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Company No: 05241014 (England and Wales)

FLEXIHOSE (PLYMOUTH) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

FLEXIHOSE (PLYMOUTH) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

FLEXIHOSE (PLYMOUTH) LIMITED

BALANCE SHEET

As at 31 October 2023
FLEXIHOSE (PLYMOUTH) LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 362 512
Tangible assets 4 8,743 10,656
Investments 14,281 13,483
23,386 24,651
Current assets
Stocks 49,252 83,457
Debtors 5 109,775 124,979
Cash at bank and in hand 890 3,180
159,917 211,616
Creditors: amounts falling due within one year 6 ( 94,900) ( 104,605)
Net current assets 65,017 107,011
Total assets less current liabilities 88,403 131,662
Creditors: amounts falling due after more than one year 7 ( 15,858) ( 23,705)
Provision for liabilities ( 2,186) ( 2,664)
Net assets 70,359 105,293
Capital and reserves
Called-up share capital 8 6 6
Profit and loss account 70,353 105,287
Total shareholders' funds 70,359 105,293

For the financial 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 financial statements of Flexihose (Plymouth) Limited (registered number: 05241014) were approved and authorised for issue by the Board of Directors on 22 July 2024. They were signed on its behalf by:

Mr P S Hambly
Director
Mr M J Hearl
Director
FLEXIHOSE (PLYMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
FLEXIHOSE (PLYMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Flexihose (Plymouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is 16 Miller Court, Millbay Road, Plymouth, PL1 3LQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 6.67 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Website costs Total
£ £
Cost
At 01 November 2022 999 999
At 31 October 2023 999 999
Accumulated amortisation
At 01 November 2022 487 487
Charge for the financial year 150 150
At 31 October 2023 637 637
Net book value
At 31 October 2023 362 362
At 31 October 2022 512 512

4. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 November 2022 9,200 38,904 4,011 52,115
Additions 0 0 409 409
At 31 October 2023 9,200 38,904 4,420 52,524
Accumulated depreciation
At 01 November 2022 4,579 35,799 1,081 41,459
Charge for the financial year 925 776 621 2,322
At 31 October 2023 5,504 36,575 1,702 43,781
Net book value
At 31 October 2023 3,696 2,329 2,718 8,743
At 31 October 2022 4,621 3,105 2,930 10,656

5. Debtors

2023 2022
£ £
Trade debtors 97,397 98,987
Other debtors 12,378 25,992
109,775 124,979

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10,856 15,010
Trade creditors 46,609 42,007
Taxation and social security 34,559 28,677
Other creditors 2,876 18,911
94,900 104,605

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 15,858 23,705

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each 6 6

9. Financial commitments

Other financial commitments

2023 2022
£ £
Motor Lease 0 2,311

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director 1 (188) 10,361
Director 2 (188) 10,361

During the year the Company advanced £63,860 to Director 1 (2022 - £40,895), of which £74,409 was repaid (2022 - £30,964). Interest was charged at the official rate on this amount for the financial year, with this balance being repayable on demand. The balance due to the company at 31 October 2023 is (£188) (2022 - £10,361).

During the year the Company advanced £100,965 to Director 2 (2022 - £34,333), of which £111,515 was repaid (2022 - £50,172). Interest was charged at the official rate on this amount for the financial year, with this balance being repayable on demand. The balance due to the company at 31 October 2023 is (£188) (2022 - £10,361).