Forbes CP Limited - Period Ending 2019-06-30
Forbes CP Limited - Period Ending 2019-06-30
Registration number:
for the Year Ended
36 Bruntsfield Place
Edinburgh
EH10 4HJ
Forbes CP Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Forbes CP Limited
Company Information
Directors |
PCA Duriez ATEM Duriez |
Company secretary |
MJ Duriez |
Registered office |
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Accountants |
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Page 1 |
Forbes CP Limited
(Registration number: SC183591)
Balance Sheet as at 30 June 2019
Note |
2019 |
2018 |
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Fixed 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 assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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 Profit and Loss Account has been taken.
Page 2 |
Forbes CP Limited
(Registration number: SC183591)
Balance Sheet as at 30 June 2019
Approved and authorised by the
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PCA Duriez
Director
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ATEM Duriez
Director
Page 3 |
Forbes CP Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
Accounting policies |
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.
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 that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.
Turnover from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the buyer. Revenue is stated after sales discounts and other sales taxes, and is net of VAT.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Page 4 |
Forbes CP Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.
Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged to the profit and loss account on a straight-line basis at the following rates over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives.
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Office equipment |
25% straight line |
Computer equipment |
33.3% straight line |
Fixtures and fittings |
20% straight line |
Improvements and alterations |
10% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Trade debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in, first-out (FIFO) principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. 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.
Page 5 |
Forbes CP Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Trade creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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 (including directors) during the year, was
Page 6 |
Forbes CP Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Improvements and alterations |
Total |
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Cost or valuation |
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At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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Depreciation |
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At 1 July 2018 |
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Charge for the year |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Page 7 |
Forbes CP Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
2019 |
2018 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Dividends |
Interim dividends paid
2019 |
2018 |
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Interim dividend of 550.00 (2018 - 250.00) per each |
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Related party transactions |
Other transactions with directors |
At the balance sheet date there was an outstanding loan due from PCA Duriez to the company of £38,821 (2018: 54,819). Interest is being charged on the loan at 3% annum.
Page 8 |
Forbes CP Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Summary of transactions with other related parties
Included within other creditors is an amount of £34 (2018: £124) due to Forbes Bruntsfield in relation to various costs paid for by Forbes CP Limited. Forbes Bruntsfield is a related party by virtue of common ownership. ATEM Duriez is sole proprietor of Forbes Bruntsfield.
Included within other debtors is a loan of £336,125 (2018: £336,137) made to Forbes GR Ltd. The loan is interest free with no fixed terms of repayment. Forbes GR Ltd is a related party by virtue of common ownership. ATEM Duriez and PCA Duriez are also directors of Forbes GR Ltd.
A floating charge exists in relation to finance provided for Forbes GR Ltd.
Included within other debtors is a loan of £350,000 (2018: £200,000) made to Forbes CN Holdings Ltd. The loan is interest free with no fixed terms of repayment. Forbes CN Holdings Ltd is a related party by virtue of common ownership. PCA Duriez is also a director of Forbes CN Holdings Ltd.
Included within other debtors is a loan of £5,000 (2018: £5,000) made to Forbes BP Ltd. The loan is interest free with no fixed terms of repayment. Forbes BP Ltd is a related party by virtue of common ownership. PCA Duriez is also a director of Forbes BP Ltd.
Page 9 |