Registered number
11610066
Forge Logistics Limited
Filleted Accounts
31 March 2025
Forge Logistics Limited
Registered number: 11610066
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 13,328 15,996
Tangible assets 4 147,366 319,408
160,694 335,404
Current assets
Debtors 5 312,103 403,419
Cash at bank and in hand 129,434 115,969
441,537 519,388
Creditors: amounts falling due within one year 6 (446,206) (626,681)
Net current liabilities (4,669) (107,293)
Total assets less current liabilities 156,025 228,111
Creditors: amounts falling due after more than one year 7 (154,099) (227,503)
Net assets 1,926 608
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,924 606
Shareholders' funds 1,926 608
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Rose-Shaw
Director
Approved by the board on 5 May 2025
Forge Logistics Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 15% per annum, on a reducing balance basis
Leasehold land and buildings over the lease term
Plant and machinery 25% per annum, on a reducing balance basis
Fixtures, fittings and office equipment 25% per annum, on a reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 27 33
3 Intangible fixed assets £ £
Goodwill:
Cost
At 1 April 2024 26,683 26,683
At 31 March 2025 26,683 26,683
Amortisation
At 1 April 2024 10,687 10,687
Provided during the year 2,668 2,668
At 31 March 2025 13,355 13,355
Net book value
At 31 March 2025 13,328 13,328
At 31 March 2024 15,996 15,996
Franchise fee is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures and equipment Motor vehicles Total Total
£ £ £ £ £ £
Cost
At 1 April 2024 12,550 5,900 60,341 458,408 537,199 537,199
Additions - - 11,112 87,995 99,107 99,107
Disposals - (5,900) - (408,969) (414,869) (414,869)
At 31 March 2025 12,550 - 71,453 137,434 221,437 221,437
Depreciation
At 1 April 2024 12,550 3,887 35,800 165,554 217,791 217,791
Charge for the year - - 6,683 11,132 17,815 17,815
On disposals - (3,887) - (157,648) (161,535) (161,535)
At 31 March 2025 12,550 - 42,483 19,038 74,071 74,071
Net book value
At 31 March 2025 - - 28,970 118,396 147,366 147,366
At 31 March 2024 - 2,013 24,541 292,854 319,408 319,408
5 Debtors 2025 2024
£ £
Trade debtors 421 188,115
Other debtors 234,736 187,224
312,103 403,419
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 115,000 115,000
Obligations under finance lease and hire purchase contracts 34,344 43,869
Trade creditors 139,337 41,552
Taxation and social security costs 122,664 416,347
Other creditors 34,861 9,913
446,206 626,681
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 87,806 145,987
Obligations under finance lease and hire purchase contracts 66,293 81,516
154,099 227,503
8 Loans 2025 2024
£ £
Creditors include:
Instalments falling due for payment after more than five years 154,099 227,503
Secured bank loans 87,806 145,987
[Give an indication of the nature and form of the security for the bank loans]
9 Other information
Forge Logistics Limited is a private company limited by shares and incorporated in England. Its registered office is:
A2 Arundel House
Ackhurst Business Park
Foxhole Road
Chorley, Lancashire
PR7 1NY
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