The Forge (Halstead) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07452532 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

THE FORGE (HALSTEAD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Sproule

REGISTERED OFFICE:

93B Head Street

Halstead

Essex

CO9 2AZ

REGISTERED NUMBER:

07452532 (England and Wales)

ACCOUNTANTS:

Richard Edwards Group LLP

Chartered Certified Accountants

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

FIXED ASSETS

Intangible assets

4

10,000

10,000

Tangible assets

5

86,817

97,264

96,817

107,264

CURRENT ASSETS

Stocks

22,000

32,500

Debtors

6

113,588

113,428

Cash in hand

53

66

135,641

145,994

CREDITORS

Amounts falling due within one year

7

95,778

117,942

NET CURRENT ASSETS

39,863

28,052

TOTAL ASSETS LESS CURRENT LIABILITIES

136,680

135,316

CREDITORS

Amounts falling due after more than one year

8

(56,375

)

(62,134

)

PROVISIONS FOR LIABILITIES

(16,270

)

(17,235

)

NET ASSETS

64,035

55,947

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

64,033

55,945

SHAREHOLDERS' FUNDS

64,035

55,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 April 2019 and were signed by:

N Sproule - Director

1.	STATUTORY INFORMATION

The Forge (Halstead) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in £ sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of

Value Added Tax and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from the rendering services is

recognised by reference to the stage of completion at the balance sheet date.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised

over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made foe damaged, obsolete and

slow-moving stock where appropriate.

Taxation

Current tax represents the amounts of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences between

taxable profits and total comprehensive income as stated in the financial statements that arise from the

inclusion of income and expense in tax assessments in periods different from those in which they are

recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that

apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the income statement in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

260,000

AMORTISATION

At 1 January 2018

and 31 December 2018

250,000

NET BOOK VALUE

At 31 December 2018

10,000

At 31 December 2017

10,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

Plant and

and

leasehold

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2018

5,745

68,116

57,586

29,387

160,834

Additions

-

-

5,060

-

5,060

At 31 December 2018

5,745

68,116

62,646

29,387

165,894

DEPRECIATION

At 1 January 2018

637

27,670

28,883

6,380

63,570

Charge for year

573

6,795

4,705

3,434

15,507

At 31 December 2018

1,210

34,465

33,588

9,814

79,077

NET BOOK VALUE

At 31 December 2018

4,535

33,651

29,058

19,573

86,817

At 31 December 2017

5,108

40,446

28,703

23,007

97,264

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2018

46,750

Additions

5,060

At 31 December 2018

51,810

DEPRECIATION

At 1 January 2018

20,627

Charge for year

3,759

At 31 December 2018

24,386

NET BOOK VALUE

At 31 December 2018

27,424

At 31 December 2017

26,123

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

15,355

12,900

Directors' current accounts

75,394

79,040

Prepayments

22,839

21,488

113,588

113,428

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

30,416

58,209

Hire purchase contracts

6,310

9,433

Trade creditors

9,184

18,276

Tax

20,299

4,579

Social security and other taxes

3,366

4,244

VAT

23,087

20,377

Other creditors

336

249

Accrued expenses

2,780

2,575

95,778

117,942

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

5,706

5,521

Bank loans - 2-5 years

18,232

17,675

Bank loans more 5 yr by instal

20,479

26,742

Hire purchase contracts

11,958

12,196

56,375

62,134

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

20,479

26,742

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

18,268

21,629

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary 'A'

£1

1

1

1

Ordinary 'B'

£1

1

1

2

2

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

N Sproule

Balance outstanding at start of year

79,041

74,250

Amounts advanced

88,040

98,622

Amounts repaid

(91,967

)

(93,831

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

75,114

79,041

12.	ULTIMATE CONTROLLING PARTY

The controlling party is N Sproule.