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Registration number: 09606677

Flexit FF&E Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Flexit FF&E Solutions Limited

Contents

Profit and Loss Account

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Flexit FF&E Solutions Limited

Profit and Loss Account

for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

4,123,536

2,853,679

Cost of sales

 

(2,868,239)

(1,921,580)

Gross profit

 

1,255,297

932,099

Administrative expenses

 

(939,588)

(668,319)

Other operating income

 

750

750

Operating profit

 

316,459

264,530

Interest payable and similar charges

 

(8,105)

(4,978)

Profit before tax

308,354

259,552

Taxation

 

(87,952)

(51,595)

Profit for the financial year

 

220,402

207,957

 

Flexit FF&E Solutions Limited

Balance Sheet

as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

41,000

53,000

Tangible assets

5

406,805

184,277

 

447,805

237,277

Current assets

 

Stocks

49,335

11,103

Debtors

6

571,937

392,905

Cash at bank and in hand

 

274,917

215,824

 

896,189

619,832

Creditors: Amounts falling due within one year

7

(755,764)

(296,800)

Net current assets

 

140,425

323,032

Total assets less current liabilities

 

588,230

560,309

Creditors: Amounts falling due after more than one year

7

(130,319)

(139,033)

Provisions for liabilities

(90,939)

(26,489)

Net assets

 

366,972

394,787

Capital and reserves

 

Allotted, called up and fully paid share capital

96

96

Share premium reserve

50,387

50,387

Capital redemption reserve

25

25

Profit and loss account

316,464

344,279

Shareholders' funds

 

366,972

394,787

Registration number: 09606677

 

Flexit FF&E Solutions Limited

Balance Sheet

as at 31 December 2023 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 June 2024 and signed on its behalf by:
 

.........................................
Mr D C Read
Director

 

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 09606677.

The address of its registered office is:
Tarnfield House
Moorfield Road
Yeadon
Leeds
West Yorkshire
LS19 7BN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

 

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% per annum on a reducing balance basis

Fixtures, fittings and equipment

15% and 33.3% per annum on a reducing balance basis or straight line over the life of the lease

Motor vehicles

15% per annum on a reducing balance basis

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is ten years. Provision is made for any impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 18 (2022 - 14).

 

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

120,000

120,000

At 31 December 2023

120,000

120,000

Amortisation

At 1 January 2023

67,000

67,000

Amortisation charge

12,000

12,000

At 31 December 2023

79,000

79,000

Net book value:

At 31 December 2023

41,000

41,000

At 31 December 2022

53,000

53,000

 

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 January 2023

54,179

202,633

4,020

260,832

Additions

18,592

257,134

7,599

283,325

Disposals

-

(19,989)

-

(19,989)

At 31 December 2023

72,771

439,778

11,619

524,168

Depreciation

At 1 January 2023

34,458

40,739

1,358

76,555

Charge for the year

10,198

35,501

1,258

46,957

Eliminated on disposal

-

(6,149)

-

(6,149)

At 31 December 2023

44,656

70,091

2,616

117,363

Net book value

At 31 December 2023

28,115

369,687

9,003

406,805

At 31 December 2022

19,721

161,894

2,662

184,277

6

Debtors

Current

2023
£

2022
£

Trade debtors

500,383

323,616

Prepayments

21,087

18,822

Other debtors

50,467

50,467

 

571,937

392,905

 

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

7

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

10,080

9,849

HP and finance lease liabilities

43,236

10,936

Other borrowings

90,000

90,000

Trade creditors

350,535

79,701

Directors' loan account

68,276

54

Taxation and social security

83,126

14,806

Other creditors

71,362

5,392

Accruals and deferred income

15,647

39,795

Corporation tax

23,502

46,267

755,764

296,800

Due after one year

Bank borrowings

16,488

26,612

HP and finance lease liabilities

113,831

22,421

Other borrowings

-

90,000

130,319

139,033

Due after one year

 

Bank loans and overdrafts

130,319

139,033

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £92,400 (2022 - £41,157).