Forces Cars Direct Limited Filleted accounts for Companies House (small and micro)

FORCES CARS DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03319103

FORCES CARS DIRECT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2022

FORCES CARS DIRECT LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		19,365	27,922

Current assets

Debtors	6	204,968	248,348
Cash at bank and in hand		547,533	474,127
		----------	----------
		752,501	722,475

Creditors: amounts falling due within one year	7	541,900		438,656
		----------		----------
Net current assets			210,601	283,819
			----------	----------
Total assets less current liabilities			229,966	311,741

Provisions

Taxation including deferred tax	3,028	3,816
	----------	----------
Net assets	226,938	307,925
	----------	----------

FORCES CARS DIRECT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	2,100	2,100
Profit and loss account	224,838	305,825
	----------	----------
Shareholders funds	226,938	307,925
	----------	----------

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.

For the year ending 31 December 2022 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 were approved by the board of directors and authorised for issue on 15 March 2023 , and are signed on behalf of the board by:

S P Thornton

Director

Company registration number: 03319103

FORCES CARS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value.

Revenue recognition

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 material 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Furniture and Fittings	-	25% straight line
Office Equipment	-	25% straight line

Impairment of fixed assets

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.

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.

Financial instruments

A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized 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 amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2021: 23 ).

5. Tangible assets

	Furniture and fittings	Office equipment	Total
	£	£	£
Cost
At 1 January 2022	39,058	199,177	238,235
Additions	–	18,677	18,677
	---------	----------	----------
At 31 December 2022	39,058	217,854	256,912
	---------	----------	----------
Depreciation
At 1 January 2022	35,903	174,410	210,313
Charge for the year	1,850	25,384	27,234
	---------	----------	----------
At 31 December 2022	37,753	199,794	237,547
	---------	----------	----------
Carrying amount
At 31 December 2022	1,305	18,060	19,365
	---------	----------	----------
At 31 December 2021	3,155	24,767	27,922
	---------	----------	----------

6. Debtors

	2022	2021
	£	£
Trade debtors	153,139	207,197
Other debtors	51,829	41,151
	----------	----------
	204,968	248,348
	----------	----------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	432,333	379,885
Corporation tax	74,536	16,111
Social security and other taxes	20,338	39,460
Other creditors	14,693	3,200
	----------	----------
	541,900	438,656
	----------	----------

8. Related party transactions

No related party transactions subsisted during the period, such as are required to be disclosed under FRS102 (Section 1A).

9. Controlling party

The ultimate controlling party is Mr T Bourke.