Company Registration No. 01353631 (England and Wales)
Flair Electronic Systems Limited
Unaudited accounts
for the year ended 30 April 2023
Flair Electronic Systems Limited
Unaudited accounts
Contents
Flair Electronic Systems Limited
Company Information
for the year ended 30 April 2023
Directors
C A Hickton
P R Hickton
Johannah Hickton
Company Number
01353631 (England and Wales)
Registered Office
62 WILBURY WAY
HITCHIN
HERTFORDSHIRE
SG4 0TP
UNITED KINGDOM
Flair Electronic Systems Limited
Statement of financial position
as at 30 April 2023
Tangible assets
34,370
17,395
Inventories
261,635
202,016
Cash at bank and in hand
150
4,475
Creditors: amounts falling due within one year
(402,395)
(342,447)
Net current assets
130,979
119,488
Total assets less current liabilities
165,349
136,883
Creditors: amounts falling due after more than one year
(71,789)
(90,833)
Provisions for liabilities
Deferred tax
(3,304)
(3,304)
Called up share capital
3,100
3,100
Profit and loss account
87,156
39,646
Shareholders' funds
90,256
42,746
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by
C A Hickton
Director
Company Registration No. 01353631
Flair Electronic Systems Limited
Notes to the Accounts
for the year ended 30 April 2023
Flair Electronic Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 01353631. The registered office is 62 WILBURY WAY, HITCHIN, HERTFORDSHIRE, SG4 0TP, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
land not depreciated, buildings 2% straight line
Plant & machinery
25% and 15% reducing balance
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Flair Electronic Systems Limited
Notes to the Accounts
for the year ended 30 April 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The directors have undertaken to continue their financial support of the company for the foreseeable future. On this basis the directors believe it is appropriate to prepare these accounts on a going concern basis.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2022
132,763
30,569
44,911
208,243
Additions
8,197
4,295
11,422
23,914
At 30 April 2023
140,960
34,864
56,333
232,157
At 1 May 2022
127,225
24,448
39,175
190,848
Charge for the year
2,457
984
3,498
6,939
At 30 April 2023
129,682
25,432
42,673
197,787
At 30 April 2023
11,278
9,432
13,660
34,370
At 30 April 2022
5,538
6,121
5,736
17,395
Amounts falling due within one year
Trade debtors
146,308
136,804
Accrued income and prepayments
24,147
17,506
Other debtors
101,134
101,134
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
123,074
123,773
Taxes and social security
8,057
6,978
Other creditors
160,100
108,986
Loans from directors
92,352
78,596
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Creditors: amounts falling due after more than one year
2023
2022
Flair Electronic Systems Limited
Notes to the Accounts
for the year ended 30 April 2023
Allotted, called up and fully paid:
1,250 Ordinary A shares of £1 each
1,250
1,250
1,250 Ordinary B shares of £1 each
1,250
1,250
600 Ordinary C shares of £1 each
600
600
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Transactions with related parties
There are no terms relating to the payment of interest of the repayment of capital.
The ultimate controlling parties are the directors and shareholders who are acting in concert.
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Average number of employees
During the year the average number of employees was 17 (2022: 17).