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Registration number: 13401601

FLAGHEAD LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2023

 

FLAGHEAD LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

FLAGHEAD LIMITED

Company Information

Directors

J P Samsa

J Samsa

Registered office

59 Union Street
Dunstable
Beds
LU6 1EX

Accountants

Minney & Company Limited
249 Silbury Boulevard
Milton Keynes
Bucks
MK9 1NA

 

FLAGHEAD LIMITED

(Registration number: 13401601)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,982

24,504

Investment property

1,717,832

1,717,832

 

1,742,814

1,742,336

Current assets

 

Debtors

5

800

9,308

Cash at bank and in hand

 

8,837

17,830

 

9,637

27,138

Creditors: Amounts falling due within one year

(509,800)

(521,577)

Net current liabilities

 

(500,163)

(494,439)

Total assets less current liabilities

 

1,242,651

1,247,897

Creditors: Amounts falling due after more than one year

(1,201,853)

(1,201,855)

Provisions for liabilities

(4,674)

(4,656)

Accruals and deferred income

 

(2,000)

(5,781)

Net assets

 

34,124

35,605

Capital and reserves

 

Called up share capital

6

200

200

Retained earnings

33,924

35,405

Shareholders' funds

 

34,124

35,605

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

FLAGHEAD LIMITED

(Registration number: 13401601)
Abridged Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
J P Samsa
Director

 

FLAGHEAD LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
59 Union Street
Dunstable
Beds
LU6 1EX
England

These financial statements were authorised for issue by the Board on 14 November 2023.

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 abridged 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 abridged 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.

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.

 

FLAGHEAD LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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

Furniture and Fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

FLAGHEAD LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

26,594

26,594

Additions

7,455

7,455

At 31 May 2023

34,049

34,049

Depreciation

At 1 June 2022

2,090

2,090

Charge for the year

6,977

6,977

At 31 May 2023

9,067

9,067

Carrying amount

At 31 May 2023

24,982

24,982

At 31 May 2022

24,504

24,504

Investment properties

2023
£

At 1 June

1,717,832

 

FLAGHEAD LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A of £1 each

50

50

50

50

B of £1 each

50

50

50

50

C of £1 each

50

50

50

50

D of £1 each

50

50

50

50

 

200

200

200

200

7

Related party transactions

During the period the company received rental income from Premier Medics Limited a company in which Mrs J P Samsa is a director and shareholder. In addition rents were also recived from AJC Trailers Limited a company in which Mr J M Samsa is a director and shareholder.

Transactions with directors

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

J P Samsa

Directors current account

(519,799)

10,000

(509,799)

       
     

 

2022

At 16 May 2021
£

Repayments by director
£

At 31 May 2022
£

J P Samsa

Directors current account

-

(519,799)

(519,799)

       
     

 

Summary of transactions with entities with joint control or significant interest

Easycabin Limited
 During the year Easycabin Limited provided a loan amounting to £200,000. Mrs J P Samsa is a director and shareholder of this company. Mr J M Samsa and AJC Trailers Limited are also shareholders
 

Loans to related parties

 

FLAGHEAD LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

2023

Entities with joint control or significant influence
£

Total
£

At start of period

200,000

200,000

At end of period

200,000

200,000

2022

Entities with joint control or significant influence
£

Total
£

Advanced

200,000

200,000

At end of period

200,000

200,000