Company No: 04522090 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	189,175		229,383
		189,175		229,383
Current assets
Stocks		215,038		262,416
Debtors	5	387,462		555,611
Cash at bank and in hand		107,289		141,923
		709,789		959,950
Creditors: amounts falling due within one year	6	( 282,362)		( 498,993)
Net current assets		427,427		460,957
Total assets less current liabilities		616,602		690,340
Creditors: amounts falling due after more than one year	7	0		( 10,155)
Provision for liabilities		( 13,726)		( 19,363)
Net assets		602,876		660,822
Capital and reserves
Called-up share capital	8	6		6
Capital redemption reserve		4		4
Profit and loss account		602,866		660,812
Total shareholders' funds		602,876		660,822

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Formsplus Limited (registered number: 04522090) were approved and authorised for issue by the Board of Directors on 25 November 2025. They were signed on its behalf by:

Mrs V J Andrews Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Formsplus Limited (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 Unit B3, Helston Business Park, Helston, TR13 8FZ, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

20 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	5 - 10 years straight line
Vehicles	4 years straight line
Fixtures and fittings	5 - 20 years straight line
Office equipment	3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		11

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 October 2024	250,000		250,000
At 30 September 2025	250,000		250,000
Accumulated amortisation
At 01 October 2024	250,000		250,000
At 30 September 2025	250,000		250,000
Net book value
At 30 September 2025	0		0
At 30 September 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 October 2024	175,796		33,533		99,776		36,621		48,951		394,677
Additions	0		0		0		0		2,625		2,625
At 30 September 2025	175,796		33,533		99,776		36,621		51,576		397,302
Accumulated depreciation
At 01 October 2024	47,993		18,455		34,551		26,394		37,901		165,294
Charge for the financial year	8,790		3,378		24,729		1,774		4,162		42,833
At 30 September 2025	56,783		21,833		59,280		28,168		42,063		208,127
Net book value
At 30 September 2025	119,013		11,700		40,496		8,453		9,513		189,175
At 30 September 2024	127,803		15,078		65,225		10,227		11,050		229,383

5. Debtors

	2025		2024
	£		£
Trade debtors	346,893		516,025
Other debtors	40,569		39,586
	387,462		555,611

The bank holds a legal charge over the company assets.

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	218,128		350,897
Taxation and social security	49,427		92,317
Obligations under finance leases and hire purchase contracts	10,155		13,540
Other creditors	4,652		42,239
	282,362		498,993

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	0		10,155

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
324 Ordinary "A" Shares shares of £ 0.01 each	3.24		3.24
96 Ordinary "B" Shares shares of £ 0.01 each	0.96		0.96
180 Ordinary "C" Shares shares of £ 0.01 each	1.80		1.80
	6.00		6.00

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	58,856		58,856
between one and five years	117,712		176,568
Total future minimum lease payments under non-cancellable operating leases	176,568		235,424