Registered number
09304659
FLEXTON DEVELOPMENTS LIMITED
Filleted Accounts
30 November 2023
FLEXTON DEVELOPMENTS LIMITED
Registered number: 09304659
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Current assets
Stocks 2,315,104 2,285,784
Debtors 3 367,125 349,175
Cash at bank and in hand 7,103 968
2,689,332 2,635,927
Creditors: amounts falling due within one year 4 (2,703,846) (2,648,606)
Net current liabilities (14,514) (12,679)
Net liabilities (14,514) (12,679)
Capital and reserves
Called up share capital 200 100
Profit and loss account (14,714) (12,779)
Shareholders' funds (14,514) (12,679)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Slakhan Singh KHERA
Director
Approved by the board on 28 August 2024
FLEXTON DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2023 2022
£ £
Deferred tax asset 1,775 1,775
Other debtors 365,350 347,400
367,125 349,175
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,880 8,880
Directors' loan account 406,166 406,261
Other creditors 2,278,800 2,233,465
2,703,846 2,648,606
5 Related party transactions
Other creditors include £2,231,905(2022: £2,231,905) unsecured loan from Assetlink Ltd, a company incorporated in England and Wales in which Mr KS Dhaliwal and Mr SS Khera were directors and hold 50% shares each during the period.
Other debtors include £346,800 (2022: 346,800) unsecured loan to Hillstone Properties Limited, a company incorporated in England and Wales in which Mr KS Dhaliwal and Mr SS Khera are directors and the company is 100% subsidiary of Assetlink Ltd.
6 Controlling party
The company is under the control of its director Mr Slakhan Singh KHERA by virture of his shareholding.
7 Other information
FLEXTON DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Dunmar
Stoke Court Drive
Stoke Poges
Slough
SL2 4L
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