Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01falseManufacture of other special-purpose machinery not elsewhere classified5961truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02530915 2023-01-01 2023-12-31 02530915 2022-01-01 2022-12-31 02530915 2023-12-31 02530915 2022-12-31 02530915 2022-01-01 02530915 c:Director1 2023-01-01 2023-12-31 02530915 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02530915 d:Buildings d:LongLeaseholdAssets 2023-12-31 02530915 d:Buildings d:LongLeaseholdAssets 2022-12-31 02530915 d:LandBuildings 2023-12-31 02530915 d:LandBuildings 2022-12-31 02530915 d:PlantMachinery 2023-01-01 2023-12-31 02530915 d:PlantMachinery 2023-12-31 02530915 d:PlantMachinery 2022-12-31 02530915 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530915 d:MotorVehicles 2023-01-01 2023-12-31 02530915 d:MotorVehicles 2023-12-31 02530915 d:MotorVehicles 2022-12-31 02530915 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530915 d:FurnitureFittings 2023-01-01 2023-12-31 02530915 d:FurnitureFittings 2023-12-31 02530915 d:FurnitureFittings 2022-12-31 02530915 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530915 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530915 d:CurrentFinancialInstruments 2023-12-31 02530915 d:CurrentFinancialInstruments 2022-12-31 02530915 d:Non-currentFinancialInstruments 2023-12-31 02530915 d:Non-currentFinancialInstruments 2022-12-31 02530915 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02530915 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02530915 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02530915 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02530915 d:ShareCapital 2023-12-31 02530915 d:ShareCapital 2022-12-31 02530915 d:RetainedEarningsAccumulatedLosses 2023-12-31 02530915 d:RetainedEarningsAccumulatedLosses 2022-12-31 02530915 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02530915 c:OrdinaryShareClass1 2023-12-31 02530915 c:OrdinaryShareClass1 2022-12-31 02530915 c:FRS102 2023-01-01 2023-12-31 02530915 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02530915 c:FullAccounts 2023-01-01 2023-12-31 02530915 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02530915 2 2023-01-01 2023-12-31 02530915 6 2023-01-01 2023-12-31 02530915 11 2023-01-01 2023-12-31 02530915 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02530915 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02530915 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02530915 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02530915 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02530915










Flexicon (Europe) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Flexicon (Europe) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Flexicon (Europe) Limited for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flexicon (Europe) Limited for the year ended 31 December 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Flexicon (Europe) Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Flexicon (Europe) Limited and state those matters that we have agreed to state to the Board of directors of Flexicon (Europe) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flexicon (Europe) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Flexicon (Europe) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flexicon (Europe) Limited. You consider that Flexicon (Europe) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Flexicon (Europe) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
27 June 2024
Page 1

 
Flexicon (Europe) Limited
Registered number: 02530915

Balance sheet
As at 31 December 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 3 
234,298
265,710

Investments
 4 
52,588
52,588

  
286,886
318,298

Current assets
  

Stocks
 5 
1,119,105
723,077

Debtors: amounts falling due within one year
 6 
2,152,157
1,462,922

Bank & cash balances
  
774,770
810,545

  
4,046,032
2,996,544

Creditors: amounts falling due within one year
 7 
(3,924,372)
(3,089,952)

Net current assets/(liabilities)
  
 
 
121,660
 
 
(93,408)

Total assets less current liabilities
  
408,546
224,890

Creditors: amounts falling due after more than one year
 8 
(13,131)
(23,364)

  

Net assets
  
395,415
201,526


Capital and reserves
  

Called up share capital 
 10 
63,636
63,636

Profit and loss account
  
331,779
137,890

  
395,415
201,526


Page 2

 
Flexicon (Europe) Limited
Registered number: 02530915

Balance sheet (continued)
As at 31 December 2023

The directors consider 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 directors acknowledge their 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 income and retained earnings 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 by: 




K Bourton
Director
Date: 27 June 2024

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023



General information

Flexicon (Europe) Limited is a limited liability company incorporated in England, company registration number 02530915.  The address of the registered office and principal place of business is 182 John Wilson Business Park, Harvey Drive, Chestfield, Whitstable, Kent, CT5 3RB.

