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Company No: 11926308 (England and Wales)

FLITCH HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

FLITCH HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

FLITCH HOLDINGS LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2023
FLITCH HOLDINGS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2023
DIRECTORS Mr S Boyce
Mr B Trunley
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
England
United Kingdom
COMPANY NUMBER 11926308 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
United Kingdom
FLITCH HOLDINGS LIMITED

BALANCE SHEET

As at 30 April 2023
FLITCH HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 9 9
9 9
Current assets
Debtors 4 26,271 97,349
Cash at bank and in hand 2,657 9,409
28,928 106,758
Creditors: amounts falling due within one year 5 ( 53,988) ( 67,276)
Net current (liabilities)/assets (25,060) 39,482
Total assets less current liabilities (25,051) 39,491
Creditors: amounts falling due after more than one year 6 ( 26,666) ( 36,666)
Net (liabilities)/assets ( 51,717) 2,825
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 51,719 ) 2,823
Total shareholders' (deficit)/funds ( 51,717) 2,825

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Flitch Holdings Limited (registered number: 11926308) were approved and authorised for issue by the Board of Directors on 05 March 2024. They were signed on its behalf by:

Mr S Boyce
Director
FLITCH HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
FLITCH HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Flitch Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has net liabilities of £25,051 at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the directors have received assurance from the shareholders that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore considers it appropriate to prepare financial statements on a going
concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the {#tErmh2} 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 {#tErmh2}, 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.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 2

3. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 9 9

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 0 69,034
Corporation tax 1,827 1,956
Other debtors 24,444 26,359
26,271 97,349

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 290 463
Amounts owed to Group undertakings 9 0
Other taxation and social security 6,472 33,429
Other creditors 37,217 23,384
53,988 67,276

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 26,666 36,666

Company took out a 72 month loan facility of £50,000. Interest is charged at a fixed rate of 2.5% per annum. Interest payable on the loan for the first 12 months shall be paid for by the government through a business interruption payment. This payment is made direct to the lending bank.

Repayment of the capital and interest elements of the loan commenced in December 2020. The loan matures in December 2026.

7. Related party transactions

Transactions with the entity's directors

At the balance sheet date, the company owed £30,627 (2022: £20,627) to the director of the company.

Other related party transactions

2023 2022
£ £
Entries over which the entity has the control, joint control or significant influence (Sales) 22,875 194,634