Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 SC418036 Mr David Mummery Thorntons Law LLP iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC418036 2022-12-31 SC418036 2023-12-31 SC418036 2023-01-01 2023-12-31 SC418036 frs-core:Non-currentFinancialInstruments 2023-12-31 SC418036 frs-core:SharePremium 2023-12-31 SC418036 frs-core:ShareCapital 2023-12-31 SC418036 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC418036 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC418036 frs-bus:AbridgedAccounts 2023-01-01 2023-12-31 SC418036 frs-bus:SmallEntities 2023-01-01 2023-12-31 SC418036 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC418036 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC418036 frs-bus:Director1 2023-01-01 2023-12-31 SC418036 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 SC418036 frs-countries:Scotland 2023-01-01 2023-12-31 SC418036 2021-12-31 SC418036 2022-12-31 SC418036 2022-01-01 2022-12-31 SC418036 frs-core:Non-currentFinancialInstruments 2022-12-31 SC418036 frs-core:SharePremium 2022-12-31 SC418036 frs-core:ShareCapital 2022-12-31 SC418036 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: SC418036
Flex Marine Power Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Ballantyne & Co
Chartered Accountants & Registered Auditors
60 St. Enoch Square
Glasgow
G1 4AG
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: SC418036
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,682,644 1,297,494
Tangible Assets 5 12,535 21,244
1,695,179 1,318,738
CURRENT ASSETS
Debtors 186,514 102,350
Cash at bank and in hand 84,388 354,446
270,902 456,796
Creditors: Amounts Falling Due Within One Year (84,557 ) (79,127 )
NET CURRENT ASSETS (LIABILITIES) 186,345 377,669
TOTAL ASSETS LESS CURRENT LIABILITIES 1,881,524 1,696,407
Creditors: Amounts Falling Due After More Than One Year (14,500 ) (14,500 )
NET ASSETS 1,867,024 1,681,907
CAPITAL AND RESERVES
Called up share capital 6 128 124
Share premium account 687,356 519,943
Profit and Loss Account 1,179,540 1,161,840
SHAREHOLDERS' FUNDS 1,867,024 1,681,907
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr David Mummery
Director
23 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Flex Marine Power Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC418036 . The registered office is 91 Clober Road, Milngavie, Glasgow, G62 7LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract, as measured by milestone completion.
2.3. Research and Development
Research expenditure is written off in the year in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial, and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Amortisation of intangible fixed assets is calculated so as to write off the cost of each asset, less its residual value, over the useful economic life of that asset.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and are subsequently stated at cost less accumulated depreciation.
Depreciation is calculated so as to write off the cost of each asset, less its residual value, over the useful economic life of that asset. Useful economic life used for this policy varies between 3-5 years.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 6)
4 6
4. Intangible Assets
Total
£
Cost
As at 1 January 2023 1,297,494
Additions 385,150
As at 31 December 2023 1,682,644
Net Book Value
As at 31 December 2023 1,682,644
As at 1 January 2023 1,297,494
Page 3
Page 4
5. Tangible Assets
Total
£
Cost
As at 1 January 2023 41,993
Additions 3,405
As at 31 December 2023 45,398
Depreciation
As at 1 January 2023 20,749
Provided during the period 12,114
As at 31 December 2023 32,863
Net Book Value
As at 31 December 2023 12,535
As at 1 January 2023 21,244
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 128 124
Page 4