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COMPANY REGISTRATION NUMBER: 1007511
Flow-Mon Limited
Filleted Unaudited Financial Statements
31 December 2023
Flow-Mon Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
82,710
94,057
Current assets
Stocks
352,770
316,277
Debtors
6
932,652
948,046
Cash at bank and in hand
84,199
36,103
------------
------------
1,369,621
1,300,426
Creditors: amounts falling due within one year
7
147,845
175,174
------------
------------
Net current assets
1,221,776
1,125,252
------------
------------
Total assets less current liabilities
1,304,486
1,219,309
Provisions
Taxation including deferred tax
14,922
17,525
------------
------------
Net assets
1,289,564
1,201,784
------------
------------
Capital and reserves
Called up share capital
23,900
23,900
Share premium account
175
175
Capital redemption reserve
57,100
57,100
Profit and loss account
1,208,389
1,120,609
------------
------------
Shareholders funds
1,289,564
1,201,784
------------
------------
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.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Flow-Mon Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
Mr N Smith
Director
Company registration number: 1007511
Flow-Mon Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Statutory information
Flow-Mon Limited is a private company, limited by shares, domiciled in England and Wales, registration number 1007511 . The registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of The Everett Smith Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented. Disclosures in respect of share-based payments have not been presented. No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Improvements to property
-
2% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Equipment
-
10% - 33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 13 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
19,470
345,354
98,419
92,864
556,107
Additions
3,803
1,649
2,150
7,602
--------
---------
---------
--------
---------
At 31 December 2023
19,470
349,157
100,068
95,014
563,709
--------
---------
---------
--------
---------
Depreciation
At 1 January 2023
3,460
282,551
94,285
81,754
462,050
Charge for the year
390
12,500
1,252
4,807
18,949
--------
---------
---------
--------
---------
At 31 December 2023
3,850
295,051
95,537
86,561
480,999
--------
---------
---------
--------
---------
Carrying amount
At 31 December 2023
15,620
54,106
4,531
8,453
82,710
--------
---------
---------
--------
---------
At 31 December 2022
16,010
62,803
4,134
11,110
94,057
--------
---------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
148,417
208,991
Amounts owed by group undertakings and undertakings in which the company has a participating interest
763,433
715,568
Other debtors
20,802
23,487
---------
---------
932,652
948,046
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
82,240
105,396
Corporation tax
29,606
18,902
Social security and other taxes
15,493
21,856
Other creditors
20,506
29,020
---------
---------
147,845
175,174
---------
---------
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
9. Controlling party
The ultimate holding company is The Everett Smith Group Limited, a company incorporated in England and Wales. The Everett Smith Group Limited is controlled by Mr N Smith . The Everett Smith Group Limited's registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.