Company Registration No. 05054161 (England and Wales)
Uk Flags Limited
Unaudited accounts
for the period from 1 March 2022 to 31 August 2023
Uk Flags Limited
Unaudited accounts
Contents
Uk Flags Limited
Company Information
for the period from 1 March 2022 to 31 August 2023
Company Number
05054161 (England and Wales)
Registered Office
139 Portland St
London
SE17 2NR
Accountants
AcTax Consulting Ltd
11 Consort Road
Higher Bartle
Preston
Lancashire
PR4 0QH
Uk Flags Limited
Statement of financial position
as at 31 August 2023
Cash at bank and in hand
23,048
23,101
Creditors: amounts falling due within one year
(54,430)
(19,064)
Net current assets
35,879
73,858
Total assets less current liabilities
37,317
74,601
Creditors: amounts falling due after more than one year
(29,764)
(34,959)
Provisions for liabilities
Called up share capital
1,000
1,000
Profit and loss account
6,280
38,501
Shareholders' funds
7,280
39,501
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 February 2024 and were signed on its behalf by
Raymond Ali
Director
Company Registration No. 05054161
Uk Flags Limited
Notes to the Accounts
for the period from 1 March 2022 to 31 August 2023
Uk Flags Limited is a private company, limited by shares, registered in England and Wales, registration number 05054161. The registered office is 139 Portland St, London, SE17 2NR.
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Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The presentation currency of the financial statements is the Pound Sterling (£).
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Uk Flags Limited
Notes to the Accounts
for the period from 1 March 2022 to 31 August 2023
4
Tangible fixed assets
Total
5
Deferred taxation
2023
2022
Accelerated capital allowances
273
141
Provision at start of period
141
-
Charged to the profit and loss account
132
141
Provision at end of period
273
141
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
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Average number of employees
During the period the average number of employees was 2 (2022: 2).