,545
Other creditors 14,391 11,297
Accruals and deferred income 15,000 13,580
Accrued expenses 3,473 3,308
131,657 147,482

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Loan due in more than 1 year 16,700 21,126

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax
Accelerated capital allowances 33,410 41,657

Deferred
tax
£   
Balance at 1 June 2023 41,657
Provided during year (8,247 )
Balance at 31 May 2024 33,410

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1 Ordinary £1 1 1

Forge Ahead Ironworks Limited (Registered number: 03998703)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
M E J Jacques
Balance outstanding at start of year 95,390 70,425
Amounts advanced 59,115 107,491
Amounts repaid (73,396 ) (82,526 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 81,109 95,390

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Forge Ahead Ironworks Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forge Ahead Ironworks Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Forge Ahead Ironworks Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Forge Ahead Ironworks Limited and state those matters that we have agreed to state to the director of Forge Ahead Ironworks Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forge Ahead Ironworks Limited and its director for our work or for this report.

It is your duty to ensure that Forge Ahead Ironworks 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 Forge Ahead Ironworks Limited. You consider that Forge Ahead Ironworks Limited 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 Forge Ahead Ironworks 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.






Xeinadin Billericay Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ


5 March 2025