The Forge (Halstead) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07452532 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

THE FORGE (HALSTEAD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Sproule

REGISTERED OFFICE:

93B Head Street

Halstead

Essex

CO9 2AZ

REGISTERED NUMBER:

07452532 (England and Wales)

ACCOUNTANTS:

Richard Edwards Group LLP

Chartered Certified Accountants

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

FIXED ASSETS

Intangible assets

4

10,000

10,000

Tangible assets

5

76,040

37,764

86,040

47,764

CURRENT ASSETS

Stocks

18,000

15,100

Debtors

6

109,119

10,522

Cash at bank and in hand

165

10,764

127,284

36,386

CREDITORS

Amounts falling due within one year

7

103,824

55,178

NET CURRENT ASSETS/(LIABILITIES)

23,460

(18,792

)

TOTAL ASSETS LESS CURRENT LIABILITIES

109,500

28,972

CREDITORS

Amounts falling due after more than one year

8

(21,629

)

(12,090

)

PROVISIONS FOR LIABILITIES

(14,094

)

(7,122

)

NET ASSETS

73,777

9,760

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

73,775

9,758

SHAREHOLDERS' FUNDS

73,777

9,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4 May 2017 and were signed by:

N Sproule - Director

1.	STATUTORY INFORMATION

The Forge (Halstead) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in £ sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of

Value Added Tax and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from the rendering services is

recognised by reference to the stage of completion at the balance sheet date.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised

over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made foe damaged, obsolete and

slow-moving stock where appropriate.

Taxation

Current tax represents the amounts of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences between

taxable profits and total comprehensive income as stated in the financial statements that arise from the

inclusion of income and expense in tax assessments in periods different from those in which they are

recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only

to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or

other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that

apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the income statement in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

260,000

AMORTISATION

At 1 January 2016

and 31 December 2016

250,000

NET BOOK VALUE

At 31 December 2016

10,000

At 31 December 2015

10,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

Plant and

and

leasehold

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2016

-

35,875

36,842

3,045

75,762

Additions

3,868

-

19,469

25,722

49,059

At 31 December 2016

3,868

35,875

56,311

28,767

124,821

DEPRECIATION

At 1 January 2016

-

17,900

17,652

2,446

37,998

Charge for year

64

3,588

6,585

546

10,783

At 31 December 2016

64

21,488

24,237

2,992

48,781

NET BOOK VALUE

At 31 December 2016

3,804

14,387

32,074

25,775

76,040

At 31 December 2015

-

17,975

19,190

599

37,764

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2016

28,000

Additions

18,750

At 31 December 2016

46,750

DEPRECIATION

At 1 January 2016

11,277

Charge for year

5,610

At 31 December 2016

16,887

NET BOOK VALUE

At 31 December 2016

29,863

At 31 December 2015

16,723

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

10,769

7,304

Directors' current accounts

74,249

-

Prepayments

24,101

3,218

109,119

10,522

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

29,670

-

Hire purchase contracts

12,961

5,619

Trade creditors

27,016

10,064

Tax

19,548

12,764

Social security and other taxes

2,492

1,683

VAT

9,657

18,633

Directors' current accounts

-

15

Accrued expenses

2,480

6,400

103,824

55,178

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

21,629

12,090

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

34,590

17,709

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary 'A'

£1

1

1

1

Ordinary 'B'

£1

1

1

2

2

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

N Sproule

Balance outstanding at start of year

(14

)

(15,254

)

Amounts advanced

113,105

105,252

Amounts repaid

(38,841

)

(90,012

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

74,250

(14

)

12.	ULTIMATE CONTROLLING PARTY

The controlling party is N Sproule.