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Company registration number: 09815204
Flare & Tower Inspection Services Ltd
Unaudited filleted financial statements
31 October 2023
Flare & Tower Inspection Services Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Flare & Tower Inspection Services Ltd
Directors and other information
Directors Mr Greg Iszatt
Company number 09815204
Registered office 83 High Street
Hemel Hempstead
Herts
HP1 3AH
Business address 28 Passey Crescent
Benson
Wallingford
OX10 6LD
Accountants Hicks & Company
Chartered Accountant
83 High Street
Hemel Hempstead
Herts
HP1 3AH
Flare & Tower Inspection Services Ltd
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,271 23,225
_______ _______
14,271 23,225
Current assets
Debtors 6 35,690 120,000
Cash at bank and in hand 106,690 18,720
_______ _______
142,380 138,720
Creditors: amounts falling due
within one year 7 ( 36,690) ( 87,668)
_______ _______
Net current assets 105,690 51,052
_______ _______
Total assets less current liabilities 119,961 74,277
_______ _______
Net assets 119,961 74,277
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 119,960 74,276
_______ _______
Shareholders funds 119,961 74,277
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr Greg Iszatt
Director
Company registration number: 09815204
Flare & Tower Inspection Services Ltd
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 83 High Street, Hemel Hempstead, Herts, HP1 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer Equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer Equipment Total
£ £ £ £ £
Cost
At 1 November 2022 23,701 443 45,490 1,260 70,894
Additions 650 - - - 650
_______ _______ _______ _______ _______
At 31 October 2023 24,351 443 45,490 1,260 71,544
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 18,473 295 27,995 906 47,669
Charge for the year 5,097 45 4,374 88 9,604
_______ _______ _______ _______ _______
At 31 October 2023 23,570 340 32,369 994 57,273
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 781 103 13,121 266 14,271
_______ _______ _______ _______ _______
At 31 October 2022 5,228 148 17,495 354 23,225
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 120,000
Other debtors 35,690 -
_______ _______
35,690 120,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,492 1,467
Corporation tax 13,735 22,011
Social security and other taxes 799 20,491
Other creditors 20,664 43,699
_______ _______
36,690 87,668
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Greg Iszatt ( 22,309) 48,747 26,438
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Greg Iszatt ( 22,446) 137 ( 22,309)
_______ _______ _______