2023-01-012023-12-312023-12-31false08221949FLIPSTOCK 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FLIPSTOCK LTD

Registered Number
08221949
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

FLIPSTOCK LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Aisha Patel
PATEL, Irfaan Murad Ali

Registered Address

1205 Aster House North Wharf Road
London
W2 1EZ

Registered Number

08221949 (England and Wales)
FLIPSTOCK LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets38,3608,360
Tangible assets44,520-
12,8808,360
Current assets
Stocks51,166,026859,204
Debtors6393,723693,255
Cash at bank and on hand84,889134,053
1,644,6381,686,512
Creditors amounts falling due within one year7(1,575,549)(1,718,902)
Net current assets (liabilities)69,089(32,390)
Total assets less current liabilities81,969(24,030)
Net assets81,969(24,030)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account80,969(25,030)
Shareholders' funds81,969(24,030)
The financial statements were approved and authorised for issue by the Board of Directors on 15 September 2024, and are signed on its behalf by:
PATEL, Irfaan Murad Ali
Director
Registered Company No. 08221949
FLIPSTOCK LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Website Development Costs Where websites are expected to generate future revenues in excess of the costs of developing those websites and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as an intangible fixed asset and amortised over 5 years. Expenditure incurred on maintaining websites and expenditure incurred on developing websites used only for advertising and promotional purposes are written off as incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year54
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 238,3608,360
At 31 December 238,3608,360
Net book value
At 31 December 238,3608,360
At 31 December 228,3608,360
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions4,5204,520
At 31 December 234,5204,520
Net book value
At 31 December 234,5204,520
At 31 December 22--
5.Stocks

2023

2022

££
Finished goods1,166,026859,204
Total1,166,026859,204
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables30,250290,046
Other debtors273,918191,246
Prepayments and accrued income89,555211,963
Total393,723693,255
Other debtors include balances amounting to £141,760 (2022 - £57,246) due from companies with common directorships.
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables493,585642,130
Amounts owed to related parties792,685672,542
Taxation and social security25,20477,221
Other creditors98,276216,210
Accrued liabilities and deferred income165,799110,799
Total1,575,5491,718,902
Amounts owed to related parties £792,685 (2021 - £264,752) are due to companies with common directorships.