Forcefull Ltd

Forcefull Ltd

FORCEFULL LTD - Company Information

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1 November 2016 false No description of principal activity Taxfiler 2018.8.Web 05967466business:PrivateLimitedCompanyLtd2016-11-012017-10-31 059674662016-10-31 059674662016-11-012017-10-31 05967466business:AuditExemptWithAccountantsReport2016-11-012017-10-31 05967466business:AbridgedAccounts2016-11-012017-10-31 059674662017-10-31 05967466business:Director12016-11-012017-10-31 05967466business:CompanySecretary12016-11-012017-10-31 05967466business:RegisteredOffice2016-11-012017-10-31 059674662016-10-31 05967466core:WithinOneYear2017-10-31 05967466core:WithinOneYear2016-10-31 05967466core:AfterOneYear2017-10-31 05967466core:AfterOneYear2016-10-31 05967466core:ShareCapital2017-10-31 05967466core:ShareCapital2016-10-31 05967466core:RetainedEarningsAccumulatedLosses2017-10-31 05967466core:RetainedEarningsAccumulatedLosses2016-10-31 05967466business:SmallEntities2016-11-012017-10-31 05967466countries:EnglandWales2016-11-012017-10-31 05967466core:PlantMachinery2016-11-012017-10-31 05967466business:OrdinaryShareClass12016-11-012017-10-31 05967466business:OrdinaryShareClass12015-11-012016-10-31 059674662015-11-012016-10-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 05967466 (England and Wales)
Forcefull Ltd Unaudited accounts for the year ended 31 October 2017
Forcefull Ltd Unaudited accounts Contents
Page
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Forcefull Ltd Company Information for the year ended 31 October 2017
Director
Abraham Schechter
Secretary
Debora Schechter
Company Number
05967466 (England and Wales)
Registered Office
116 Bethune Road London N16 5DU United Kingdom
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Forcefull Ltd Statement of financial position as at 31 October 2017
2017 
2016 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
3,556 
2,351 
Investment property
1,400,000 
1,050,000 
1,403,556 
1,052,351 
Current assets
Debtors
84,692 
275,055 
Cash at bank and in hand
4,268 
11,479 
88,960 
286,534 
Creditors: amounts falling due within one year
(272,937)
(129,863)
Net current (liabilities)/assets
(183,977)
156,671 
Total assets less current liabilities
1,219,579 
1,209,022 
Creditors: amounts falling due after more than one year
(590,390)
(590,379)
Provisions for liabilities
Deferred tax
(84,418)
(91,818)
Net assets
544,771 
526,825 
Capital and reserves
Called up share capital
5
1 
1 
Profit and loss account
544,770 
526,824 
Shareholders' funds
544,771 
526,825 
For the year ending 31 October 2017 the company was entitled to exemption from audit 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 July 2018.
Abraham Schechter Director Company Registration No. 05967466
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Forcefull Ltd Notes to the Accounts for the year ended 31 October 2017
1
Statutory information
Forcefull Ltd is a private company, limited by shares, registered in England and Wales, registration number 05967466. The registered office is 116 Bethune Road, London, N16 5DU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 October 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 November 2015. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 7 below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance basis
Investment property
Investment property is included at market 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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Forcefull Ltd Notes to the Accounts for the year ended 31 October 2017
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 November 2016
6,399 
Additions
1,832 
At 31 October 2017
8,231 
Depreciation
At 1 November 2016
4,048 
Charge for the year
627 
At 31 October 2017
4,675 
Net book value
At 31 October 2017
3,556 
At 31 October 2016
2,351 
5
Share capital
2017 
2016 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
6
Average number of employees
During the year the average number of employees was 1 (2016: 1).
7
Reconciliations on adoption of FRS 102
Reconciliation of profit or loss for the year
31 October 2016 
£ 
Profit for the year (as previously stated)
19,587 
Gain on adjustment of investment property to fair value
545,017 
Deferred tax
(91,818)
Profit for the year (as restated)
472,786 
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015. The following were changes in accounting policies arising from the transition to FRS 102: (a) Investment properties Previously, the company's investment properties were held at market value, with aggregate surplus or deficit being recorded in the revaluation reserve, with the exception of permanent diminutions in value which were written off through the profit and loss account. Under FRS 102, these properties are held at fair value, with changes in fair value being recorded in the profit and loss account. (b) Deferred tax on unrealised gains and losses on investment properties Previously, no deferred tax was recognised on the timing differences between the accounting and tax treatment of the revaluation of the company's investment properties. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account.
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