Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2022-01-01No description of principal activity00falsetrue 13003798 2022-01-01 2022-12-31 13003798 2021-01-01 2021-12-31 13003798 2022-12-31 13003798 2021-12-31 13003798 c:Director1 2022-01-01 2022-12-31 13003798 c:Director2 2022-01-01 2022-12-31 13003798 d:CurrentFinancialInstruments 2022-12-31 13003798 d:CurrentFinancialInstruments 2021-12-31 13003798 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13003798 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 13003798 d:ShareCapital 2022-12-31 13003798 d:ShareCapital 2021-12-31 13003798 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13003798 d:RetainedEarningsAccumulatedLosses 2022-12-31 13003798 d:RetainedEarningsAccumulatedLosses 2021-12-31 13003798 c:OrdinaryShareClass1 2022-01-01 2022-12-31 13003798 c:OrdinaryShareClass1 2022-12-31 13003798 c:OrdinaryShareClass1 2021-12-31 13003798 c:FRS102 2022-01-01 2022-12-31 13003798 c:Audited 2022-01-01 2022-12-31 13003798 c:FullAccounts 2022-01-01 2022-12-31 13003798 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13003798 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13003798









FLEX POWER TOOLS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
FLEX POWER TOOLS LIMITED
REGISTERED NUMBER: 13003798

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,805,272
-

Cash at bank and in hand
 5 
-
49,750

  
1,805,272
49,750

Creditors: amounts falling due within one year
 6 
(2,006,706)
-

Net current (liabilities)/assets
  
 
 
(201,434)
 
 
49,750

  

Net (liabilities)/assets
  
(201,434)
49,750


Capital and reserves
  

Called up share capital 
 7 
50,000
50,000

Profit and loss account
 8 
(251,434)
(250)

  
(201,434)
49,750


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 section 1A small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Warcup
C  Neuner
Director
Director


Date: 9 February 2024
Date: 9 February 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
FLEX POWER TOOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Flex Power Tools Limited is a private company, limited by shares, incorporated  in England and Wales. The registered office address is Unit 8 Anglo Office Park, Lincoln Road, High Wycombe, Buckinghamshire, England, HP12 3RH. 

2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A Financial Reporting Standard FRS102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is dependent on not having to repay amounts owed to other group companies unless cash flow permits. 

Management have relied upon a letter of support from Flex Elektrowerkzeuge GmbH (the immediate parent company) which confirms that repayment of intercompany liabilities will not be requested if this could impact the ability of Flex Power Tools Limited to continue as a going concern. In the event that Flex Elektrowerkzeuge GmbH was unable to provide the level of support required, management have also received a letter of support from Chervon Holdings Ltd (the ultimate parent company) for continuing financial assistance to Flex Power Tools Limited if required. These support letters cover a period of no less than 12 months from the date of the approval of these financial statements.  

The company continues to adopt the going concern basis in preparing its financial statements.

  
2.3

Turnover

Turnover relates to sales made on behalf of other group entities during the year. During the year gross income of £1,658,050 was received by Flex Power Tools Limited in its capacity as agent on behalf of group companies.

Flex Power Tools Limited is acting in the role of an agent on behalf of its parent entity Flex Elektrowerkzeuge GmbH. The parent is exposed to the risk and reward associated with each sale, holds all inventory and takes responsibility for invoicing and delivering goods. This has resulted in net income of £486,693 being recognised at year end, with the associated cost of sales recognised at nil. 

Revenue is recognised in accordance with the transfer of promised goods to customers, which is satisfied on delivery. 

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 
FLEX POWER TOOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The Company has no employees other than the directors, receiving remuneration of £31,038 during the year (2021 - NIL).





4.


Debtors

2022
2021
£
£


Trade debtors
854,727
-

Amounts owed by group undertakings
715,687
-

VAT receivable
234,858
-

1,805,272
-



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
-
49,750

-
49,750


Page 3

 
FLEX POWER TOOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
14,959
-

Amounts owed to group undertakings
1,908,948
-

Accruals and deferred income
82,799
-

2,006,706
-



7.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



50,000 (2021 -50,000) Ordinary shares of £1.00 each
50,000
50,000




8.


Reserves

Profit and loss account

The profit and loss account represents accumulated profits and losses less amounts distributed to shareholders. 


9.


Related party transactions

The company has taken advantage of the exemption in FRS 102 section 33.1A to not disclose transactions with wholly owned group entities.


10.


Controlling party

The company is wholly owned by Flex Elektrowerkzeuge GmbH  , a company based at Bahnhofstr. 15, 71711 Steinheim a. d. Murr, Germany. The ultimate controlling company is Carvon Holdings Ltd, a company based at No. 99, West Tianyuan Road 211106, Nanjing, China. The ultimate controlling party is Pan Longquan.

Page 4

 
FLEX POWER TOOLS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:
Emphasis of matter - reliance on parent company support
We draw attention to note 2.2 in the financial statements which describes the company's reliance on the support of its ultimate parent company to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 9 February 2024 by Samantha Cooper (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 5