1.Accounting policies

 
1.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Going concern

Economic challenges have arisen as result of supply chain constrictions, increasing freight costs, wage increases and increasing power and fuel costs leading to possible margin pressures. These economic pressures are not forecast to be resolved during the next financial year. This situation was aggravated by the commencement of hostilities in the Ukraine in February 2022, leading to more pressure on the world oil and gas markets, resulting in further very sharp rises in oil and gas costs. Notwithstanding these pressures, the company will continue to receive economic support from its director and sole shareholder, Mr D Gill, who together with his related companies, will continue to financially support the company. Based on these facts, the directors consider the preparation of the financial statements on the going concern basis to be appropriate. 

 
1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
Page 4

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)


1.3
Turnover (continued)

the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

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.

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

Depreciation is provided on the following basis:

Leasehold Improvements
-
Over 15 years
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 6

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)


1.9
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
1.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

 
1.11

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
1.13

Operating leases: the Company as lessee

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

 
1.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.15

Interest income

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

Page 8

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

 
1.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.17

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 9

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

 
1.18

Financial liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:

Interest bearing loans and borrowings

Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.


2.


Employees

The average monthly number of employees, including directors, during the year was 59 (2022 - 61).

Page 10

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Tangible fixed assets





Leasehold Improve-  ments
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
330,027
451,521
130,214
302,122
1,213,884


Additions
-
4,539
-
30,051
34,590



At 31 December 2023

330,027
456,060
130,214
332,173
1,248,474



Depreciation


At 1 January 2023
230,890
384,937
88,628
243,719
948,174


Charge for the year on owned assets
19,409
17,203
10,395
18,995
66,002



At 31 December 2023

250,299
402,140
99,023
262,714
1,014,176



Net book value



At 31 December 2023
79,728
53,920
31,191
69,459
234,298



At 31 December 2022
99,137
66,584
41,586
58,403
265,710




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
79,728
99,138

79,728
99,138



4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
52,588



At 31 December 2023
52,588




Page 11

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
909,879
662,478

Work in progress
209,226
60,599

1,119,105
723,077



6.


Debtors

2023
2022
£
£


Trade debtors
1,810,067
1,218,592

Other debtors
95,462
22,442

Prepayments and accrued income
29,136
26,979

Deferred taxation
217,492
194,909

2,152,157
1,462,922


Included in other debtors are amounts of £5,000 (2022: £Nil) owing from Gill and Bourton 2 LLP in which Mr. D Gill and Mr. K Bourton are both members. This loan is interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
435,399
197,803

Other taxation and social security
80,440
74,593

Obligations under finance lease and hire purchase contracts
10,233
9,943

Other creditors
1,997,315
1,894,867

Accruals and deferred income
1,400,985
912,746

3,924,372
3,089,952


Included in other creditors are amounts owing  to the directors Mr.D Gill of £464,160 (2022: £481,632) and Gill & Bourton 2 LLP of £265 (2022: £265). D Gill and K Bourton are both members of Gill & Bourton 2 LLP. Both loans are interest free and repayable on demand.
Also within other creditors are amounts owing to the Flexicon Corporation, as US entity owned by Mr D Gill, of £1,392,123 (2022: £1,323,085). This loan is interest free and repayable on demand.

Page 12

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
13,131
23,364

13,131
23,364





9.


Deferred taxation




2023
2022


£

£






At beginning of year
194,909
133,811


Charged to profit or loss
22,583
61,098



At end of year
217,492
194,909

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(21,926)
(23,251)

Tax losses carried forward
239,418
218,160

217,492
194,909

Page 13

 
Flexicon (Europe) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

10.


Share capital

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



63,636 (2022 - 63,636) Ordinary shares of £1.00 each
63,636
63,636



11.


Comparative figures

Comparative figures have been restated where appropriate to provide more meaningful comparisons. No change has been made to the comparative loss after tax.


12.


Related party transactions

Other than the loans detailed in note 6 and 7, which are interest free and repayable on demand, all related party transactions during the current and prior periods were made under normal market conditions.


13.


Controlling party

Mr D Gill is the controlling party by virtue of his 100% shareholding.


Page 14