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REGISTERED NUMBER: 07457168 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

FOR

FLEXFLOORING LIMITED

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 28,279 28,279
Tangible assets 6 160,673 106,481
188,952 134,760

CURRENT ASSETS
Stocks 7 85,084 86,344
Debtors 8 120,509 61,976
Cash at bank 167,405 97,916
372,998 246,236
CREDITORS
Amounts falling due within one year 9 351,566 232,985
NET CURRENT ASSETS 21,432 13,251
TOTAL ASSETS LESS CURRENT
LIABILITIES

210,384

148,011

CREDITORS
Amounts falling due after more than
one year

10

(55,472

)

(34,804

)

PROVISIONS FOR LIABILITIES 12 (27,331 ) (15,358 )
NET ASSETS 127,581 97,849

CAPITAL AND RESERVES
Called up share capital 13 58 58
Share premium 59,900 59,900
Capital redemption reserve 45 45
Non-distributable reserve 14 38,853 18,875
Retained earnings 28,725 18,971
SHAREHOLDERS' FUNDS 127,581 97,849

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 April 2024 and were signed by:





Mr S J C Hubble - Director


FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Flexflooring Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07457168

Registered office: Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and then nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the foods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measure reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or the be incurred in respect if the transaction can be measured reliably.

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 is probable will be recovered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of an asset as follows:

Goodwill - 10% straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costs less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have no amortisation.

The website development costs has been assessed to have a useful life of 10 years and is therefore amortised over this period in the financial statements; however there are adjustments made to reflect the fair value of the website, as needed. The director feels that the website maintains its value with appropriate update to ensure it is up to date and relevant as a business income driver.

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 18% on cost
Motor vehicles - 17% on cost

All fixed assets are initially recorded at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered and impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and and impairment loss is recognised immediately in profit and loss.

If an impairment loss subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised to the asset in prior years. A reversal if impairment is recognised immediately in profit and loss.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Website Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 580 810 27,469 28,859
AMORTISATION
At 1 January 2023
and 31 December 2023 580 - - 580
NET BOOK VALUE
At 31 December 2023 - 810 27,469 28,279
At 31 December 2022 - 810 27,469 28,279

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INTANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Patents
and
Goodwill licences Website Totals
£    £    £    £   
Valuation in 2023 580 810 27,469 28,859

The revaluation above is a Fair Value adjustment. The director feels that the website maintains its value with appropriate update to ensure it is up to date and relevant as a business income driver.

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 61,032 31,434 118,280 210,746
Additions 2,950 481 90,189 93,620
Disposals (15,419 ) (1,193 ) (29,156 ) (45,768 )
Revaluations 6,313 539 9,130 15,982
At 31 December 2023 54,876 31,261 188,443 274,580
DEPRECIATION
At 1 January 2023 39,424 25,489 39,352 104,265
Charge for year 3,647 1,413 21,188 26,248
Eliminated on disposal (6,237 ) (456 ) (9,913 ) (16,606 )
At 31 December 2023 36,834 26,446 50,627 113,907
NET BOOK VALUE
At 31 December 2023 18,042 4,815 137,816 160,673
At 31 December 2022 21,608 5,945 78,928 106,481

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Valuation in 2023 54,876 31,261 188,443 274,580

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023 25,500
Additions 54,442
Revaluations 3,435
At 31 December 2023 83,377
DEPRECIATION
At 1 January 2023 4,335
Charge for year 12,961
At 31 December 2023 17,296
NET BOOK VALUE
At 31 December 2023 66,081
At 31 December 2022 21,165

7. STOCKS
2023 2022
£    £   
Stocks 85,084 86,344

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 104,368 59,953
Other debtors 6,808 -
Director's current account 9,333 1,285
Prepayments and accrued income - 738
120,509 61,976

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,457 9,457
Hire purchase contracts (see note 11) 9,994 3,900
Trade creditors 261,801 179,411
Corporation tax 21,808 6,219
PAYE and social security 15,182 4,676
VAT 16,554 10,455
Other creditors 3,000 4,875
Accruals and deferred income 13,770 13,992
351,566 232,985

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 9,457 9,457
Bank loans - 2-5 years 6,033 15,922
Hire purchase contracts (see note 11) 39,982 9,425
55,472 34,804

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 9,994 3,900
Between one and five years 39,982 9,425
49,976 13,325

Non-cancellable operating leases
2023 2022
£    £   
Within one year 29,640 29,640
Between one and five years 24,700 54,340
54,340 83,980

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 27,331 15,358

Deferred
tax
£   
Balance at 1 January 2023 15,358
Provided during year 11,973
Balance at 31 December 2023 27,331

FLEXFLOORING LIMITED (REGISTERED NUMBER: 07457168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
55 Ordinary A £1 55 55
3 Ordinary B £1 3 3
58 58

14. RESERVES
Non-distributable
reserve
£   
At 1 January 2023 18,875
Transfer to non-distributable
reserve 19,978

At 31 December 2023 38,853

15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr S J C Hubble
Balance outstanding at start of year 1,285 (7,455 )
Amounts advanced 78,360 12,143
Amounts repaid (70,312 ) (3,403 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,333 1,285

16. RELATED PARTY DISCLOSURES

At the year end a loan of £6,808 (2022 - £Nil) was due to be repaid to Flexflooring Ltd by Flextradesupplies Ltd, who share a common Director. This loan was interest free and repayable on demand.