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Registered number: 01114482
FORMARA LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
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FORMARA LIMITED
REGISTERED NUMBER: 01114482
ABBREVIATED BALANCE SHEET
AS AT 31 AUGUST 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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FORMARA LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 AUGUST 2015
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 8 April 2016.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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FORMARA LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for at least twelve months from the date of their approval.
The company's Balance sheet reports net current liabilities amounting to £166,494 (2014 - £40,125). The company meets its day to day working capital requirements via sales invoice financing with BNP Paribas Commercial Finance. The director has no reason to believe the facilities will be withdrawn in the foreseeable future.
Therefore, the director considers it appropriate to prepare these financial statements on a going concern basis.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following annual bases:
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Short term leasehold property improvements
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Straight line over the life of the lease
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Fixtures, fittings & equipment
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
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Page 3
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FORMARA LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
1.ACCOUNTING POLICIES (continued)
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Stocks 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.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as 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 tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and Loss Account.
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Research and development expenditure is written off in the year in which it is incurred.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in independently administered funds.
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Revenue represents amounts chargeable to clients for printing services provided during the year including recoverable expenses on client assignments but excluding Value Added Tax. Services provided to clients, which at the balance sheet date have not been billed to clients, have been recognised as revenue. Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the contract. Revenue is only recognised where the company has a contractual right to receive consideration for work undertaken.
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Page 4
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FORMARA LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
2.TANGIBLE FIXED ASSETS
3.CREDITORS:
Amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £290,504 (2014 - £218,702).
4.CREDITORS:
Amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £73,915 (2014 - £65,163).
5.SHARE CAPITAL
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Allotted, called up and fully paid
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2,000 Ordinary shares of £1 each
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Page 5
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FORMARA LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
6.DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES
Advances and credits relating to the director were as follows:
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Interest charged by the company
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Amount due to the company
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7.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ultimate parent company is Wilce Media Group Limited which owns 100% of the ordinary issued share capital of the company. The ultimate controlling party is the director Mr P Wilce by virtue of his 100% ownership of the ordinary issued share capital of Wilce Media Group Limited.
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