Forward Acceptances Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01354791 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2017

for

FORWARD ACCEPTANCES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

D W F Davis

Mrs M E Davis

SECRETARY:

D W F Davis

REGISTERED OFFICE:

Unit 24 Chess Business Park

Moor Road

Chesham

Buckinghamshire

HP5 1SD

REGISTERED NUMBER:

01354791 (England and Wales)

ACCOUNTANTS:

Studholme-Bell Limited

Chartered Accountants

& Business Advisors

Vantage House Euxton Lane

Euxton

Chorley

Lancashire

PR7 6TB

FIXED ASSETS

Tangible assets

3

4,093,363

4,392,349

CURRENT ASSETS

Debtors

188,716

223,849

Cash at bank

60,000

11,895

248,716

235,744

CREDITORS

Amounts falling due within one year

160,869

147,292

NET CURRENT ASSETS

87,847

88,452

TOTAL ASSETS LESS CURRENT LIABILITIES

4,181,210

4,480,801

CREDITORS

Amounts falling due after more than one year

(1,140,986

)

(1,514,827

)

PROVISIONS FOR LIABILITIES

(323,753

)

(382,690

)

NET ASSETS

2,716,471

2,583,284

CAPITAL AND RESERVES

Called up share capital

140,000

140,000

Revaluation reserve

5

467,640

596,702

Retained earnings

2,108,831

1,846,582

SHAREHOLDERS' FUNDS

2,716,471

2,583,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 April 2018 and were signed on its behalf by:

D W F Davis - Director

1.	STATUTORY INFORMATION

Forward Acceptances 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.

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 as modified by the revaluation of certain assets.

Income recognition

Income is recognised when leased goods have been delivered to customers such that risks and rewards of

ownership have transferred to them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on cost

Freehold property is included at fair value. Gains are recognised in the income statement. Deferred taxation is

provided on these gains at the rate expected to apply when the property is sold.

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 taxation is provided on the liability method to take account of timing differences between the treatment

of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 August 2016

5,718,173

Additions

146,837

Disposals

(248,400

)

At 31 July 2017

5,616,610

DEPRECIATION

At 1 August 2016

1,325,824

Charge for year

202,103

Eliminated on disposal

(4,680

)

At 31 July 2017

1,523,247

NET BOOK VALUE

At 31 July 2017

4,093,363

At 31 July 2016

4,392,349

Cost or valuation at 31 July 2017 is represented by:

Totals

£

Valuation in 2017

467,640

Cost

5,148,970

5,616,610

4.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.17

31.7.16

£

£

Bank loans

588,374

639,779

5.

RESERVES

Revaluation

reserve

£

At 1 August 2016

596,702

Revaluation on disposal

(129,062

)

At 31 July 2017

467,640

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr and Mrs D W F Davis, by virtue of their directorship and majority

shareholding in the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Forward Acceptances Limited for the year ended 31 July 2017 which comprise the Income

Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Forward Acceptances Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Forward Acceptances Limited and state those matters that we have agreed to state to the Board of Directors of Forward Acceptances Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forward Acceptances Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Forward Acceptances Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forward Acceptances Limited. You consider that Forward Acceptances Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Forward Acceptances Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Studholme-Bell Limited

Chartered Accountants

& Business Advisors

Vantage House Euxton Lane

Euxton

Chorley

Lancashire

PR7 6TB

30 April 2018