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REGISTERED NUMBER: 07184659 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FLEX MORTGAGES LIMITED

FLEX MORTGAGES LIMITED (REGISTERED NUMBER: 07184659)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FLEX MORTGAGES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A Abdullah
J Pugalia
J J Chiaro





SECRETARY: Mrs N Pugalia





REGISTERED OFFICE: 409-411 Croydon Road
Beckenham
Kent
BR3 3PP





REGISTERED NUMBER: 07184659 (England and Wales)





ACCOUNTANTS: Edwards Chartered Accountants
409-411 Croydon Road
Beckenham
Kent
BR3 3PP

FLEX MORTGAGES LIMITED (REGISTERED NUMBER: 07184659)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,021 6,021

CURRENT ASSETS
Debtors 5 500,984 381,224
Cash at bank 274,911 204,630
775,895 585,854
CREDITORS
Amounts falling due within one year 6 119,738 97,711
NET CURRENT ASSETS 656,157 488,143
TOTAL ASSETS LESS CURRENT
LIABILITIES

662,178

494,164

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 661,178 493,164
662,178 494,164

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2024 and were signed on its behalf by:





A Abdullah - Director


FLEX MORTGAGES LIMITED (REGISTERED NUMBER: 07184659)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Flex Mortgages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
As the cumulative receipts (since purchase of the portfolio) exceed the portfolio purchase price, the portfolio is now carried at a nominal £1 value in the balance sheet.

A large number of loan balances remain to be recovered - however as these are "sub-prime" it is not possible to place a value on them for accounting purposes. Accordingly they are carried at a nominal value in the balance sheet with all recoveries, net of collection costs, being taken directly to the profit and loss account as turnover.

Intangible assets
Licence fees are carried at original cost after reviewing whether there has been any diminution in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

FLEX MORTGAGES LIMITED (REGISTERED NUMBER: 07184659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 6,021
NET BOOK VALUE
At 31 March 2024 6,021
At 31 March 2023 6,021

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1 1
Other debtors 500,983 381,223
500,984 381,224

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 56,121 52,647
Other creditors 63,617 45,064
119,738 97,711