Forza GB (Great Britain) Ltd - Period Ending 2014-01-31

Registration number: 06461837

Forza GB (Great Britain) Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2014
 

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

Forza GB (Great Britain) Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Forza GB (Great Britain) Ltd
(Registration number: 06461837)
Abbreviated Balance Sheet at 31 January 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			44,045			45,892
Current assets
Stocks					201,000			135,000
Debtors					11,530			9,299
Cash at bank and in hand					30,117			40
					242,647			144,339
Creditors: Amounts falling due within one year					(115,819)			(112,381)
Net current assets					126,828			31,958
Total assets less current liabilities					170,873			77,850
Creditors: Amounts falling due after more than one year					(49,249)			(10,355)
Provisions for liabilities					(6,790)			(5,984)
Net assets					114,834			61,511
Capital and reserves
Called up share capital		4			190			190
Profit and loss account					114,644			61,321
Shareholders' funds					114,834			61,511

For the year ending 31 January 2014 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 15 October 2014

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

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Forza GB (Great Britain) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... 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).

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.

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.

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

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

Page 2

Forza GB (Great Britain) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2013		73,457			73,457
Additions		10,244			10,244
Disposals		(8,850)			(8,850)
At 31 January 2014		74,851			74,851
Depreciation
At 1 February 2013		27,565			27,565
Charge for the year		11,795			11,795
Eliminated on disposals		(8,554)			(8,554)
At 31 January 2014		30,806			30,806
Net book value
At 31 January 2014		44,045			44,045
At 31 January 2013		45,892			45,892

3

Creditors

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

		2014 £			2013 £
Amounts falling due within one year		6,141			5,832
Amounts falling due after more than one year		8,281			10,355
Total secured creditors		14,422			16,187

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		190			190			190			190

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