Formula Mouldings Limited - Period Ending 2020-04-30
Formula Mouldings Limited - Period Ending 2020-04-30
Registration number:
Formula Mouldings Limited
for the Year Ended 30 April 2020
Formula Mouldings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Formula Mouldings Limited
Company Information
Director |
A M L Crowther |
Registered office |
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Accountants |
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Formula Mouldings Limited
(Registration number: 05841994)
Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Formula Mouldings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
36 Fingringhoe Road
Langenhoe
Colchester
Essex
CO5 7LB
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The Company did not make any sales during the period as the Director continued to be involved in other personal projects and developing a new project for the company that should complete in the next period. It is anticipated that sales will be achieved in the future and therefore the financial statements have been prepared on a going concern basis.
Adjusting events after the financial period
Covid-19
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Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Formula Mouldings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Other property, plant and equipment |
20% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Formula Mouldings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Debtors |
2020 |
2019 |
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Other debtors |
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Formula Mouldings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
Transactions with directors |
2020 |
At 1 May 2019 |
Advances to directors |
Repayments by director |
At 30 April 2020 |
A M L Crowther |
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Received advances during the year which on which 2.75% interest has been applied |
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2019 |
At 1 May 2018 |
Advances to directors |
At 30 April 2019 |
A M L Crowther |
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Received advances during the year which on which 2.75% interest has been applied |
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