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COMPANY REGISTRATION NUMBER: 11136338
FORWARD INDUSTRIES UK LIMITED
FILLETED FINANCIAL STATEMENTS
30 September 2024
FORWARD INDUSTRIES UK LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
Current assets
Debtors
4
18,420
Creditors: amounts falling due within one year
5
671,772
646,309
----------
----------
Net current liabilities
671,772
627,889
----------
----------
Total assets less current liabilities
( 671,772)
( 627,889)
----------
----------
Net liabilities
( 671,772)
( 627,889)
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 671,872)
( 627,989)
----------
----------
Shareholders deficit
( 671,772)
( 627,889)
----------
----------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 12 May 2025 , and are signed on behalf of the board by:
Mrs S Shah
Director
Company registration number: 11136338
FORWARD INDUSTRIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 168 Church Road, Hove, East Sussex, BN3 2DL.
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.
Going concern
The financial statements have been prepared on the basis that the fundamental concept of going concern has been applied. The principal factor in this consideration is the continued support of group company funding. The directors consider that the continued support of the group companies will be forthcoming, consequently they consider that the going concern concept continues to be appropriate and this has therefore been applied. If the going concern basis proves not to be appropriate, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amount, and to provide for any further liabilities that might arise.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Debtors
2024
2023
£
£
Other debtors
18,420
----
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
664,572
631,592
Other creditors
7,200
14,717
----------
----------
671,772
646,309
----------
----------
6. Summary audit opinion
The auditor's report dated 12 May 2025 was unqualified .
The senior statutory auditor was Mr David A Guest , for and on behalf of UHY Hacker Young (S.E.) Limited .
7. Controlling party
Forward Industries UK Limited is a 100% wholly owned subsidiary of Forward Industries (Switzerland) GmbH, a company incorporated in Switzerland. The ultimate controlling party is Forward Industries Inc. a company incorporated in the US, and quoted on NASDQ.