Formex Archive Services Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Formex Archive Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02781820 . The registered office is Unit 1 Aberavon Road, Baglan Industrial Estate, Baglan, Port Talbot, SA12 7DJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover comprises of Revenue recognised by the company in respect of services provided during the year exclusive of value added tax. Revenue is recognised in the month in which the service is provided. Revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Freehold	0%
Plant & Machinery	20% Reducing balance
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	20% Reducing balance
Computer Equipment	20% Reducing balance

2.4. Investment Properties

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

2.5. Leasing and Hire Purchase Contracts

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to

achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Formex Archive Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.9. Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

2.10. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

2.11. Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2023: 12)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	752,689	360,200	239,405	3,897
Additions	-	5,290	58,224	-
Disposals	-	-	(16,555 )	-

As at 31 December 2024	752,689	365,490	281,074	3,897

...CONTINUED

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Formex Archive Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	5,578	342,154	209,960	3,772
Provided during the period	-	4,667	21,917	25
Disposals	-	-	(16,555 )	-

As at 31 December 2024	5,578	346,821	215,322	3,797

Net Book Value
As at 31 December 2024	747,111	18,669	65,752	100

As at 1 January 2024	747,111	18,046	29,445	125


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	25,453	1,381,644
Additions	-	63,514
Disposals	-	(16,555 )

As at 31 December 2024	25,453	1,428,603

Depreciation
As at 1 January 2024	24,786	586,250
Provided during the period	134	26,743
Disposals	-	(16,555 )

As at 31 December 2024	24,920	596,438

Net Book Value
As at 31 December 2024	533	832,165

As at 1 January 2024	667	795,394

5. Investments

	Subsidiaries
	£
Cost
As at 1 January 2024	100

As at 31 December 2024	100

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	100

As at 1 January 2024	100

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Formex Archive Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	235,356	372,124
Prepayments and accrued income	24,207	34,419
Corporation tax recoverable assets	7,271	7,271
Deferred tax current asset	-	4,769
Net wages	150	-
Directors' loan accounts	7,173	9,239
Amounts owed by subsidiaries	15,427	4,618

	289,584	432,440

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	9,464	-
Trade creditors	105,554	100,653
Bank loans and overdrafts	50,310	38,969
Corporation tax	25,701	55,608
Other taxes and social security	6,520	7,658
VAT	28,775	51,718
Other creditors	12,765	7,137
Credit card	3,575	5,311
Accruals and deferred income	1,538	1,167

	244,202	268,221

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	33,124	-
Bank loans	419,074	313,744

	452,198	313,744

9. Secured Creditors

Details of Securities provided on Bank Loans:

A mortgage charge created on 11 February 2008 providing a fixed charge over the Assets of the Company and the present and future goodwill of any business carried out is registered in favour of NatWest Bank PLC in respect of all amounts due to the bank.

A Debenture created on 02 May 2003 providing a floating charge of all the undertaking and all property assets and rights of the Company, and a Fixed Charge over all the assets of the company is registered in favour of NatWest Bank PLC in respect of all amounts due to the bank.

	2024		2023
	£		£
Bank loans and overdrafts	469,385		352,713

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Formex Archive Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	9,464	-
Later than one year and not later than five years	33,124	-

	42,588	-

	42,588	-

11. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100
50,000 Ordinary B shares of £ 1.00 each	50,000	50,000

	50,100	50,100

12. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension contributions of £729 (2023: £842) were payable at the balance sheet date.

13. Reserves

Capital redemption reserve records the nominal value of shares repurchased by the company. Profit and loss account includes all current and prior period retained profits and losses.

14. Related Party Transactions

At the Balance Sheet date the company was owed £7,173 (2023: £9,239) from the directors.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		832,165		795,394
Investments	5		100		100

			832,265		795,494
CURRENT ASSETS
Debtors	6	289,584		432,440
Cash at bank and in hand		108,835		36,100

		398,419		468,540
Creditors: Amounts Falling Due Within One Year	7	(244,202 )		(268,221 )

NET CURRENT ASSETS (LIABILITIES)			154,217		200,319

TOTAL ASSETS LESS CURRENT LIABILITIES			986,482		995,813

Creditors: Amounts Falling Due After More Than One Year	8		(452,198 )		(313,744 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,054 )		-

NET ASSETS			531,230		682,069

CAPITAL AND RESERVES
Called up share capital	11		50,100		50,100
Capital redemption reserve			70,000		70,000
Profit and Loss Account			411,130		561,969

SHAREHOLDERS' FUNDS			531,230		682,069