Company registration number 10327070 (England and Wales)
Flexdane Limited
Unaudited financial statements
For the year ended 28 February 2023
Flexdane Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Flexdane Limited
Balance sheet
As at 28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
2
16,705,649
9,825,648
Current assets
Stocks
526,412
473,163
Debtors
3
170,534
138,019
Cash at bank and in hand
94,845
278,825
791,791
890,007
Creditors: amounts falling due within one year
4
(14,554,547)
(5,352,293)
Net current liabilities
(13,762,756)
(4,462,286)
Total assets less current liabilities
2,942,893
5,363,362
Creditors: amounts falling due after more than one year
5
(4,763,126)
Provisions for liabilities
(523,000)
(68,310)
Net assets
2,419,893
531,926
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
7
2,229,591
291,225
Distributable profit and loss reserves
190,202
240,601
Total equity
2,419,893
531,926
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 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.
Flexdane Limited
Balance sheet (continued)
As at 28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mrs A Dagnall
Director
Company Registration No. 10327070
FLEXDANE LIMITED
Flexdane Limited
Notes to the financial statements
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Flexdane Limited is a private company limited by shares incorporated in England and Wales. The registered office is Metal Works, Woodward Way, Atherton, Manchester, England, M46 9RU.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income
Turnover represents rental income receivable in the year.
1.3
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
FLEXDANE LIMITED
Flexdane Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FLEXDANE LIMITED
Flexdane Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Investment property
2023
£
Fair value
At 1 March 2022
9,825,649
Additions
4,486,944
Revaluations
2,393,056
At 28 February 2023
16,705,649
Investment property comprises £16,705,649. The fair value of the investment property has been arrived at on the basis of valuations carried out at January 2021 and April 2022 by Carter Jonas Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,963
42,964
Other debtors
134,571
95,055
170,534
138,019
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,802,884
Trade creditors
33,031
54,545
Amounts owed to group undertakings
4,708,707
5,288,447
Taxation and social security
9,925
Other creditors
9,301
14,554,547
5,352,293
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,763,126
FLEXDANE LIMITED
Flexdane Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Secured Debts
The following secured debts are included within creditors:
The bank loans are secured by way of fixed and floating charge over the investment property held by the company.
7
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
291,225
-
Non distributable profits in the year
1,938,366
291,225
At the end of the year
2,229,591
291,225