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Flow Mech Products Limited
Unaudited financial statements
30 June 2023
Company Registration Number 02726033
Flow Mech Products Limited
Financial statements
year ended 30 June 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
Flow Mech Products Limited
Balance sheet
30 June 2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
230,908
241,061
Current assets
Stocks
232,580
236,690
Debtors
6
555,048
954,768
Cash at bank and in hand
513,857
225,920
------------
------------
1,301,485
1,417,378
Prepayments and accrued income
124,857
70,686
Creditors: amounts falling due within one year
7
( 584,309)
( 792,099)
------------
------------
Net current assets
842,033
695,965
------------
---------
Total assets less current liabilities
1,072,941
937,026
Provisions
( 21,391)
( 15,932)
Accruals and deferred income
( 26,637)
( 47,380)
------------
---------
Net assets
1,024,913
873,714
------------
---------
Capital and reserves
Called up share capital
2,400
2,400
Profit and loss account
1,022,513
871,314
------------
---------
Shareholders funds
1,024,913
873,714
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Flow Mech Products Limited
Balance sheet (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mr I Craft
Mr S Piggin
Director
Director
Company registration number: 02726033
Flow Mech Products Limited
Notes to the financial statements
year ended 30 June 2023
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. Accounting policies
2.1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
2.4 Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
2.5 Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
2.6 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
2.7 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & buildings
-
2% straight line
Plant and machinery
-
15% reducing balance
Office equipment
-
15 % and 35% reducing balance
Motor Vehicles
-
25% reducing balance
2.8 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.9 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.10 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 27 ).
4. Intangible assets
Goodwill
Cost
At 1 Jul 2022 and 30 Jun 2023
60,000
--------
Amortisation
At 1 Jul 2022 and 30 Jun 2023
60,000
--------
Carrying amount
At 30 June 2023
--------
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
Cost
At 1 July 2022
194,447
130,083
85,404
147,904
557,838
Additions
7,145
558
19,000
26,703
Disposals
( 4,156)
( 32,658)
( 11,196)
( 48,010)
---------
---------
--------
---------
---------
At 30 June 2023
194,447
133,072
53,304
155,708
536,531
---------
---------
--------
---------
---------
Depreciation
At 1 July 2022
57,250
97,175
68,061
94,291
316,777
Charge for the year
2,011
5,281
5,164
14,555
27,011
Disposals
( 4,041)
( 29,945)
( 4,179)
( 38,165)
---------
---------
--------
---------
---------
At 30 June 2023
59,261
98,415
43,280
104,667
305,623
---------
---------
--------
---------
---------
Carrying amount
At 30 June 2023
135,186
34,657
10,024
51,041
230,908
---------
---------
--------
---------
---------
At 30 June 2022
137,197
32,908
17,343
53,613
241,061
---------
---------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
550,048
954,768
Other debtors
5,000
---------
---------
555,048
954,768
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,333
Trade creditors
410,513
562,663
Corporation tax
95,443
86,211
Social security and other taxes
78,192
139,845
Other creditors
161
47
---------
---------
584,309
792,099
---------
---------
8. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Abbey House, Charter Street, Leicester.