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Company Registration No. 11981847 (England and Wales)
The Flexify Group Limited Unaudited accounts for the year ended 28 February 2023
The Flexify Group Limited Unaudited accounts Contents
Page
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The Flexify Group Limited Company Information for the year ended 28 February 2023
Director
M J Stott
Company Number
11981847 (England and Wales)
Registered Office
Wework Moor Place 1 Fore St Ave London EC2Y 9DT United Kingdom
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The Flexify Group Limited Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
244 
416 
Current assets
Debtors
25,776 
16,865 
Cash at bank and in hand
14,351 
6,506 
40,127 
23,371 
Creditors: amounts falling due within one year
(14,978)
(18,832)
Net current assets
25,149 
4,539 
Total assets less current liabilities
25,393 
4,955 
Creditors: amounts falling due after more than one year
(24,900)
(28,200)
Net assets/(liabilities)
493 
(23,245)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
393 
(23,345)
Shareholders' funds
493 
(23,245)
For the year ending 28 February 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 director acknowledges his 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 and authorised for issue on 16 November 2023 and were signed on its behalf by
M J Stott Director Company Registration No. 11981847
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The Flexify Group Limited Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
The Flexify Group Limited is a private company, limited by shares, registered in England and Wales, registration number 11981847. The registered office is Wework Moor Place, 1 Fore St Ave, London, EC2Y 9DT, 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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years straight line
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The Flexify Group Limited Notes to the Accounts for the year ended 28 February 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the director has made the following judgements: Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty: Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 March 2022
499 
At 28 February 2023
499 
Depreciation
At 1 March 2022
83 
Charge for the year
172 
At 28 February 2023
255 
Net book value
At 28 February 2023
244 
At 28 February 2022
416 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
728 
- 
Trade debtors
5,677 
- 
Accrued income and prepayments
1,222 
587 
Other debtors
18,149 
16,278 
25,776 
16,865 
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The Flexify Group Limited Notes to the Accounts for the year ended 28 February 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
7,200 
7,200 
VAT
- 
3,034 
Trade creditors
1,210 
5,445 
Taxes and social security
6,568 
- 
Accruals
- 
3,153 
14,978 
18,832 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
24,900 
28,200 
The company has entered into a coronavirus bounce back loan agreement for a facility of £36,000 which was fully drawn down in 2020. The loan bears interest at 2.5% pa. The loan is unsecured and repayable in monthly instalments from January 2022, with the final instalment due in January 2027.
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
M J Stott
Director's loan account
16,278 
46,075 
44,204 
18,149 
16,278 
46,075 
44,204 
18,149 
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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