Forza GB (Great Britain) Ltd - Period Ending 2016-01-31

FORZA GB (GREAT BRITAIN) LTD - Company Information

Registration number: 06461837

Forza GB (Great Britain) Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016

Makinson & Co.
Chartered Accountants
1 Hill Street
Lydney
Glos
GL15 5HB

Forza GB (Great Britain) Ltd

Contents

Abbreviated Balance Sheet	1 to 2
Notes to the Abbreviated Accounts	3 to 5

Forza GB (Great Britain) Ltd

(Registration number: 06461837)
Abbreviated Balance Sheet as at 31 January 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	32,848	34,562
Current assets
Stocks		60,000	109,828
Debtors		18,029	21,413
Cash at bank and in hand		8,891	5,319
		86,920	136,560
Prepayments and accrued income		9,841	8,380
Creditors: Amounts falling due within one year	3	(63,228)	(77,297)
Net current assets		33,533	67,643
Total assets less current liabilities		66,381	102,205
Creditors: Amounts falling due after more than one year	3	(52,983)	(57,637)
Provisions for liabilities		(483)	(5,979)
Accruals and deferred income		(3,508)	(3,272)
Net assets		9,407	35,317
Capital and reserves
Called up share capital	4	190	190
Profit and loss account		9,217	35,127
Shareholders funds		9,407	35,317

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Forza GB (Great Britain) Ltd

(Registration number: 06461837)
Abbreviated Balance Sheet as at 31 January 2016

For the year ending 31 January 2016 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 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 28 October 2016

.........................................
Mr SP Martin
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Forza GB (Great Britain) Ltd

Notes to the Abbreviated Accounts

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 2015).

Exemption from preparing a cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Other tangible assets	15% - 25% reducing balance
Leased assets	Straight line over the length of the lease

Stock

Stock is valued at the lower of cost and net realisable value.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Page 3

Forza GB (Great Britain) Ltd

Notes to the Abbreviated Accounts

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: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 tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Hire purchase and leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 constant periodic rates of charge on the net obligations outstanding in each period.

Fixed assets

	Tangible assets £	Total £
Cost
At 1 February 2015	76,459	76,459
Additions	8,920	8,920
Disposals	(650)	(650)
At 31 January 2016	84,729	84,729
Depreciation
At 1 February 2015	41,897	41,897
Charge for the year	10,510	10,510
Eliminated on disposals	(526)	(526)
At 31 January 2016	51,881	51,881
Net book value
At 31 January 2016	32,848	32,848
At 31 January 2015	34,562	34,562

Page 4

Forza GB (Great Britain) Ltd

Notes to the Abbreviated Accounts

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2016 £	2015 £
Amounts falling due within one year	2,300	6,141
Amounts falling due after more than one year	3,416	-
Total secured creditors	5,716	6,141

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	190	190	190	190

Related party transactions

Transactions with directors

2016	At 1 February 2015 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 January 2016 £
Mr SP Martin
Loan	-	6,929	-	-	6,929

Control

The director is the controlling party by virtue of his controlling shareholding in the company.

Page 5