Company registration number 02692264 (England and Wales)
FLEXIBLE BUSINESS INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FLEXIBLE BUSINESS INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FLEXIBLE BUSINESS INTERIORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
90,658
121,242
Current assets
Debtors
5
3,292,165
3,297,076
Cash at bank and in hand
1,421,174
944,792
4,713,339
4,241,868
Creditors: amounts falling due within one year
6
(2,283,272)
(2,137,607)
Net current assets
2,430,067
2,104,261
Total assets less current liabilities
2,520,725
2,225,503
Creditors: amounts falling due after more than one year
7
-
0
(72,763)
Provisions for liabilities
(21,657)
(29,019)
Net assets
2,499,068
2,123,721
Capital and reserves
Called up share capital
9
36,125
36,125
Capital redemption reserve
63,885
63,885
Profit and loss reserves
2,399,058
2,023,711
Total equity
2,499,068
2,123,721

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FLEXIBLE BUSINESS INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
D Leah
Director
Company Registration No. 02692264
FLEXIBLE BUSINESS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Flexible Business Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Azets, Ship Canal House, 98 King Street, Manchester, United Kingdom, M2 4WU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion and amounts invoiced during the period, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The difference between costs incurred and invoiced is recognised as 'amounts recoverable on contracts' within current assets or 'deferred income' within current liabilities, inclusive of an estimated margin.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land, buildings and improvements
6% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% reducing balance
Office equipment
30% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

FLEXIBLE BUSINESS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FLEXIBLE BUSINESS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants represent amounts claimed under the Coronavirus Job Retention Scheme.

1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.12

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
15
FLEXIBLE BUSINESS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
175,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
175,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
4
Tangible fixed assets
Leasehold land, buildings and improvements
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
185,217
26,023
35,102
18,102
254,109
518,553
Disposals
-
0
-
0
-
0
-
0
(20,045)
(20,045)
At 31 March 2024
185,217
26,023
35,102
18,102
234,064
498,508
Depreciation and impairment
At 1 April 2023
178,464
26,023
23,574
16,545
152,705
397,311
Depreciation charged in the year
1,094
-
0
2,883
467
25,223
29,667
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(19,128)
(19,128)
At 31 March 2024
179,558
26,023
26,457
17,012
158,800
407,850
Carrying amount
At 31 March 2024
5,659
-
0
8,645
1,090
75,264
90,658
At 31 March 2023
6,753
-
0
11,528
1,557
101,404
121,242
FLEXIBLE BUSINESS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,085,448
1,253,626
Amounts recoverable on contracts
474,801
466,662
Amounts owed by group undertakings
1,721,742
1,566,549
Other debtors
10,174
10,239
3,292,165
3,297,076
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases and hire purchase
76,082
28,980
Trade creditors
1,236,302
1,500,191
Corporation tax
323,122
99,411
Other taxation and social security
381,907
349,726
Deferred income
166,471
131,774
Other creditors
99,388
27,525
2,283,272
2,137,607

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase
-
0
72,763

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

FLEXIBLE BUSINESS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
21,657
29,019
2024
Movements in the year:
£
Liability at 1 April 2023
29,019
Credit to profit or loss
(7,362)
Liability at 31 March 2024
21,657
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
36,125
36,125
36,125
36,125
10
Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £193,147 (2023: £123,188).

 

Contributions totalling £nil (2023: £nil) were payable to the scheme at the year end.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
61,697
89,730
12
Related party transactions

At the period end the company was owed £1,721,742 (2023: £1,566,549) from its parent company Flexible Business Interiors Holdings Limited.

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