Forshaws Accountants Limited 31/03/2021 iXBRL

Forshaws Accountants Limited 31/03/2021 iXBRL

FORSHAWS ACCOUNTANTS LIMITED - Company Information

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Company registration number: 07996925
Forshaws Accountants Limited
Unaudited filleted financial statements
31 March 2021
Forshaws Accountants Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Forshaws Accountants Limited
Directors and other information
Directors MB Solomon
AK Goddard
Company number 07996925
Registered office Crossens Way
Southport
PR9 9LY
Business address Crossens Way
Southport
PR9 9LY
Forshaws Accountants Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 1,286,576 1,286,576
Tangible assets 6 23,511 20,868
_______ _______
1,310,087 1,307,444
Current assets
Stocks 71,549 49,239
Debtors 7 475,730 193,226
Cash at bank and in hand 498,351 430,890
_______ _______
1,045,630 673,355
Creditors: amounts falling due
within one year 8 ( 518,214) ( 379,876)
_______ _______
Net current assets 527,416 293,479
_______ _______
Total assets less current liabilities 1,837,503 1,600,923
Provisions for liabilities ( 4,467) ( 3,965)
_______ _______
Net assets 1,833,036 1,596,958
_______ _______
Capital and reserves
Called up share capital 500 500
Profit and loss account 1,832,536 1,596,458
_______ _______
Shareholders funds 1,833,036 1,596,958
_______ _______
For the year ending 31 March 2021 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , and are signed on behalf of the board by:
MB Solomon
Director
Company registration number: 07996925
Forshaws Accountants Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Crossens Way, Southport, PR9 9LY. The principal activity of the company is that of providing Accounting and Auditing services.
2. Statement of compliance
The financial statements have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the current and developing impact on the business as a result of the Covid-19 virus. At the present time, it is not clear how long the current circumstances are likely to last and what the long-term impact will be. However, in their assessment of going concern the directors have considered that the company has traded profitably since the year end and during the Covid-19 pandemic, and the financial forecasts show the company will continue to do so. The directors have updated their annual budgets and forecasts based on current estimates of the impact of the current pandemic and ensured a number of measures are in place to ensure they have sufficient facilities in place to meet their operating cash requirements for the forseeable future. Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - No depreciation is provided on leasehold properties
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 20 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2020: 18 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2020 and 31 March 2021 1,286,576 1,286,576
_______ _______
Amortisation
At 1 April 2020 and 31 March 2021 - -
_______ _______
Carrying amount
At 31 March 2021 1,286,576 1,286,576
_______ _______
At 31 March 2020 1,286,576 1,286,576
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £ £
Cost
At 1 April 2020 1 11,454 22,004 55,737 89,196
Additions - - 3,345 4,653 7,998
_______ _______ _______ _______ _______
At 31 March 2021 1 11,454 25,349 60,390 97,194
_______ _______ _______ _______ _______
Depreciation
At 1 April 2020 - 8,925 16,077 43,326 68,328
Charge for the year - 843 1,193 3,319 5,355
_______ _______ _______ _______ _______
At 31 March 2021 - 9,768 17,270 46,645 73,683
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2021 1 1,686 8,079 13,745 23,511
_______ _______ _______ _______ _______
At 31 March 2020 1 2,529 5,927 12,411 20,868
_______ _______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 206,552 108,212
Other debtors 269,178 85,014
_______ _______
475,730 193,226
_______ _______
Other debtors includes £254,289 due from Mr MB Solomon . This amount is unsecured and subject to interest in line with HMRC official rates.
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 915 16,681
Corporation tax 111,278 25,465
Social security and other taxes 95,165 45,297
Other creditors 310,856 292,433
_______ _______
518,214 379,876
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances to the directors Amounts repaid Balance carried forward
£ £ £ £
MB Solomon 68,239 261,424 ( 75,374) 254,289
_______ _______ _______ _______
2020
Balance brought forward Advances to the directors Amounts repaid Balance carried forward
£ £ £ £
MB Solomon ( 16,753) 354,993 ( 270,000) 68,240
_______ _______ _______ _______
Interest is charged on balances owed by directors to the company at HMRC's official rate. Balances owed by directors are unsecured and repayable on demand.
10. Controlling party
The controlling party is Mr MB Solomon by virtue of his interest in 100% of the issued voting capital in the company.