Flowstop Limited 01624402 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the manufacture of inflatable stoppers for the gas, water and sewerage industries. Digita Accounts Production Advanced 6.30.9574.0 true false true 01624402 2023-01-01 2023-12-31 01624402 2023-12-31 01624402 core:CurrentFinancialInstruments 2023-12-31 01624402 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01624402 core:PlantMachinery 2023-12-31 01624402 bus:SmallEntities 2023-01-01 2023-12-31 01624402 bus:Audited 2023-01-01 2023-12-31 01624402 bus:FullAccounts 2023-01-01 2023-12-31 01624402 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01624402 bus:RegisteredOffice 2023-01-01 2023-12-31 01624402 bus:Director5 2023-01-01 2023-12-31 01624402 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01624402 core:PlantMachinery 2023-01-01 2023-12-31 01624402 1 2023-01-01 2023-12-31 01624402 countries:EnglandWales 2023-01-01 2023-12-31 01624402 2022-12-31 01624402 core:PlantMachinery 2022-12-31 01624402 2022-01-01 2022-12-31 01624402 2022-12-31 01624402 core:CurrentFinancialInstruments 2022-12-31 01624402 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01624402 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 01624402

Flowstop Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Flowstop Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Flowstop Limited

(Registration number: 01624402)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,050

13,529

Current assets

 

Stocks

5

168,642

234,576

Debtors

6

130,568

140,194

 

299,210

374,770

Creditors: Amounts falling due within one year

7

(272,507)

(216,617)

Net current assets

 

26,703

158,153

Total assets less current liabilities

 

35,753

171,682

Provisions for liabilities

(1,043)

(1,043)

Net assets

 

34,710

170,639

Capital and reserves

 

Called up share capital

150

150

Retained earnings

34,560

170,489

Shareholders' funds

 

34,710

170,639

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 3 July 2024 and signed on its behalf by:
 

.........................................
D M Pye
Director

 

Flowstop Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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:
1 Kingdom Avenue
Northacre Industrial Park
Westbury
Wiltshire
BA13 4WE
England

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 July 2024 was Emily Ness FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

 

Flowstop Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

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.

 

Flowstop Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 7).

 

Flowstop Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

43,316

43,316

Additions

3,641

3,641

At 31 December 2023

46,957

46,957

Depreciation

At 1 January 2023

29,787

29,787

Charge for the year

8,120

8,120

At 31 December 2023

37,907

37,907

Carrying amount

At 31 December 2023

9,050

9,050

At 31 December 2022

13,529

13,529

5

Stocks

2023
£

2022
£

Other inventories

168,642

234,576

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

25,194

23,552

Amounts owed by related parties

85,385

111,178

Prepayments

 

7,211

5,464

Other debtors

 

12,778

-

   

130,568

140,194

 

Flowstop Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

190,359

138,958

Trade creditors

38,006

34,598

Taxation and social security

28,935

13,821

Other creditors

15,207

29,240

272,507

216,617

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

190,359

138,958

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,672 (2022 - £5,016).

10

Parent and ultimate parent undertaking

The company's immediate parent is Indutrade UK Limited, incorporated in United Kingdom.

 The ultimate parent is Indutrade AB, incorporated in Sweden.

 The most senior parent entity producing publicly available financial statements is Indutrade AB. These financial statements are available upon request from Indutrade AB, Box 6044, SE-164 06 Kista, Sweden