Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31trueinvestment property2022-08-01false33falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03220717 2022-08-01 2023-07-31 03220717 2021-08-01 2022-07-31 03220717 2023-07-31 03220717 2022-07-31 03220717 2021-08-01 03220717 c:Director2 2022-08-01 2023-07-31 03220717 d:PlantMachinery 2022-08-01 2023-07-31 03220717 d:PlantMachinery 2023-07-31 03220717 d:PlantMachinery 2022-07-31 03220717 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03220717 d:FurnitureFittings 2022-08-01 2023-07-31 03220717 d:FurnitureFittings 2023-07-31 03220717 d:FurnitureFittings 2022-07-31 03220717 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03220717 d:ComputerEquipment 2022-08-01 2023-07-31 03220717 d:ComputerEquipment 2023-07-31 03220717 d:ComputerEquipment 2022-07-31 03220717 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03220717 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03220717 d:FreeholdInvestmentProperty 2023-07-31 03220717 d:FreeholdInvestmentProperty 2022-07-31 03220717 d:FreeholdInvestmentProperty 2 2022-08-01 2023-07-31 03220717 d:CurrentFinancialInstruments 2023-07-31 03220717 d:CurrentFinancialInstruments 2022-07-31 03220717 d:Non-currentFinancialInstruments 2023-07-31 03220717 d:Non-currentFinancialInstruments 2022-07-31 03220717 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03220717 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03220717 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 03220717 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 03220717 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 03220717 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 03220717 d:ShareCapital 2023-07-31 03220717 d:ShareCapital 2022-07-31 03220717 d:RevaluationReserve 2023-07-31 03220717 d:RevaluationReserve 2022-07-31 03220717 d:RetainedEarningsAccumulatedLosses 2023-07-31 03220717 d:RetainedEarningsAccumulatedLosses 2022-07-31 03220717 c:OrdinaryShareClass1 2022-08-01 2023-07-31 03220717 c:OrdinaryShareClass1 2023-07-31 03220717 c:OrdinaryShareClass1 2022-07-31 03220717 c:FRS102 2022-08-01 2023-07-31 03220717 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03220717 c:FullAccounts 2022-08-01 2023-07-31 03220717 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03220717 d:OtherDeferredTax 2023-07-31 03220717 d:OtherDeferredTax 2022-07-31 03220717 2 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03220717













FLEXILINE LIMITED
UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
FLEXILINE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
FLEXILINE LIMITED
REGISTERED NUMBER:03220717

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,198
1,705

Investment property
 5 
2,100,000
2,150,000

  
2,104,198
2,151,705

Current assets
  

Debtors: amounts falling due within one year
 6 
2,796
2,614

Bank & cash balances
  
441,462
424,881

Current liabilities
  
444,258
427,495

Creditors: amounts falling due within one year
 7 
(115,509)
(54,057)

Net current assets
  
 
 
328,749
 
 
373,438

Total assets less current liabilities
  
2,432,947
2,525,143

Creditors: amounts falling due after more than one year
 8 
(396,419)
(396,419)

Provisions for liabilities
  

Deferred tax
 10 
(328,807)
(341,309)

  
 
 
(328,807)
 
 
(341,309)

Net assets
  
1,707,721
1,787,415


Capital and reserves
  

Called up share capital 
 11 
100
100

Revaluation reserve
  
1,294,231
1,331,731

Profit and loss account
  
413,390
455,584

  
1,707,721
1,787,415

Page 1

 
FLEXILINE LIMITED
REGISTERED NUMBER:03220717
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 FRS 102 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 on 8 April 2024.




G Levy
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Flexiline Limited is a private limited company limited by shares and incorporated in England & Wales. Its registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company continued to be that of investment property.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 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

Turnover

Turnover comprises revenue recognised by the company in respect of rent receivable.
Rent is recognised in respect of the properties occupied during the period. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.



Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

Plant & machinery
-
33.33% straight line
Fixtures & fittings
-
25% reducing balance method
Computer equipment
-
33.33% straight line

 
2.4

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Page 3

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits and bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 August 2022
765
12,374
6,235
19,374


Additions
-
-
3,628
3,628



At 31 July 2023

765
12,374
9,863
23,002



Depreciation


At 1 August 2022
574
10,960
6,135
17,669


Charge for the year on owned assets
191
356
588
1,135



At 31 July 2023

765
11,316
6,723
18,804



Net book value



At 31 July 2023
-
1,058
3,140
4,198



At 31 July 2022
191
1,414
100
1,705


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
2,150,000


Surplus on revaluation
(50,000)



At 31 July 2023
2,100,000

The 2023 valuations were made by the external valuers, on an open market value for existing use basis.




Page 6

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Debtors

2023
2022
£
£


Prepayments and accrued income
2,796
2,614

2,796
2,614



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
5,535
9,192

Other creditors
106,068
37,312

Accruals and deferred income
3,906
7,553

115,509
54,057



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
396,419
396,419


The bank loan is secured by a charge over the property of the company and a personal guarantee from the director.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
396,419
396,419



Page 7

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
341,307
259,393


Charged to profit or loss
(12,500)
81,914



At end of year
328,807
341,307

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment property
328,807
341,307

328,807
341,307


11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


 
Page 8