Formula Mouldings Limited - Period Ending 2022-04-30

Formula Mouldings Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Formula Mouldings Limited

Company Information

Director

A M L Crowther

Registered office

59 Abbeygate Street Bury St. Edmunds Suffolk IP33 1LB

Accountants

Jacobs Allen Limited Chartered Accountants and Chartered Tax Advisers 59 Abbeygate Street Bury St. Edmunds Suffolk IP33 1LB

Formula Mouldings Limited

(Registration number: 05841994)
Balance Sheet as at 30 April 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	1,904	2,458
Current assets
Debtors	6	-	3,679
Cash at bank and in hand		412	1,076
		412	4,755
Creditors: Amounts falling due within one year	7	(270,796)	(14,056)
Net current liabilities		(270,384)	(9,301)
Net liabilities		(268,480)	(6,843)
Capital and reserves
Called up share capital	8	1	1
Retained earnings		(268,481)	(6,844)
Shareholders' deficit		(268,480)	(6,843)

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2023
 

......................................... A M L Crowther Director

Formula Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

The principal place of business is:
36 Fingringhoe Road
Langenhoe
Colchester
Essex
CO5 7LB

These financial statements were authorised for issue by the director on 28 April 2023.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 and the Director continues to be involved in other matters concerning the Company. Once all other matters are concluded the Director will consider winding-up the Company. The balance sheet shows net liabilities of £268,480, the director is prepared to continue supporting the company financially. Therefore these financial Statements have not been prepared on a going concern basis.

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.

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.

Formula Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

Formula Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4	Exceptional items

	2022 £	2021 £
Exceptional administrative expenses regarding insurance claim	255,827	-

The Company pursued a claim against their Insurance Brokers in respect of negligence at being under insured when a fire destroyed most of the Company's assets and mould tools on 20 April 2011. This claim was eventually agreed and monies received by the Company on 3 August 2016. The amount received after deductions of legal fees was £618,470.

A counter claim was made by the Director for assets and mould tools that were destroyed in the fire that belonged to him personally. Formula Mouldings Limited had been using these items under licence and had full access to these assets and mould tools and was therefore deemed responsible for them and for insuring them against fire and damage. A sum of £412,429 was originally awarded to the director, however, upon further analysis by the director it was deemed the original claim should be increased by £150,827 so the overall sum of £563,256 was actually due to the director to restore and replace these items.

The remaining £105,000 relates to additional consultancy fees relating to the above mentioned insurance claim which was recently agreed.

5	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 May 2021	2,147	4,820	6,967
At 30 April 2022	2,147	4,820	6,967
Depreciation
At 1 May 2021	1,474	3,035	4,509
Charge for the year	134	420	554
At 30 April 2022	1,608	3,455	5,063
Carrying amount
At 30 April 2022	539	1,365	1,904
At 30 April 2021	673	1,785	2,458

6

Debtors

	2022 £	2021 £
Other debtors	-	3,679
	-	3,679

Formula Mouldings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Accruals and deferred income	106,747	3,133
Other creditors	164,049	10,923
	270,796	14,056

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9	Related party transactions

Other transactions with the director

During the period the Director provided the Company with an interest free loan, amounts owing at the balance sheet date £164,049 (2021 - £10,923).