Registered number
04535723
FLEXIMARK LIMITED
Filleted Accounts
30 September 2023
FLEXIMARK LIMITED
Registered number: 04535723
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,275,540 3,275,540
Current assets
Debtors 4 964,587 1,283,048
Cash at bank and in hand 4,684 16,125
969,271 1,299,173
Creditors: amounts falling due within one year 5 (90,647) (124,930)
Net current assets 878,624 1,174,243
Total assets less current liabilities 4,154,164 4,449,783
Creditors: amounts falling due after more than one year 6 (1,795,265) (1,793,159)
Net assets 2,358,899 2,656,624
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 2,377,984 2,377,984
Profit and loss account (19,185) 278,540
Shareholders' funds 2,358,899 2,656,624
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr V Patel
Director
Approved by the board on 8 November 2023
FLEXIMARK LIMITED
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property Nil
Fixtures and fittings 25% reducing balance
Investment property
Investment property is included in the Balance Sheet at most recent valuation.The property is not depreciated in accordance with the Financial Reporting Standards as in the directors opinion the open market valuatuion is higher than the last valuation.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost or Revaluation
At 1 October 2022 3,275,000 3,610 3,278,610
At 30 September 2023 3,275,000 3,610 3,278,610
Depreciation
At 1 October 2022 - 3,070 3,070
At 30 September 2023 - 3,070 3,070
Net book value
At 30 September 2023 3,275,000 540 3,275,540
At 30 September 2022 3,275,000 540 3,275,540
Freehold land and buildings: 2023 2022
£ £
Historical cost 897,016 897,016
Cumulative depreciation based on historical cost - -
897,016 897,016
Investment properties were valued in August 2016 on open market basis by Marc Sanson, BSc(Hons( MRICS
4 Debtors 2023 2022
£ £
Other debtors 964,587 1,283,048
5 Creditors: amounts falling due within one year 2023 2022
£ £
Rent deposits 7,966 7,966
Taxation and social security costs - 85
Other creditors 82,681 116,879
90,647 124,930
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,795,265 1,793,159
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,795,265 1,793,159
Secured bank loans 1,795,265 1,793,159
Bank loan is secured over the properties and a floating debenture on the company. Loan is also guarteed personnaly by the directors of the company.
8 Revaluation reserve 2023 2022
£ £
At 1 October 2022 2,377,984 2,377,984
At 30 September 2023 2,377,984 2,377,984
9 Related party transactions 2023 2022
£ £
Amba Holdings Limited
Mr V Patel is director of the above company.
Loan account
Amount due from the related party 602,076 602,076
Rangepay Limited
Directors of both companies are Mr V Patel and Mr B Patel
Loan account
Amount due to the related party 362,511 245,012
Food & Lqr limited
Mr B Patel is director of the above company.
Loan account
Amount due from the related party - 393,963
10 Controlling party
The directors are also part shareholders of the company.
11 Other information
FLEXIMARK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 Olivia Gardens
Harefield
Uxbridge
UB9 6QF
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