Company Registration No. 07323718 (England and Wales)
FORWARD2ME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
FORWARD2ME LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FORWARD2ME LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
235,287
180,948
Tangible assets
4
73,099
93,447
308,386
274,395
Current assets
Debtors
5
27,607
22,119
Cash at bank and in hand
302,738
187,070
330,345
209,189
Creditors: amounts falling due within one year
6
(231,575)
(220,977)
Net current assets/(liabilities)
98,770
(11,788)
Total assets less current liabilities
407,156
262,607
Creditors: amounts falling due after more than one year
7
(201,970)
(201,970)
Net assets
205,186
60,637
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
203,186
58,637
Total equity
205,186
60,637
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FORWARD2ME LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2019
31 October 2019
2019
2018
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 July 2020 and are signed on its behalf by:
Mr D Butler
Director
Company Registration No. 07323718
FORWARD2ME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
1
Accounting policies
Company information
Forward2me Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
York House, Green Lane West, Preston, United Kingdom, PR3 1NJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
25 % reducing balance
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FORWARD2ME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over 5 Years
Plant and equipment
25% reducing balance
Furniture & Fixtures
25% reducing balance
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.6
Short term debtors are measured at transaction price (which is usually the invoice price),less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method,less any impairment losses for bad and doubtful debts
1.7
Short term creditors are measured at transaction price (which is usually the invoice price).Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1.8
Related Party Transactions
Other creditors comprise of interest free loans made to the company by directors and shareholders. These loans are repayable after one year. Amounts loaned to the company at the balance sheet date are £201,970 (201
8
-£201,970)
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
15
15
FORWARD2ME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 November 2018
379,758
Additions
114,596
At 31 October 2019
494,354
Amortisation and impairment
At 1 November 2018
198,810
Amortisation charged for the year
60,257
At 31 October 2019
259,067
Carrying amount
At 31 October 2019
235,287
At 31 October 2018
180,948
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2018
81,123
93,392
174,515
Additions
-
7,899
7,899
At 31 October 2019
81,123
101,291
182,414
Depreciation and impairment
At 1 November 2018
18,418
62,650
81,068
Depreciation charged in the year
16,225
12,022
28,247
At 31 October 2019
34,643
74,672
109,315
Carrying amount
At 31 October 2019
46,480
26,619
73,099
At 31 October 2018
62,705
30,742
93,447
FORWARD2ME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 6 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
2,668
Other debtors
27,607
19,451
27,607
22,119
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
126,627
97,363
Taxation and social security
9,447
18,598
Other creditors
95,501
105,016
231,575
220,977
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
201,970
201,970