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Director's report and unaudited financial statements
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for the year ended 30 June 2021
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Registered number: 10833901
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Company Information
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Contents
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Statement of comprehensive income
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Statement of financial position
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Notes to the financial statements
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Director's report
for the year ended 30 June 2021
The director presents his report together with the unaudited financial statements of Forada Limited (the "company") for the year ended 30 June 2021.
The principal activity of the company in the year under review continued to be the provision of intellectual property services.
The profit for the year after taxation amounted to £1,183,165 (2020 : £1,043,757).
The director is satisfied with the results for the year and is confident of continued growth in the following year.
The director recommended payment of a dividend of £1,573,789 (2020 : £199,051) during the year.
The directors of the company who was in office during the year and up to the date of signing the financial statements were:
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
Page 1
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Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Forada Limited for the year ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forada Limited for the year ended 30 June 2021 which comprise the Statement of comprehensive income, the Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Forada Limited in accordance with the terms of our engagement letter dated 30 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Forada Limited and state those matters that we have agreed to state to the director of Forada Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forada Limited and its director for our work or for this report.
It is your duty to ensure that Forada Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forada Limited. You consider that Forada Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Forada Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
30 September 2021
Page 2
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Statement of comprehensive income
for the year ended 30 June 2021
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Profit for the financial year
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There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.
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The notes on pages 5 to 11 form part of these financial statements.
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Page 3
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Forada Limited - Registered number: 10833901
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Statement of financial position
as at 30 June 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Provisions for liabilities
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 11 form part of these financial statements.
Page 4
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Notes to the financial statements
for the year ended 30 June 2021
Forada Limited is a private limited company by shares and incorporated in England & Wales on 23 June 2017. The address of the registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and it's principal place of business is 20 North Audley street, London, W1K 6LX.
The nature of the company operations and its principal activities are set out in the Director's report on page 1.
2.Significant accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Pound Sterling (£), which is also the functional currency.
The following principal accounting policies have been applied consistently throughout the year.
After reviewing the forecasts and projections the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue comprises of the fair value of the consideration received or receivable to the company from its
principal activity of the provision of intellectual property services, net of Value Added Tax.
Revenue is recognised when it can be measured reliably and it is probable that the economic benefits
associated with the transactions will flow into the company.
All revenue arose from services performed within the United Kingdom.
All expenses have been accounted for on an accruals basis.
Other operating income comprises of government grants. Grants are accounted under the accruals model as permitted by FRS 102.
Government grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Page 5
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Notes to the financial statements
for the year ended 30 June 2021
2.Significant accounting policies (continued)
Current taxation
The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because it excluded items that are never taxable or deductible. The company's current tax liability is calculated using rates that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is provided in full on timing differences which result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rate and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be
recovered. Deferred tax assets and liabilities are not discounted.
Tangible assets are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment for doubtful debts.
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Cash and cash equivalents
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Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with financial institutions
repayable without penalty on notice and other short term highly liquid investments with original maturity of 3 months or less and bank overdrafts.
Page 6
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Notes to the financial statements
for the year ended 30 June 2021
2.Significant accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial creditors are measured initially at fair value, net of transaction costs.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position
The company only enters into transactions that result in the recognition of basic financial instruments like trade debtors, creditors and loans to related parties.
Debt instruments, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and 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 comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 7
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Notes to the financial statements
for the year ended 30 June 2021
2.Significant accounting policies (continued)
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Foreign currency translation
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Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary
items measured at historical cost are translated using the exchange rate at the date of the transaction and
non-monetary items measured at fair value are measured using the exchange rate when fair value was
determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the statement of comprehensive income.
Foreign exchange gains and losses that relate to foreign exchange gains and losses are presented in the statement of comprehensive income.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, which are described in note 2, the director is required to
make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the
year-end date and amounts reported for revenues and expenses during the year. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgements made in the year.
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The average monthly number of employees, including directors, during the year was 3 (2020 - 2).
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Page 8
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Notes to the financial statements
for the year ended 30 June 2021
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Prepayments and accrued income
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Included in other debtors is a balance of £10,500(2020 : £7,500) due in respect of rent deposit which is due after more than one year.
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Page 9
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Notes to the financial statements
for the year ended 30 June 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing difference
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Short term timing differences
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Page 10
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Notes to the financial statements
for the year ended 30 June 2021
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Transactions with directors
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During the year, the company advanced an interest free loan of £NIL (2020 : £50,000) to the director. At the balance sheet date, £266 (2020: £210) remained outstanding and due to the company. The loan was interest free and repayable after the year end.
During the year a dividend of £NIL (2020 : £199,051) was paid to the director.
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Related party transactions
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During the year a dividend of £1,573,789 (2020 : £NIL) was paid to Forada Investments Limited, Forada Limited's immediate parent undertaking.
During the year, Forada Limited paid for expenditure totalling £14,633 (2020 : £NIL) on behalf of Forada Services Limited, a company incorporated in the Cayman islands. At the balance sheet date £14,633 (2020 : £NIL) was outstanding and due to Forada Limited.
Forada Services Limited is considered to be a related party by virtue of common control.
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Page 11
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