FORMACTION LIMITED
FORMACTION LIMITED
Registered number: 03314775
Unaudited Financial Statements
For The Year Ended
28 February 2023
Kenneth Lewis Partnership Ltd
22 Gelliwastad Road
Pontypridd
RCT
CF37 2BW
FORMACTION LIMITED
Unaudited Financial Statements
For The Year Ended
28 February 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Page 1
FORMACTION LIMITED
Balance Sheet
As At
28 February 2023
Balance Sheet
Registered number:
03314775
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 79,851,199 | 75,328,643 | |||
Page 1
Page 2
FORMACTION LIMITED
Balance Sheet (continued)
As At
28 February 2023
On behalf of the board
Director
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Director
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Director
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
FORMACTION LIMITED
Notes to the Financial Statements
For The Year Ended
28 February 2023
Notes to the Financial Statements
1.
General Information
FORMACTION LIMITED
is a private company, limited by shares, incorporated in England & Wales, registered number
03314775
. The registered office is Glandwr Industrial Estate, Aberbeeg, Abertillery, Gwent, NP13 2LN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold |
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Plant & Machinery |
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2.4.
Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
2.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 | 2022 | ||
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Office and administration |
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Page 3
Page 4
FORMACTION LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2023
4.
Tangible Assets
Land & Property | |||
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Freehold | Plant & Machinery | Total | |
£ | £ | £ | |
Cost or Valuation | |||
As at
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Additions |
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Revaluation | 1,278,615 |
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As at
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Depreciation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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5.
Investments
Other | |
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£ | |
Cost | |
As at
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Additions |
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Disposals |
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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The market valuation of the investment portfolio as at 28th february 2023 was £7,006,504
6.
Stocks
2023 | 2022 | ||
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£ | £ | ||
Materials |
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Page 4
Page 5
FORMACTION LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2023
7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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Directors' loan accounts |
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9.
Deferred Taxation
The provision for deferred tax is made up as follows:
2023 | 2022 | ||
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£ | £ | ||
Other timing differences | 2,660,779 | 2,421,981 | |
10.
Share Capital
2023 | 2022 | ||
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£ | £ | ||
Allotted, Called up and fully paid |
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11.
Controlling Party
There is not considered to be any ultimate controlling parties of this Company given no shareholders own a majority interest.
Page 5