Forward Acceptances Limited - Accounts to registrar (filleted) - small 18.2
Forward Acceptances Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 |
| FOR |
| FORWARD ACCEPTANCES LIMITED |
| FORWARD ACCEPTANCES LIMITED (REGISTERED NUMBER: 01354791) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 July 2021 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FORWARD ACCEPTANCES LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 July 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| & Business Advisors |
| Vantage House Euxton Lane |
| Euxton |
| Chorley |
| Lancashire |
| PR7 6TB |
| FORWARD ACCEPTANCES LIMITED (REGISTERED NUMBER: 01354791) |
| ABRIDGED BALANCE SHEET |
| 31 July 2021 |
| 31.7.21 | 31.7.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| FORWARD ACCEPTANCES LIMITED (REGISTERED NUMBER: 01354791) |
| ABRIDGED BALANCE SHEET - continued |
| 31 July 2021 |
| 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 and authorised for issue on |
| FORWARD ACCEPTANCES LIMITED (REGISTERED NUMBER: 01354791) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 July 2021 |
| 1. | STATUTORY INFORMATION |
| Forward Acceptances Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in compliance with FRS102 Section 1A for small entities. There were no material departures from that standard. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts. |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. |
| Income recognition |
| Income is recognised when leased goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Freehold property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
| Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
| FORWARD ACCEPTANCES LIMITED (REGISTERED NUMBER: 01354791) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 July 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred taxation |
| Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. |
| Tax deferred or accelerated is accounted for in respect of all material timing differences. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST OR VALUATION |
| At 1 August 2020 |
| Additions |
| Disposals | ( |
) |
| At 31 July 2021 |
| DEPRECIATION |
| At 1 August 2020 |
| Charge for year |
| At 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 |
| Cost or valuation at 31 July 2021 is represented by: |
| Totals |
| £ |
| Valuation in 2017 | 467,640 |
| Cost | 5,447,484 |
| 5,915,124 |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.7.21 | 31.7.20 |
| £ | £ |
| Bank loans |
| FORWARD ACCEPTANCES LIMITED (REGISTERED NUMBER: 01354791) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 July 2021 |
| 7. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 August 2020 |
| and 31 July 2021 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mrs M Davis, by virtue of her directorship and majority shareholding in the company. |