Company registration number 02544735 (England and Wales)
FLEXQUOTE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
FLEXQUOTE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FLEXQUOTE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
8,752
187,941
Cash at bank and in hand
3,582
121,992
12,334
309,933
Creditors: amounts falling due within one year
4
(2,177)
(2,308)
Net current assets
10,157
307,625
Capital and reserves
Called up share capital
5
10,000
10,000
Profit and loss reserves
157
297,625
Total equity
10,157
307,625

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
Mr P Davidson
Mr A Davidson
Director
Director
Company Registration No. 02544735
FLEXQUOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Flexquote Limited is a private company limited by shares incorporated in England and Wales. The company's registered office is Invision House, Wilbury Way, Hitchin, SG4 0TY and its principal place of business is 4 Michelin Road, Mallusk, BT36 4PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In a prior year the company sold its investment property and the directors are now considering winding up the company, the distributable reserves have been distributed to the parent company. true

 

These financial statements have therefore not been prepared on a going concern basis. All assets have been written down to their expected recoverable amounts and all liabilities payable as at the balance sheet date have been fully recognised in the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FLEXQUOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies (Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
180,000
Other debtors
8,752
7,941
8,752
187,941
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
301
Other creditors
2,177
2,007
2,177
2,308
FLEXQUOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
6
Contingencies

The company has given an unlimited guarantee in respect of the bank borrowing of N.K. Holdings Limited, the parent company.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mrs Susan Dunlop FCA
Statutory Auditor:
GMcG BELFAST
8
Related party transactions
Transactions with related parties

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

 

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

9
Parent company

N.K. Holdings Limited, a company incorporated in Northern Ireland, is considered by the directors as being the company's controlling party and ultimate parent company.

 

N.K. Holdings Limited has included the results of Flexquote Limited in its group financial statements, copies of which are available from its registered office at 40 Trailcock Road, Carrickfergus, BT38 7NU.

2023-04-302022-05-01false17 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr P DavidsonMr A Davidson025447352022-05-012023-04-30025447352023-04-30025447352022-04-3002544735core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002544735core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3002544735core:CurrentFinancialInstruments2023-04-3002544735core:CurrentFinancialInstruments2022-04-3002544735core:ShareCapital2023-04-3002544735core:ShareCapital2022-04-3002544735core:RetainedEarningsAccumulatedLosses2023-04-3002544735core:RetainedEarningsAccumulatedLosses2022-04-3002544735bus:Director12022-05-012023-04-3002544735bus:Director22022-05-012023-04-30025447352021-05-012022-04-3002544735core:WithinOneYear2023-04-3002544735core:WithinOneYear2022-04-3002544735bus:PrivateLimitedCompanyLtd2022-05-012023-04-3002544735bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3002544735bus:FRS1022022-05-012023-04-3002544735bus:Audited2022-05-012023-04-3002544735bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP