Formationlive Limited 09936592 false 2024-04-01 2024-12-31 2024-12-31 The principal activity of the company is Activities of exhibition and fair organisers Digita Accounts Production Advanced 6.30.9574.0 true true 09936592 2024-04-01 2024-12-31 09936592 2024-12-31 09936592 core:CapitalRedemptionReserve 2024-12-31 09936592 core:RetainedEarningsAccumulatedLosses 2024-12-31 09936592 core:ShareCapital 2024-12-31 09936592 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-12-31 09936592 core:CurrentFinancialInstruments 2024-12-31 09936592 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 09936592 core:Non-currentFinancialInstruments 2024-12-31 09936592 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 09936592 core:FurnitureFittingsToolsEquipment 2024-12-31 09936592 core:LandBuildings 2024-12-31 09936592 bus:SmallEntities 2024-04-01 2024-12-31 09936592 bus:AuditExemptWithAccountantsReport 2024-04-01 2024-12-31 09936592 bus:FilletedAccounts 2024-04-01 2024-12-31 09936592 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2024-12-31 09936592 bus:RegisteredOffice 2024-04-01 2024-12-31 09936592 bus:CompanySecretary1 2024-04-01 2024-12-31 09936592 bus:Director1 2024-04-01 2024-12-31 09936592 bus:Director3 2024-04-01 2024-12-31 09936592 bus:Director4 2024-04-01 2024-12-31 09936592 bus:Director5 2024-04-01 2024-12-31 09936592 bus:PrivateLimitedCompanyLtd 2024-04-01 2024-12-31 09936592 core:FurnitureFittings 2024-04-01 2024-12-31 09936592 core:FurnitureFittingsToolsEquipment 2024-04-01 2024-12-31 09936592 core:LandBuildings 2024-04-01 2024-12-31 09936592 core:LeaseholdImprovements 2024-04-01 2024-12-31 09936592 core:OfficeEquipment 2024-04-01 2024-12-31 09936592 core:PlantMachinery 2024-04-01 2024-12-31 09936592 countries:England 2024-04-01 2024-12-31 09936592 2024-03-31 09936592 core:FurnitureFittingsToolsEquipment 2024-03-31 09936592 core:LandBuildings 2024-03-31 09936592 2023-04-01 2024-03-31 09936592 2024-03-31 09936592 core:CapitalRedemptionReserve 2024-03-31 09936592 core:RetainedEarningsAccumulatedLosses 2024-03-31 09936592 core:ShareCapital 2024-03-31 09936592 core:CurrentFinancialInstruments 2024-03-31 09936592 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09936592 core:Non-currentFinancialInstruments 2024-03-31 09936592 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09936592 core:FurnitureFittingsToolsEquipment 2024-03-31 09936592 core:LandBuildings 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 09936592

Formationlive Limited

trading as Formation Global

Unaudited Filleted Financial Statements

for the Period from 1 April 2024 to 31 December 2024

 

Formationlive Limited

trading as Formation Global

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Formationlive Limited

trading as Formation Global

Company Information

Directors

Mr J Milton

Mr M Spillings

Ms J L Spillings

Ms J J Milton

Company secretary

Mr C Spillings

Registered office

5 Croft Court
Croft Lane
Temple Grafton
Warwickshire
B49 6PW

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Formationlive Limited

trading as Formation Global

(Registration number: 09936592)
Balance Sheet as at 31 December 2024

Note

2024
£

2024
£

Fixed assets

 

Tangible assets

4

99,888

118,732

Other financial assets

5

4

4

 

99,892

118,736

Current assets

 

Stocks

6

68,411

50,193

Debtors

7

417,384

585,191

Cash at bank and in hand

 

387,296

227,565

 

873,091

862,949

Creditors: Amounts falling due within one year

8

(704,505)

(679,668)

Net current assets

 

168,586

183,281

Total assets less current liabilities

 

268,478

302,017

Creditors: Amounts falling due after more than one year

8

(352,504)

(52,500)

Provisions for liabilities

(20,977)

(24,934)

Net (liabilities)/assets

 

(105,003)

224,583

Capital and reserves

 

Called up share capital

90

90

Capital redemption reserve

10

10

Retained earnings

(105,103)

224,483

Shareholders' (deficit)/funds

 

(105,003)

224,583

For the financial period ending 31 December 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Formationlive Limited

trading as Formation Global

(Registration number: 09936592)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

.........................................
Mr J Milton
Director

   
     
 

Formationlive Limited

trading as Formation Global

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5 Croft Court
Croft Lane
Temple Grafton
Warwickshire
B49 6PW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Formationlive Limited

trading as Formation Global

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

Fixtures and fittings

20% straight line

Plant and machinery

20% straight line

Leasehold improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Formationlive Limited

trading as Formation Global

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 10 (2024 - 10).

 

Formationlive Limited

trading as Formation Global

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

4

Tangible assets

Improvements to property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

66,136

97,861

163,997

Additions

-

1,775

1,775

At 31 December 2024

66,136

99,636

165,772

Depreciation

At 1 April 2024

6,284

38,981

45,265

Charge for the period

4,960

15,659

20,619

At 31 December 2024

11,244

54,640

65,884

Carrying amount

At 31 December 2024

54,892

44,996

99,888

At 31 March 2024

59,852

58,880

118,732

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2024

4

4

At 31 December 2024

4

4

Impairment

Carrying amount

At 31 December 2024

4

4

Formationlive Limited owns the entire share capital of Hideaway Interiors Ltd, a subsidiary company that was incorporated on 14th June 2021 and which is dormant.

 

Formationlive Limited

trading as Formation Global

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

6

Stocks

2024
£

2024
£

Work in progress

68,411

50,193

7

Debtors

Current

Note

2024
£

2024
£

Trade debtors

 

124,385

198,199

Amounts owed by related parties

10

155,099

154,158

Prepayments

 

43,186

222,236

Other debtors

 

94,714

10,598

   

417,384

585,191

 

Formationlive Limited

trading as Formation Global

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

8

Creditors

Note

2024
£

2024
£

Due within one year

 

Loans and borrowings

9

295,914

30,000

Trade creditors

 

106,473

125,843

Taxation and social security

 

94,797

159,646

Accruals and deferred income

 

204,469

360,414

Other creditors

 

2,852

3,765

 

704,505

679,668

Note

2024
£

2024
£

Due after one year

 

Loans and borrowings

9

352,504

52,500

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2024
£

Bank borrowings

30,000

52,500

Other borrowings

322,504

-

352,504

52,500

Current loans and borrowings

2024
£

2024
£

Bank borrowings

30,000

30,000

Bank overdrafts

119,981

-

Other borrowings

145,933

-

295,914

30,000

10

Related party transactions

Mr M Spillings and Mr J Milton are also directors and shareholders of Mjolnir Property Co Limited.

During the year transactions were undertaken under normal commercial conditions. At 31st March 2024 there is an amount owed by Mjolnir Property Co Limited to Formationlive Limited of £122,832 (2023: £174,298), disclosed in debtors