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REGISTERED NUMBER: 06818552 (England and Wales)













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: Mr AS O'Brien
Mr WP Garrod





REGISTERED OFFICE: 12 High Street
Stanford le Hope
Essex
SS17 0EY





REGISTERED NUMBER: 06818552 (England and Wales)





ACCOUNTANTS: Elliott, Mortlock, Busby & Co Limited
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 1,532,362 2,066,886

CURRENT ASSETS
Stocks 75,000 100,000
Debtors 6 1,068,443 2,142,816
Cash at bank 72,429 9,160
1,215,872 2,251,976
CREDITORS
Amounts falling due within one year 7 757,431 1,078,402
NET CURRENT ASSETS 458,441 1,173,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,990,803

3,240,460

CREDITORS
Amounts falling due after more than one year 8 (84,583 ) (517,365 )

PROVISIONS FOR LIABILITIES 11 (280,115 ) (283,561 )
NET ASSETS 1,626,105 2,439,534

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,626,104 2,439,533
SHAREHOLDERS' FUNDS 1,626,105 2,439,534

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 March 2024 in accordance with Section 476 of the Companies Act 2006.

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


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 Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





Mr AS O'Brien - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Capital Expenditure on Premises - 25% straight line basis and 10% straight line basis
Plant and machinery - 20% straight line basis and 10% straight line basis
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 20% straight line basis
Fixtures and fittings - 25% on reducing balance

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 8 (2023 - 9 ) .

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 90,006 2,097,137 50,458
Additions 15,868 2,434 4,010
Disposals - (493,635 ) (4,157 )
At 29 March 2024 105,874 1,605,936 50,311
DEPRECIATION
At 1 April 2023 40,395 288,873 33,759
Charge for period 9,542 77,691 4,382
Eliminated on disposal - (107,028 ) (3,892 )
At 29 March 2024 49,937 259,536 34,249
NET BOOK VALUE
At 29 March 2024 55,937 1,346,400 16,062
At 31 March 2023 49,611 1,808,264 16,699

Fixtures
Motor and
vehicles fittings Totals
£    £    £   
COST
At 1 April 2023 408,142 3,558 2,649,301
Additions 48,750 1,460 72,522
Disposals (216,638 ) - (714,430 )
At 29 March 2024 240,254 5,018 2,007,393
DEPRECIATION
At 1 April 2023 216,093 3,295 582,415
Charge for period 41,362 127 133,104
Eliminated on disposal (129,568 ) - (240,488 )
At 29 March 2024 127,887 3,422 475,031
NET BOOK VALUE
At 29 March 2024 112,367 1,596 1,532,362
At 31 March 2023 192,049 263 2,066,886

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 516,895 29,507 546,402
DEPRECIATION
At 1 April 2023 15,255 8,125 23,380
Charge for period 9,801 3,900 13,701
At 29 March 2024 25,056 12,025 37,081
NET BOOK VALUE
At 29 March 2024 491,839 17,482 509,321
At 31 March 2023 501,640 21,382 523,022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 629,868 1,519,635
Other debtors 438,575 623,181
1,068,443 2,142,816

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 41,667
Other loans 155,630 151,500
Hire purchase contracts (see note 9) 120,588 193,096
Trade creditors 337,884 460,297
Social security and other taxes 45,243 33,909
Other creditors 81,361 82,493
Directors' current accounts 16,725 115,440
757,431 1,078,402

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 - 83,333
Bank loans - 2-5 years - 70,834
Other loans - 1-2 years 84,583 240,349
Hire purchase contracts (see note 9) - 122,849
84,583 517,365

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 120,588 193,096
Between one and five years - 122,849
120,588 315,945

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 195,834
Hire purchase contracts 120,588 315,945
120,588 511,779

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 280,115 283,561

Deferred
tax
£   
Balance at 1 April 2023 283,561
Credit to Income Statement during period (3,446 )
Balance at 29 March 2024 280,115

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:

20242023
££
Within one year23,28633,380
Between one and five years18,84030,275
42,12663,655

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.