Company Registration No. 02784736 (England and Wales)
FLOWERTOUR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
FLOWERTOUR LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FLOWERTOUR LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLOWERTOUR LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The following reproduces text of the accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flowertour Limited for the year ended 31 March 2023 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Flowertour Limited and state those matters that we have agreed to state to the Board of Directors of Flowertour Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flowertour Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Flowertour Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flowertour Limited. You consider that Flowertour Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Flowertour Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
22 November 2023
FLOWERTOUR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
407,761
376,171
Investment properties
4
1,420,708
1,420,708
1,828,469
1,796,879
Current assets
Stocks
106,627
96,931
Debtors
5
692,211
1,000,272
Cash at bank and in hand
715,807
333,305
1,514,645
1,430,508
Creditors: amounts falling due within one year
6
(595,816)
(400,502)
Net current assets
918,829
1,030,006
Total assets less current liabilities
2,747,298
2,826,885
Creditors: amounts falling due after more than one year
7
(87,058)
(191,675)
Provisions for liabilities
10
(306,957)
(314,210)
Net assets
2,353,283
2,321,000
Capital and reserves
Called up share capital
12
100
100
Other reserve (non-distributable)
11
981,448
981,448
Profit and loss reserves
13
1,371,735
1,339,452
Total equity
2,353,283
2,321,000
The directorstrue of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FLOWERTOUR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mr B V Patel
Director
Company Registration No. 02784736
FLOWERTOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Flowertour Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Elizabeth Street, London, SW1W 9PJ.
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.
1.2
Going concern
The company believe that adequate cash resources will be available to cover the company’s requirements for working capital and capital expenditure for at least the next twelve months. We are not aware of any other factors which could put into jeopardy the company’s going concern status during or beyond this period. Therefore the company has chosen to continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for goods dispensed, sales of pharmaceutical and perfumery products and community pharmacy advisers net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold buildings
2.5% per annum on a straight line basis
Fixtures, fittings & equipment
15% per annum on a reducing balance basis
Motor vehicles
25% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account, and then transferred to other non-distributable reserves.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
FLOWERTOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss account.
1.7
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and the loans.
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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and the bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transactions, where the debt instruments is measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
FLOWERTOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
292,491
498,662
791,153
Additions
68,490
10,016
78,506
At 31 March 2023
360,981
508,678
869,659
Depreciation and impairment
At 1 April 2022
98,369
316,613
414,982
Depreciation charged in the year
7,312
39,604
46,916
At 31 March 2023
105,681
356,217
461,898
Carrying amount
At 31 March 2023
255,300
152,461
407,761
At 31 March 2022
194,122
182,049
376,171
FLOWERTOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
1,420,708
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 March 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,484
27,616
Corporation tax recoverable
128,535
205,600
Other debtors
518,192
767,056
692,211
1,000,272
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,682
21,916
Trade creditors
295,430
174,738
Corporation tax
57,656
77,033
Other taxation and social security
7,993
8,319
Other creditors
221,055
118,496
595,816
400,502
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
87,058
191,675
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
27,667
96,541
FLOWERTOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
100,740
213,591
Payable within one year
13,682
21,916
Payable after one year
87,058
191,675
The bank loans of £100,740 (2022: £213,591) are secured by a fixed charge over the leasehold property at 61-63 Sloane Avenue, London SW3 3DH.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
306,957
314,210
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
37,459
44,712
Investment property
269,498
269,498
306,957
314,210
2023
Movements in the year:
£
Liability at 1 April 2022
314,210
Credit to profit or loss
(7,253)
Liability at 31 March 2023
306,957
11
Revaluation reserve
2023
2022
£
£
At beginning and end of year
981,448
981,448
FLOWERTOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
13
Profit and loss reserves
The only movements in reserves for the year ended 31 March 2023 and year ended 31 March 2022 are profit and dividend paid for the year.
14
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Dividends totalling £200,000 (2022 - £161,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr B V Patel -
-
372,022
(43,060)
328,962
372,022
(43,060)
328,962