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Registration number: 04351291

Flexipower UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Flexipower UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Flexipower UK Limited

Company Information

Director

Mr C May

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Flexipower UK Limited

(Registration number: 04351291)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,000

18,000

Tangible assets

5

23,970

41,262

 

38,970

59,262

Current assets

 

Stocks

6

67,571

61,276

Debtors

7

165,529

181,747

Cash at bank and in hand

 

23,265

58,102

 

256,365

301,125

Creditors: Amounts falling due within one year

8

(160,093)

(130,078)

Net current assets

 

96,272

171,047

Total assets less current liabilities

 

135,242

230,309

Creditors: Amounts falling due after more than one year

8

(108,501)

(151,526)

Provisions for liabilities

(4,294)

(6,702)

Net assets

 

22,447

72,081

Capital and reserves

 

Called up share capital

25,000

25,000

Retained earnings

(2,553)

47,081

Shareholders' funds

 

22,447

72,081

 

Flexipower UK Limited

(Registration number: 04351291)
Balance Sheet as at 31 March 2023 (continued)

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 October 2023
 

.........................................
Mr C May
Director

   
     
 

Flexipower UK 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:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

The principal place of business is:
Unit 31 Harlow Enterprise Centre
Burnt Mill Estate
Off Elizabeth Way
Harlow
CM20 2HS

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.

Going concern

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.

 

Flexipower UK Limited

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

2

Accounting policies (continued)

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

Plant and machinery

10year straight line

Fixture and fittings

10 year straight line

Motor vehicles

3/4 year straight line

Office equipment

5 year straight line

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

10 year straight line

 

Flexipower UK Limited

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

2

Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

 

Flexipower UK Limited

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

2

Accounting policies (continued)

Leases

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Flexipower UK Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

149,917

149,917

At 31 March 2023

149,917

149,917

Amortisation

At 1 April 2022

131,917

131,917

Amortisation charge

3,000

3,000

At 31 March 2023

134,917

134,917

Carrying amount

At 31 March 2023

15,000

15,000

At 31 March 2022

18,000

18,000

 

Flexipower UK Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

22,869

14,541

113,779

83,325

234,514

Additions

-

584

-

-

584

At 31 March 2023

22,869

15,125

113,779

83,325

235,098

Depreciation

At 1 April 2022

21,369

12,885

94,398

64,600

193,252

Charge for the year

300

390

6,281

10,905

17,876

At 31 March 2023

21,669

13,275

100,679

75,505

211,128

Carrying amount

At 31 March 2023

1,200

1,850

13,100

7,820

23,970

At 31 March 2022

1,500

1,656

19,381

18,725

41,262

 

Flexipower UK Limited

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

6

Stocks

2023
£

2022
£

Raw materials and consumables

67,571

61,276

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

147,848

127,468

Amounts owed by related parties

11

-

36,243

Prepayments

 

17,681

18,036

   

165,529

181,747

 

Flexipower UK Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

42,040

36,721

Trade creditors

 

59,307

50,911

Taxation and social security

 

24,997

23,679

Accruals and deferred income

 

19,659

18,768

Other creditors

 

14,090

(1)

 

160,093

130,078

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

108,501

151,526

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

102,075

131,371

HP and finance lease liabilities

6,370

19,115

Directors loan account

56

1,040

108,501

151,526

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,296

24,629

Hire purchase liabilities

12,744

12,092

42,040

36,721

 

Flexipower UK Limited

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

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2.68 (2022 - £2.40) per each Ordinary

 

67,000

 

60,000

         

11

Related party transactions

Loans to related parties

2023

Associates
£

Total
£

At start of period

36,243

36,243

Repaid

(49,971)

(49,971)

At end of period

(13,728)

(13,728)

2022

Associates
£

Total
£

At start of period

17,863

17,863

Advanced

30,427

30,427

Repaid

(12,047)

(12,047)

At end of period

36,243

36,243

12

Parent and ultimate parent undertaking

C M Basildon Limited acquired the entire share capital of Flexipower Limited on the 13th April 2018.

 The company's immediate parent is C M Basildon Limited , incorporated in England.