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Registration number: 06688180

Flexipower (Holdings) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Flexipower (Holdings) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Flexipower (Holdings) Limited

Company Information

Directors

Mr K West

Mrs T A W West

Registered office

Unit 11 Urban Hive Luton Enterprise Park
Sundon Park Road
Luton
LU3 3GU

 

Flexipower (Holdings) Limited

(Registration number: 06688180)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

400,000

400,000

Current assets

 

Debtors

5

17

17

Cash at bank and in hand

 

311

686

 

328

703

Creditors: Amounts falling due within one year

6

(3,079)

(2,959)

Net current liabilities

 

(2,751)

(2,256)

Net assets

 

397,249

397,744

Capital and reserves

 

Called up share capital

1

1

Retained earnings

397,248

397,743

Shareholders' funds

 

397,249

397,744

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr K West
Director

   
     
 

Flexipower (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11 Urban Hive Luton Enterprise Park
Sundon Park Road
Luton
LU3 3GU
United Kingdom

The principal place of business is:
Unit 11 Urban Hive
Luton Enterprise Park
Sundon Park Road
Luton
LU3 3GU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Flexipower (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Flexipower (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Investments

2024
£

2023
£

Investments in subsidiaries

400,000

400,000

Subsidiaries

£

Cost or valuation

At 1 March 2023

400,000

Provision

Carrying amount

At 29 February 2024

400,000

At 28 February 2023

400,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Chartwich Limited

Unit 11 Urban Hive
Luton Enterprise Park
Sundon Park Road
Luton LU3 3GU

England

Ordinary £1

100%

100%

Subsidiary undertakings

Chartwich Limited

The principal activity of Chartwich Limited is Hydraulic Hose Franchise.

 

Flexipower (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Prepayments

17

17

 

17

17

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

3,079

2,959

7

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £75,190.00 (2023 - £69,800.00) per each Ordinary

75,190

69,800