Flacks Limited 09315541 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Motor fitters Digita Accounts Production Advanced 6.30.9574.0 true 09315541 2022-04-01 2023-03-31 09315541 2023-03-31 09315541 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 09315541 bus:OrdinaryShareClass2 bus:OtherShareType 2023-03-31 09315541 core:CurrentFinancialInstruments 2023-03-31 09315541 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09315541 core:Goodwill 2023-03-31 09315541 core:FurnitureFittingsToolsEquipment 2023-03-31 09315541 core:LandBuildings 2023-03-31 09315541 core:MotorVehicles 2023-03-31 09315541 bus:SmallEntities 2022-04-01 2023-03-31 09315541 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09315541 bus:FullAccounts 2022-04-01 2023-03-31 09315541 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09315541 bus:RegisteredOffice 2022-04-01 2023-03-31 09315541 bus:Director1 2022-04-01 2023-03-31 09315541 bus:OrdinaryShareClass1 bus:OtherShareType 2022-04-01 2023-03-31 09315541 bus:OrdinaryShareClass2 bus:OtherShareType 2022-04-01 2023-03-31 09315541 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09315541 core:Goodwill 2022-04-01 2023-03-31 09315541 core:ComputerEquipment 2022-04-01 2023-03-31 09315541 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09315541 core:LandBuildings 2022-04-01 2023-03-31 09315541 core:MotorVehicles 2022-04-01 2023-03-31 09315541 countries:EnglandWales 2022-04-01 2023-03-31 09315541 2022-03-31 09315541 core:Goodwill 2022-03-31 09315541 core:FurnitureFittingsToolsEquipment 2022-03-31 09315541 core:LandBuildings 2022-03-31 09315541 core:MotorVehicles 2022-03-31 09315541 2021-04-01 2022-03-31 09315541 2022-03-31 09315541 bus:OrdinaryShareClass1 bus:OtherShareType 2022-03-31 09315541 bus:OrdinaryShareClass2 bus:OtherShareType 2022-03-31 09315541 core:CurrentFinancialInstruments 2022-03-31 09315541 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09315541 core:FurnitureFittingsToolsEquipment 2022-03-31 09315541 core:LandBuildings 2022-03-31 09315541 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09315541

Flacks Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Flacks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Flacks Limited

Company Information

Director

Mr David Flack

Registered office

Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN

Accountants

RS Partnership Ltd
Chartered Certified Accountants
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN

 

Flacks Limited

(Registration number: 09315541)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,787

16,041

Current assets

 

Debtors

6

29,004

16,280

Cash at bank and in hand

 

87,507

98,644

 

116,511

114,924

Creditors: Amounts falling due within one year

7

(116,882)

(122,469)

Net current liabilities

 

(371)

(7,545)

Total assets less current liabilities

 

11,416

8,496

Provisions for liabilities

(2,240)

(3,048)

Net assets

 

9,176

5,448

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

9,076

5,348

Shareholders' funds

 

9,176

5,448

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 2 October 2023
 

.........................................
Mr David Flack
Director

 

Flacks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN
England

The principal place of business is:
2 Windsor Close
Welwyn
Hertfordshire
AL6 9JZ
UK

These financial statements were authorised for issue by the director on 2 October 2023.

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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

 

Flacks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold Property

15% RB

Motor Vehicles

25% RB

Computer Equipment

25% RB

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20% SL

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.

 

Flacks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Flacks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1

6,061

30,140

36,202

At 31 March 2023

1

6,061

30,140

36,202

Depreciation

At 1 April 2022

-

3,615

16,546

20,161

Charge for the year

-

856

3,398

4,254

At 31 March 2023

-

4,471

19,944

24,415

Carrying amount

At 31 March 2023

1

1,590

10,196

11,787

At 31 March 2022

1

2,446

13,594

16,041

Included within the net book value of land and buildings above is £1 (2022 - £1) in respect of freehold land and buildings.
 

 

Flacks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

27,301

15,121

Prepayments

1,703

1,159

29,004

16,280

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,509

661

Taxation and social security

7,466

6,837

Accruals and deferred income

1,041

944

Corporation tax

11,066

10,223

Directors Loan Account

95,800

103,804

116,882

122,469

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100