Formula Mouldings Limited - Period Ending 2015-04-30

Registration number: 05841994

Formula Mouldings Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2015
 

Formula Mouldings Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Formula Mouldings Limited
for the Year Ended 30 April 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Formula Mouldings Limited for the year ended 30 April 2015 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Formula Mouldings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Formula Mouldings Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Formula Mouldings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Formula Mouldings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Formula Mouldings Limited. You consider that Formula Mouldings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Formula Mouldings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

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

29 February 2016

Page 1

Formula Mouldings Limited
(Registration number: 05841994)
Abbreviated Balance Sheet at 30 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					5,132			6,728
Current assets
Debtors					5,158			29,600
Cash at bank and in hand					77,484			80,044
					82,642			109,644
Creditors: Amounts falling due within one year					(118,177)			(169,936)
Net current liabilities					(35,535)			(60,292)
Net liabilities					(30,403)			(53,564)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(30,404)			(53,565)
Shareholders' deficit					(30,403)			(53,564)

For the year ending 30 April 2015 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 29 February 2016

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

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Formula Mouldings Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The Balance Sheet shows an insolvent position of £30,403 (2014: £53,564). The Director expects the Company will receive further large insurance monies for business interruption (as noted in contingent gains). Further the Director has loaned to the Company £116,914 (2014: £151,049) and is willing to continue to support the Company financially. On this basis the accounts have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	20% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Formula Mouldings Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2014		8,196			8,196
At 30 April 2015		8,196			8,196
Depreciation
At 1 May 2014		1,468			1,468
Charge for the year		1,596			1,596
At 30 April 2015		3,064			3,064
Net book value
At 30 April 2015		5,132			5,132
At 30 April 2014		6,728			6,728

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

Page 4