The Flash Centre Limited 02441299 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the retail sale of photographic products and accessories Digita Accounts Production Advanced 6.30.9574.0 true true 02441299 2023-01-01 2023-12-31 02441299 2023-12-31 02441299 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 02441299 bus:PreferenceShareClass1 bus:CumulativeShares 2023-12-31 02441299 core:CurrentFinancialInstruments 2023-12-31 02441299 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02441299 core:FurnitureFittingsToolsEquipment 2023-12-31 02441299 core:LandBuildings 2023-12-31 02441299 bus:SmallEntities 2023-01-01 2023-12-31 02441299 bus:Audited 2023-01-01 2023-12-31 02441299 bus:FilletedAccounts 2023-01-01 2023-12-31 02441299 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02441299 bus:RegisteredOffice 2023-01-01 2023-12-31 02441299 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 02441299 bus:Director2 2023-01-01 2023-12-31 02441299 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 02441299 bus:PreferenceShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 02441299 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02441299 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02441299 core:LandBuildings 2023-01-01 2023-12-31 02441299 core:MotorVehicles 2023-01-01 2023-12-31 02441299 1 2023-01-01 2023-12-31 02441299 countries:AllCountries 2023-01-01 2023-12-31 02441299 2022-12-31 02441299 core:FurnitureFittingsToolsEquipment 2022-12-31 02441299 core:LandBuildings 2022-12-31 02441299 2022-01-01 2022-12-31 02441299 2022-12-31 02441299 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-31 02441299 bus:PreferenceShareClass1 bus:CumulativeShares 2022-12-31 02441299 core:CurrentFinancialInstruments 2022-12-31 02441299 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02441299 core:FurnitureFittingsToolsEquipment 2022-12-31 02441299 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02441299

The Flash Centre Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Flash Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

The Flash Centre Limited

Company Information

Directors

G I Clements

S M Prais

Company secretary

G I Clements

Registered office

Spectrum Point
164 Clapgate Lane
Birmingham
B32 3DE

Auditors

Bissell & Brown Midlands Ltd
Chartered Certified Accountants and Statutory Auditors
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

The Flash Centre Limited

(Registration number: 02441299)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,347

6,909

Current assets

 

Stocks

5

489,905

520,497

Debtors

6

414,297

455,647

Cash at bank and in hand

 

46,676

93,053

 

950,878

1,069,197

Creditors: Amounts falling due within one year

7

(286,447)

(266,532)

Net current assets

 

664,431

802,665

Net assets

 

665,778

809,574

Capital and reserves

 

Called up share capital

9

650,421

650,421

Retained earnings

15,357

159,153

Shareholders' funds

 

665,778

809,574

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
G I Clements
Company secretary and director

 

The Flash Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Spectrum Point
164 Clapgate Lane
Birmingham
B32 3DE
United Kingdom

These financial statements were authorised for issue by the Board on 10 September 2024.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 13 September 2024 was John James Taheny, who signed for and on behalf of Bissell & Brown Midlands Ltd.

.........................................

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Flash Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures, fittings and equipment

20% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Rental equipment is shown within closing stock and is stated at the lower of cost and net realisable value

 

The Flash Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 13).

 

The Flash Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

58,843

860

59,703

Additions

-

1,225

1,225

At 31 December 2023

58,843

2,085

60,928

Depreciation

At 1 January 2023

52,443

351

52,794

Charge for the year

6,400

387

6,787

At 31 December 2023

58,843

738

59,581

Carrying amount

At 31 December 2023

-

1,347

1,347

At 31 December 2022

6,400

509

6,909

Included within the net book value of land and buildings above is £Nil (2022 - £6,400) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

489,905

520,497

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

68,825

141,827

Amounts owed by related parties

174,423

182,062

Prepayments

 

33,141

34,799

Other debtors

 

137,908

96,959

   

414,297

455,647

Details of non-current trade and other debtors

£Nil (2022 -£Nil) of amounts owed by related parties is classified as non current.

 

The Flash Centre Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

101,480

112,784

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8,875

-

Taxation and social security

 

147,690

106,633

Accruals and deferred income

 

18,695

30,137

Other creditors

 

9,707

16,978

 

286,447

266,532

Lloyds Bank plc hold an unlimited debenture dated 04/01/2022, incorporating a fixed and floating charge and a letter of set-off dated 16/01/2003.

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 £Nil (2022 - £339,621). Financial commitments include the rent commitment.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

421

421

421

421

Preference of £1 each

650,000

650,000

650,000

650,000

650,421

650,421

650,421

650,421

10

Parent and ultimate parent undertaking

The company's immediate parent is Lumesca Group Limited, incorporated in England.

  These financial statements are available upon request from Spectrum Point, 164 Clapgate Lane, Birmingham, B32 3DE.