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Registered number: 07860437
Flamekut Profiles (Midlands) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07860437
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 14,400 17,600
Tangible Assets 5 976,015 797,607
990,415 815,207
CURRENT ASSETS
Stocks 6 54,686 79,273
Debtors 7 416,466 598,363
Cash at bank and in hand 369,913 301,460
841,065 979,096
Creditors: Amounts Falling Due Within One Year 8 (605,920 ) (620,028 )
NET CURRENT ASSETS (LIABILITIES) 235,145 359,068
TOTAL ASSETS LESS CURRENT LIABILITIES 1,225,560 1,174,275
Creditors: Amounts Falling Due After More Than One Year 9 (63,518 ) (116,106 )
NET ASSETS 1,162,042 1,058,169
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,161,942 1,058,069
SHAREHOLDERS' FUNDS 1,162,042 1,058,169
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For the year ending 30 November 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.
On behalf of the board
Sarah Norman
Director
29/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Flamekut Profiles (Midlands) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07860437 . The registered office is Unit 39-40 Darlaston Central Trading Estate, Wednesbury, West Midlands, WS10 8XB.
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold over 50 years
Leasehold over the lease term
Plant & Machinery over 5 years
Motor Vehicles over 5 years
Fixtures & Fittings over 5 years
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 14)
14 14
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 40,000
As at 30 November 2023 40,000
Amortisation
As at 1 December 2022 22,400
Provided during the period 3,200
As at 30 November 2023 25,600
Net Book Value
As at 30 November 2023 14,400
As at 1 December 2022 17,600
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2022 341,769 675,616 77,301 - 1,094,686
Additions - 278,991 - - 278,991
As at 30 November 2023 341,769 954,607 77,301 - 1,373,677
Depreciation
As at 1 December 2022 - 246,330 50,749 - 297,079
Provided during the period - 85,123 15,460 - 100,583
As at 30 November 2023 - 331,453 66,209 - 397,662
Net Book Value
As at 30 November 2023 341,769 623,154 11,092 - 976,015
As at 1 December 2022 341,769 429,286 26,552 - 797,607
6. Stocks
2023 2022
£ £
Finished goods 54,686 79,273
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 406,616 574,115
Prepayments and accrued income 9,850 9,850
Director's loan account - 14,398
416,466 598,363
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 516,162 414,870
Bank loans and overdrafts 29,851 -
Corporation tax - 57,658
Other taxes and social security 8,278 5,944
VAT 41,472 44,456
Net wages 959 -
Other creditors 5,925 -
Accruals and deferred income - 97,100
Director's loan account 3,273 -
605,920 620,028
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 63,518 116,106
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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