Registration number:
Forte Forte UK Limited
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Brebners
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Forte Forte UK Limited
Contents
Company Information |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Forte Forte UK Limited
Company Information
Director |
R Benaglia |
Registered office |
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Auditor |
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Forte Forte UK Limited
Statement of Financial Position as at 31 March 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
300,100 |
300,100 |
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Capital contribution reserve |
44,238 |
44,238 |
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Retained earnings |
(416,220) |
(189,614) |
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Shareholders' (deficit)/funds |
(71,882) |
154,724 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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R Benaglia
Director
Company registration number: 11760608
Forte Forte UK Limited
Statement of Changes in Equity for the Year Ended 31 March 2022
Share capital |
Capital contribution reserve |
Retained earnings |
Total |
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At 1 April 2021 (As previously stated) |
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- |
( |
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Prior period adjustment |
- |
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( |
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At 1 April 2021 (As restated) |
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( |
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Loss for the year |
- |
- |
( |
( |
At 31 March 2022 |
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( |
( |
Share capital |
Capital contribution reserve |
Retained earnings |
Total |
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At 1 April 2020 |
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- |
( |
( |
Prior period adjustment |
- |
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( |
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At 1 April 2020 (As restated) |
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( |
( |
Profit for the year |
- |
- |
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At 31 March 2021 (As restated) |
300,100 |
44,238 |
(189,614) |
154,724 |
Forte Forte UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the retail sale of clothing in specialised stores.
Audit Report |
The name of the Senior Statutory Auditor who signed the audit report on
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Transition to FRS 102
The company transitioned to FRS 102 on 1 April 2020 and the comparatives were restated.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Forte Forte UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Going concern
The company made a loss for the year ended 31 March 2022 and had a deficit of net current assets at that date of £164,194. At that date an amount of £626,581 was due to the parent undertaking who has agreed not to call for repayment until such time as the company has sufficient working capital.
The company operates within the retail sector which was severely impacted by pandemic restrictions on store opening and interaction with customers. During the financial year to 31 March 2022 and subsequently, revenue has continued to improve following the lifting of restrictions. The director has considered the potential effect of the pandemic and believes that there will be no material impact on the ability of the company to continue as a going concern.
On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue from the sale of goods at the point of sale and from online sales when the goods are despatched and the payment made, when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
Straight line over the lease term |
Furniture, fittings and equipment |
5 years straight line |
Computer equipment |
3 years straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software licences |
3 years straight line |
Forte Forte UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Forte Forte UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Intangible assets |
Software licences |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Amortisation |
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At 1 April 2021 |
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Amortisation charge |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Forte Forte UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
- |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Stocks |
2022 |
2021 |
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Stock |
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Debtors |
2022 |
(As restated) |
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Trade debtors |
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- |
Amounts owed by group undertakings |
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- |
Other debtors |
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Included within other debtors is an amount of £108,000 (2021 - £108,000) due in more than one year.
Forte Forte UK Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
(As restated) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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- |
Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
(As restated) |
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Other creditors |
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Loans and borrowings |
2022 |
(As restated) |
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Non-current loans and borrowings |
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Amounts owed to group undertakings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Prior period adjustment |
During the year the director identified that various amounts payable for rent in the previous years were incorrectly reflected in the financial statements, particularly in respect of the recognition of rent free periods and covid-related rental rebates. This has been adjusted in the current year and the comparatives have been restated.
In 2019 a group undertaking advanced working capital by way of a loan on which interest is payable at a rate that is less than market rate. FRS 102 defines this as a financing transaction where the initial measurement should be the present value of the future payments, discounted at a market rate of interest. The difference between this amount and the principal advanced is treated as a capital contribution. On transition to FRS 102 this treatment has been adopted and the comparatives have been restated.
The combined effect of the above prior period adjustments is that net assets at 31 March 2021 are £35,022 (2020: £21,733) greater than previously stated and the profit for the year ended 31 March 2021 is £13,290 greater than previously stated.