| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| FOR |
| THE FORMWORK COMPANY LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| FOR |
| THE FORMWORK COMPANY LIMITED |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| THE FORMWORK COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 12 High Street |
| Stanford le Hope |
| Essex |
| SS17 0EY |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| BALANCE SHEET |
| 29 MARCH 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| BALANCE SHEET - continued |
| 29 MARCH 2024 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| The Formwork Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, 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. |
| Tangible fixed assets |
| Capital Expenditure on Premises | - |
| Plant and machinery | - |
| Office equipment | - |
| Motor vehicles | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax. |
| The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
| Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Pension costs and other post-retirement benefits |
| The company operates three defined contribution pension schemes and the pension charge represents the amounts payable by the company to the funds in respect of the year. |
| Operating leases |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Capital |
| Expenditure |
| on | Plant and | Office |
| Premises | machinery | equipment |
| £ | £ | £ |
| COST |
| At 1 April 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29 March 2024 |
| NET BOOK VALUE |
| At 29 March 2024 |
| At 31 March 2023 |
| Fixtures |
| Motor | and |
| vehicles | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29 March 2024 |
| NET BOOK VALUE |
| At 29 March 2024 |
| At 31 March 2023 |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 |
| and 29 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for period |
| At 29 March 2024 |
| NET BOOK VALUE |
| At 29 March 2024 |
| At 31 March 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 16,725 | 115,440 |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Other loans - 1-2 years |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 120,588 | 315,945 |
| 11. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 280,115 | 283,561 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2023 |
| Credit to Income Statement during period | ( |
) |
| Balance at 29 March 2024 |
| The provision for deferred taxation is made up of accelerated capital allowances. |
| THE FORMWORK COMPANY LIMITED (REGISTERED NUMBER: 06818552) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024 |
| 12. | PENSION COMMITMENTS |
| The company operates three defined contribution pension schemes, for the employees and directors. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date there were £1,409 unpaid contributions (2023: £1,654). |
| 13. | COMMITMENTS, GUARANTEES AND CONTINGENCIES |
| The Company has a total commitments, guarantees and contingencies as at year end 2024 of £42,126 (2023: £63,655). |
| Included in the above are minimum lease payments under non-cancellable operating leases, falling due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year | 23,286 | 33,380 |
| Between one and five years | 18,840 | 30,275 |
| 42,126 | 63,655 |
| 14. | RELATED PARTY DISCLOSURES |
| The director of the company provided a personal guarantees in respect of a commercial loan. |
| The amount outstanding at 29 March 2024 was £54,130 (2023 £95,833) |
| A director of the company is also a director and sole shareholder of the company AOB Marine Limited. |
| A director of the company is also a director and sole shareholder of the company O'Brien Luxury Homes Limited. An interest free loan repayable on demand has been made to the company at 29 March 2024. The amount outstanding at 29 March 2024 was £369,329 (2023: £331,697) |
| 15. | ULTIMATE CONTROLLING PARTY |
| The controlling party is The Formwork Group Limited. |
| The Formwork Company Limited is a subsidiary of The Formwork Group Limited. The registered office of The Formwork Group Limited is 12 High Street, Stanford le Hope, Essex, SS17 0EY. |