Company registration number 04332999 (England and Wales)
State of Flux Limited
Financial Statements
For the year ended
31 December 2022
Pages for filing with registrar
State of Flux Limited
Contents
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
State of Flux Limited
Company Information
- 1 -
Directors
A.E. Day
P.R. Day
Secretary
P.R. Day
Company number
04332999
Registered office
107/111 Fleet Street
London
EC4A 2AB
Accountants
Dixcart International Limited
Chartered Accountants
Dixcart House
Addlestone Road
Bourne Business Park
Addlestone
Surrey
KT15 2LE
State of Flux Limited
Statement Of Financial Position
As at 31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,580
8,468
Investments
5
148
148
6,728
8,616
Current assets
Debtors
6
2,049,400
2,631,135
Investments
8
119,660
119,660
Cash at bank and in hand
112,515
55,105
2,281,575
2,805,900
Creditors: amounts falling due within one year
9
(1,031,723)
(1,594,199)
Net current assets
1,249,852
1,211,701
Total assets less current liabilities
1,256,580
1,220,317
Creditors: amounts falling due after more than one year
10
(720,000)
(960,000)
Net assets
536,580
260,317
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
536,480
260,217
Total equity
536,580
260,317

The notes on pages 4 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2022 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.

State of Flux Limited
Statement Of Financial Position (Continued)
As at 31 December 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 December 2023 and are signed on its behalf by:
A.E. Day
Director
Company registration number 04332999 (England and Wales)
State of Flux Limited
Notes To The Financial Statements
For the year ended 31 December 2022
- 4 -
1
General information

State of Flux Limited is a private company limited by shares incorporated in England and Wales. The registered office is 107/111 Fleet Street, London, EC4A 2AB.

2
Accounting policies
2.1
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. The principal accounting policies adopted are set out below.

2.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. Operational existence of the company relies on successful application of further funds which will impact cashflow and allow the company to settle liabilities as they fall due. Without this funding, the company cannot currently settle current liabilities outlined in the notes to the balance sheet.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Income is generated though consulting and licensing of software implementation in the development of business.

The company received a settlement payment of £451,849 from one of its clients during the year which has been shown as other income.

2.4
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:

Fixtures and fittings
15% Reducing balance
Computers
25% Reducing balance

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.

2.5
Fixed and current asset investments

Interests in subsidiaries and other current investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

State of Flux Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2022
2
Accounting policies
(Continued)
- 5 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

2.8
Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

2.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

2.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

2.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

State of Flux Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2022
2
Accounting policies
(Continued)
- 6 -
2.12

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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
22
33
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
24,838
40,781
65,619
Depreciation and impairment
At 1 January 2022
22,546
34,605
57,151
Depreciation charged in the year
344
1,544
1,888
At 31 December 2022
22,890
36,149
59,039
Carrying amount
At 31 December 2022
1,948
4,632
6,580
At 31 December 2021
2,292
6,176
8,468
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
148
148
State of Flux Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
544,060
1,067,608
Corporation tax recoverable
-
0
147,615
Amounts owed by group undertakings
392,990
225,459
Other debtors
1,112,350
1,190,453
2,049,400
2,631,135
7
Directors' transactions

At the balance sheet date the company was owed £114,352 (2021 - £79,352) by the directors. This amount is unsecured, interest-free and repayable on demand.

8
Current asset investments
2022
2021
£
£
Other investments
119,660
119,660
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
240,000
240,000
Trade creditors
27,790
333,572
Corporation tax
11,813
-
0
Other taxation and social security
305,586
224,427
Other creditors
446,534
796,200
1,031,723
1,594,199
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
720,000
960,000

The bank loan included in current and non-current creditors is secured by a fixed and floating charge over the assets of the company.

2022-12-312022-01-01false22 December 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityA.E. DayP.R. DayP.R. Dayfalse043329992022-01-012022-12-3104332999bus:Director12022-01-012022-12-3104332999bus:CompanySecretaryDirector12022-01-012022-12-3104332999bus:CompanySecretary12022-01-012022-12-3104332999bus:Director22022-01-012022-12-3104332999bus:RegisteredOffice2022-01-012022-12-31043329992022-12-31043329992021-12-3104332999core:FurnitureFittings2022-12-3104332999core:ComputerEquipment2022-12-3104332999core:FurnitureFittings2021-12-3104332999core:ComputerEquipment2021-12-3104332999core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104332999core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104332999core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3104332999core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3104332999core:CurrentFinancialInstruments2022-12-3104332999core:CurrentFinancialInstruments2021-12-3104332999core:ShareCapital2022-12-3104332999core:ShareCapital2021-12-3104332999core:RetainedEarningsAccumulatedLosses2022-12-3104332999core:RetainedEarningsAccumulatedLosses2021-12-3104332999core:FurnitureFittings2022-01-012022-12-3104332999core:ComputerEquipment2022-01-012022-12-31043329992021-01-012021-12-3104332999core:FurnitureFittings2021-12-3104332999core:ComputerEquipment2021-12-31043329992021-12-3104332999core:WithinOneYear2022-12-3104332999core:WithinOneYear2021-12-3104332999core:Non-currentFinancialInstruments2022-12-3104332999core:Non-currentFinancialInstruments2021-12-3104332999bus:PrivateLimitedCompanyLtd2022-01-012022-12-3104332999bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3104332999bus:FRS1022022-01-012022-12-3104332999bus:AuditExemptWithAccountantsReport2022-01-012022-12-3104332999bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP