| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| FORWARD FASTENER MANUFACTURING LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| FORWARD FASTENER MANUFACTURING LIMITED |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FORWARD FASTENER MANUFACTURING LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 260 - 270 Butterfield |
| Great Marlings |
| Luton |
| Bedfordshire |
| LU2 8DL |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| 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. |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Forward Fastener Manufacturing Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
| provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair |
| value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the |
| goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be |
| measured reliably, it is probable that the economic benefits associated with the transaction will flow to the |
| entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation and impairment |
| Depreciation is recognised so as to write off the cost of assets less their residual values over |
| their useful lives on the following bases: |
| Plant and machinery 15% reducing balance, 20% straight line |
| Fixtures, fittings & equipment 10% reducing balance |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Taxation and social security |
| VAT | 118,624 | 94,463 |
| Other creditors |
| Director's current account | 9 | 9 |
| Accrued expenses |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Other creditors | - | 32,957 |
| The above secured debts relate to the factoring account which is secured against the underlying customer invoices. This account was closed during the year and the charge was satisfied in full. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 34,595 | 27,738 |
| FORWARD FASTENER MANUFACTURING LIMITED (REGISTERED NUMBER: 03892844) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 9. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year |
| Balance at 31 December 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 10,000 | 10,000 |
| Ordinary B | £1 | 10,000 | 10,000 |
| 20,000 | 20,000 |
| All classes of shares rank equally and have the rights to dividend payments. |
| 11. | RELATED PARTY DISCLOSURES |
| During the year rent was paid to Rollfast Limited of £62,400 (2023: £62,400). At the year end the company was owed £15,000 (2023: owed £6,625). This balance is included within Other debtors. Both Mr M Cleaver and Mr P Rose are directors of Rollfast Limited. |
| During the year goods were sold to Forward Industrial Products Group Ltd of £383,697 (2023: £374,890). At the year end, Forward Industrial Products Group Ltd owed the company £124,438 (2023: £136,212). Mr M Cleaver is a director of Forward Industrial Products Group Ltd. |
| 12. | ULTIMATE CONTROLLING PARTY |
| There is no ultimate controlling party. |