Company registration number 13905164 (England and Wales)
FORMELS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
FORMELS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FORMELS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,395,813
2,044,053
Current assets
Debtors
4
30,001
30,001
Cash at bank and in hand
881
965
30,882
30,966
Creditors: amounts falling due within one year
5
(1,044,054)
(1,044,054)
Net current liabilities
(1,013,172)
(1,013,088)
Net assets
1,382,641
1,030,965
Capital and reserves
Called up share capital
6
1,000,200
1,000,200
Share premium account
7
29,800
29,800
Profit and loss reserves
352,641
965
Total equity
1,382,641
1,030,965

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr M Grant
Director
Company registration number 13905164 (England and Wales)
FORMELS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Formels Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Newcross Industrial Estate, Brickheath Road, Wolverhampton, West Midlands, WV1 2RZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FORMELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,395,813
2,044,053
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
2,044,053
Additions
351,760
At 31 October 2024
2,395,813
Carrying amount
At 31 October 2024
2,395,813
At 31 October 2023
2,044,053
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
30,001
30,001
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,044,054
1,044,054
FORMELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
100
100
100
100
B ordinary shares of £1 each
100
100
100
100
C ordinary shares of £1 each
100
100
100
100
Non redeemable preference shares of £1 each
999,900
999,900
999,900
999,900
1,000,200
1,000,200
1,000,200
1,000,200
7
Share premium account
2024
2023
£
£
At the beginning and end of the year
29,800
29,800
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