Formula Goss International Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07626463 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

FORMULA GOSS INTERNATIONAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Mark D Mercer

Mr Ian Logan

Mr Simon Reed

Mr Trevor Scott

Mr David Knowles

SECRETARY:

REGISTERED OFFICE:

Simarco House

Crittall Road

Witham

Essex

CM8 3DR

REGISTERED NUMBER:

07626463 (England and Wales)

ACCOUNTANTS:

White Rose Partnership LLP

Holly Barn

Carlton Miniott

Thirsk

North Yorkshire

YO7 4NJ

FIXED ASSETS

Intangible assets

4

-

1,800,000

Tangible assets

5

51,092

43,320

51,092

1,843,320

CURRENT ASSETS

Debtors

6

1,292,619

1,068,230

Cash at bank

363,471

310,088

1,656,090

1,378,318

CREDITORS

Amounts falling due within one year

7

1,624,902

1,460,385

NET CURRENT ASSETS/(LIABILITIES)

31,188

(82,067

)

TOTAL ASSETS LESS CURRENT LIABILITIES

82,280

1,761,253

CREDITORS

Amounts falling due after more than one year

8

434,245

640,707

NET (LIABILITIES)/ASSETS

(351,965

)

1,120,546

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

(352,265

)

1,120,246

SHAREHOLDERS' FUNDS

(351,965

)

1,120,546

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

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

The directors acknowledge their 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 Board of Directors on 22nd September 2017 and were signed on its behalf by:

Mr Mark D Mercer - Director

Mr Ian Logan - Director

Mr Simon Reed - Director

1.	STATUTORY INFORMATION

Formula Goss International Ltd 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

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

Simarco International Ltd purchased Formula Goss International Ltd on the 1st June 2017 as part of its plan to

strategically strengthen its offering to clients. As part of the purchase Simarco decided to write off the goodwill

existing at the time of purchase. The directors do not believe that given Formula Goss Internationals on-going

profitability & the strength of Simarcos balance sheet that the write off materially effects the viability of

business.

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.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

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

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2016

and 31st December 2016

1,800,000

AMORTISATION

Charge for year

1,800,000

At 31st December 2016

1,800,000

NET BOOK VALUE

At 31st December 2016

-

At 31st December 2015

1,800,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2016

111,184

Additions

29,935

Disposals

(12,739

)

At 31st December 2016

128,380

DEPRECIATION

At 1st January 2016

67,864

Charge for year

16,042

Eliminated on disposal

(6,618

)

At 31st December 2016

77,288

NET BOOK VALUE

At 31st December 2016

51,092

At 31st December 2015

43,320

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

1,268,774

1,061,510

Other debtors

23,845

6,720

1,292,619

1,068,230

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

1,325,796

1,265,548

Taxation and social security

223,998

170,439

Other creditors

75,108

24,398

1,624,902

1,460,385

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

434,245

640,707