Ten Forward Accounting Ltd
Ten Forward Accounting Ltd
Registered number: 13282816
Unaudited Financial Statements
For The Year Ended
31 March 2023
Ten Forward Accounting Ltd
Chartered Certified Accountants
1 Mountview Court
310 Friern Barnet Lane
London
N20 0LD
Ten Forward Accounting Ltd
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Page 1
Ten Forward Accounting Ltd
Statement of Financial Position
As At
31 March 2023
Statement of Financial Position
Registered number:
13282816
For the year ending 31 March 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 Income Statement.
| 31 March 2023 | 31 March 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 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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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Capital redemption reserve |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 68,234 | 222,342 | |||
Page 1
Page 2
Ten Forward Accounting Ltd
Statement of Financial Position (continued)
As At
31 March 2023
On behalf of the board
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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
Ten Forward Accounting Ltd
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Ten Forward Accounting Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
13282816
. The registered office is 1 Mountview Court, 310 Friern Barnet Lane, London, N20 0LD.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 5 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
| Computer Equipment |
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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.
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.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 12)
Page 3
Page 4
Ten Forward Accounting Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
4.
Intangible Assets
| Goodwill | |||
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| £ | |||
| Cost | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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5.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at
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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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| Net Book Value | |
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| As at
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6.
Stocks
| 31 March 2023 | 31 March 2022 | ||
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| £ | £ | ||
| Work in progress |
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7.
Debtors
| 31 March 2023 | 31 March 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Directors' loan accounts |
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Page 4
Page 5
Ten Forward Accounting Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
8.
Creditors: Amounts Falling Due Within One Year
| 31 March 2023 | 31 March 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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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts | - |
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9.
Share Capital
| 31 March 2023 | 31 March 2022 | ||
|---|---|---|---|
| Allotted, called up and fully paid | £ | £ | |
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203 | 203 | |
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- | 1 | |
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- | 1 | |
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- | 1 | |
| 203 | 206 | ||
During the year, the company, bought back the following shares;
1 Ordinary B share of a nominal value of £1, at par.
1 Ordinary C share of a nominal value of £1, at par.
1 Ordinary D share of a nominal value of £1, at par.
10.
Directors Advances, Credits and Guarantees
During the year, the directors were advanced £114,761 and repaid £105,264. The balance at the year end is £25. The loan was fully repaid on 25 May 2023.
11.
Dividends
| 31 March 2023 | 31 March 2022 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 249,657 | 75,815 | ||
12.
Ultimate Controlling Party
The company's ultimate controlling party is
Hga Accountants & Financial Consultants Limited
by virtue of their ownership of 100% of the issued share capital in the company.
Page 5