Company No:
Contents
| DIRECTOR | Paul Atkinson |
| REGISTERED OFFICE | 33 Beckworth Lane |
| Lindfield | |
| Haywards Heath | |
| United Kingdom |
| COMPANY NUMBER | 07957746 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| Salatin House | |
| 19 Cedar Road | |
| Sutton | |
| SM2 5DA |
The director presents this annual report and the unaudited financial statements of the Company for the financial period ended 31 July 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
DIRECTOR
The director, who served during the financial period and to the date of this report except as noted, was as follows:
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Approved and signed by:
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Paul Atkinson
Director |
We align ourselves to, but due to our growth funding structure we are not controlled by ACCA members and are therefore not a fully recognised member of, the Association of Chartered Certified Accountants. However, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
It is your duty to ensure that Formation Investments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Formation Investments Ltd. You consider that Formation Investments Ltd is exempt from the statutory audit requirement for the financial period.
We have not been instructed to carry out an audit or a review of the financial statements of Formation Investments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
19 Cedar Road
Sutton
SM2 5DA
| Note | Period from 01.01.2024 to 31.07.2024 |
Year ended 31.12.2023 |
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| Operating loss | (
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| Income from shares in a Group undertaking |
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| (Loss)/profit before taxation | (
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| Tax on (loss)/profit |
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| (Loss)/profit for the financial period/year | (
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| Retained earnings/(deficit) at the beginning of financial period/year |
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| (Loss)/profit for the financial period/year | (
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| Dividends declared and paid | 4 | (
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| Retained earnings at the end of financial period/year |
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| Note | 31.07.2024 | 31.12.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 5 |
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| 1 | 1 | |||
| Current assets | ||||
| Cash at bank and in hand | 6 |
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| 4,673 | 48,928 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 1,740 | 22,195 | ||
| Total assets less current liabilities | 1,741 | 22,196 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Formation Investments Ltd (registered number:
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Paul Atkinson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Formation Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 33 Beckworth Lane, Lindfield, Haywards Heath, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.
The company has shortened its accounting period and the results are for the seven months ended 31 July 2024.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Interest in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| Period from 01.01.2024 to 31.07.2024 |
Year ended 31.12.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including the director |
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| Period from 01.01.2024 to 31.07.2024 |
Year ended 31.12.2023 |
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| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial period: | |||
| Interim dividend for the financial period ended 31 July 2024 of £18.00 (31.12.2023: £Nil) per ordinary share | 18,000 | 0 | |
| Investments in joint ventures | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 January 2024 |
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| At 31 July 2024 |
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| Carrying value at 31 July 2024 |
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| Carrying value at 31 December 2023 |
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| 31.07.2024 | 31.12.2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 31.07.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to director |
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| Accruals |
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| Other creditors |
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| 31.07.2024 | 31.12.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| Period from 01.01.2024 to 31.07.2024 |
Year ended 31.12.2023 |
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| £ | £ | ||
| Administrative expenses | |||
| Computer expenses | (
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| Bank charges | (
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| Subscriptions | (
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| Accountancy fees | (
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| (2,455) | (1,822) | ||
| Operating loss | (
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| Income from shares in a Group undertaking |
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| (Loss)/profit before taxation | (
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