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Registration number: 04523150

Flexidig Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Flexidig Limited

Contents

Company Information

1

Balance Sheet and Notes to the Financial Statements

2 to 8

 

Flexidig Limited

Company Information

Directors

A J Bett

R Bett

Registered office

The Farm Office
Ivy House Farm
Yarburgh
Louth
Lincolnshire
LN11 0PP

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

912,089

528,829

Current assets

 

Debtors

5

1,104,831

1,243,468

Cash at bank and in hand

 

22,754

5,157

 

1,127,585

1,248,625

Creditors: Amounts falling due within one year

6

(1,345,199)

(1,245,124)

Net current (liabilities)/assets

 

(217,614)

3,501

Total assets less current liabilities

 

694,475

532,330

Creditors: Amounts falling due after more than one year

6

(407,375)

(230,096)

Provisions for liabilities

(145,715)

(75,621)

Net assets

 

141,385

226,613

Capital and reserves

 

Called up share capital

51

51

Retained earnings

141,334

226,562

Shareholders' funds

 

141,385

226,613

For the financial year ending 30 September 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the Board on 29 June 2022 and signed on its behalf by:
 

.........................................
A J Bett
Director

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04523150.

The address of its registered office is:
The Farm Office
Ivy House Farm
Yarburgh
Louth
Lincolnshire
LN11 0PP

These financial statements cover the individual entity, Flexidig Limited.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal ofdeferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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

Plant and machinery

20% straight line

Fixtures, fittings & equipment

20% straight line

Motor vehicles

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 31 (2020 - 28).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2020

104,660

699,263

247,075

1,050,998

Additions

22,892

476,018

13,000

511,910

Disposals

-

(30,250)

-

(30,250)

At 30 September 2021

127,552

1,145,031

260,075

1,532,658

Depreciation

At 1 October 2020

-

361,684

160,486

522,170

Charge for the year

-

111,814

16,835

128,649

Eliminated on disposal

-

(30,250)

-

(30,250)

At 30 September 2021

-

443,248

177,321

620,569

Carrying amount

At 30 September 2021

127,552

701,783

82,754

912,089

At 30 September 2020

104,660

337,580

86,589

528,829

Included within the net book value of land and buildings above is £127,552 (2020 - £104,660) in respect of freehold land and buildings.
 

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

5

Debtors

Current

Note

2021
£

2020
£

Trade debtors

 

451,020

379,146

Amounts owed by related parties

9

1,550

-

Prepayments

 

20,377

38,483

Other debtors

 

631,884

825,839

   

1,104,831

1,243,468

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

7

500,909

501,510

Trade creditors

 

443,967

168,124

Taxation and social security

 

135,069

273,482

Other creditors

 

246,696

294,651

Accruals and deferred income

 

18,558

7,357

 

1,345,199

1,245,124

Due after one year

 

Loans and borrowings

7

407,375

230,096

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

407,375

230,096

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2021

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

36,667

50,000

Hire purchase contracts

336,525

104,351

Other borrowings

34,183

75,745

407,375

230,096

2021
£

2020
£

Current loans and borrowings

Bank borrowings

500,909

501,510

Hire purchase contracts

143,063

148,856

Other borrowings

92,835

46,835

736,807

697,201

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £34,564 (2020 - £5,448).

9

Related party transactions

Transactions with Directors

2021

At 1 October 2020
£

Advances to Director
£

Repayments by Director
£

At 30 September 2021
£

A J Bett

A Bett

86,293

174,766

(111,881)

149,178

         
       

R Bett

R Bett

48,485

70,048

(45,668)

72,865

         
       

 

2020

At 1 October 2019
£

Advances to Director
£

Repayments by Director
£

At 30 September 2020
£

A J Bett

A Bett

41,345

86,293

(41,345)

86,293

         
       

R Bett

R Bett

35,089

48,485

(35,089)

48,485