IRIS Accounts Production v24.2.0.383 01607975 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016079752023-03-31016079752024-03-31016079752023-04-012024-03-31016079752022-03-31016079752022-04-012023-03-31016079752023-03-3101607975ns15:EnglandWales2023-04-012024-03-3101607975ns14:PoundSterling2023-04-012024-03-3101607975ns10:Director12023-04-012024-03-3101607975ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101607975ns10:SmallEntities2023-04-012024-03-3101607975ns10:AuditExemptWithAccountantsReport2023-04-012024-03-3101607975ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101607975ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101607975ns10:FullAccounts2023-04-012024-03-3101607975ns10:Director22023-04-012024-03-3101607975ns10:CompanySecretary12023-04-012024-03-3101607975ns10:RegisteredOffice2023-04-012024-03-3101607975ns5:CurrentFinancialInstruments2024-03-3101607975ns5:CurrentFinancialInstruments2023-03-3101607975ns5:Non-currentFinancialInstruments2024-03-3101607975ns5:Non-currentFinancialInstruments2023-03-3101607975ns5:ShareCapital2024-03-3101607975ns5:ShareCapital2023-03-3101607975ns5:RetainedEarningsAccumulatedLosses2024-03-3101607975ns5:RetainedEarningsAccumulatedLosses2023-03-3101607975ns5:LeaseholdImprovements2023-03-3101607975ns5:PlantMachinery2023-03-3101607975ns5:FurnitureFittings2023-03-3101607975ns5:LeaseholdImprovements2023-04-012024-03-3101607975ns5:PlantMachinery2023-04-012024-03-3101607975ns5:FurnitureFittings2023-04-012024-03-3101607975ns5:LeaseholdImprovements2024-03-3101607975ns5:PlantMachinery2024-03-3101607975ns5:FurnitureFittings2024-03-3101607975ns5:LeaseholdImprovements2023-03-3101607975ns5:PlantMachinery2023-03-3101607975ns5:FurnitureFittings2023-03-3101607975ns5:MotorVehicles2023-03-3101607975ns5:ComputerEquipment2023-03-3101607975ns5:MotorVehicles2023-04-012024-03-3101607975ns5:ComputerEquipment2023-04-012024-03-3101607975ns5:MotorVehicles2024-03-3101607975ns5:ComputerEquipment2024-03-3101607975ns5:MotorVehicles2023-03-3101607975ns5:ComputerEquipment2023-03-3101607975ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101607975ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101607975ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3101607975ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3101607975ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101607975ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101607975ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3101607975ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3101607975ns5:HirePurchaseContracts2024-03-3101607975ns5:HirePurchaseContracts2023-03-3101607975ns5:WithinOneYear2024-03-3101607975ns5:WithinOneYear2023-03-3101607975ns5:BetweenOneFiveYears2024-03-3101607975ns5:BetweenOneFiveYears2023-03-3101607975ns5:AllPeriods2024-03-3101607975ns5:AllPeriods2023-03-3101607975ns5:Secured2024-03-3101607975ns5:Secured2023-03-31
















FLARE PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024






FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

FLARE PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: M Simpson
S A Simpson



SECRETARY: S Simpson



REGISTERED OFFICE: Unit 14 Broadmead Business Park
Broadmead Road
Stewartby
Bedford
Bedfordshire
MK43 9NX



REGISTERED NUMBER: 01607975 (England and Wales)



ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN



BANKERS: HSBC Bank plc.

FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,450 21,803

CURRENT ASSETS
Stocks 69,000 61,000
Debtors 5 337,265 315,513
Cash at bank 107,024 93,891
513,289 470,404
CREDITORS
Amounts falling due within one year 6 287,368 154,258
NET CURRENT ASSETS 225,921 316,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

244,371

337,949

CREDITORS
Amounts falling due after more than one
year

7

(154,875

)

(229,452

)

PROVISIONS FOR LIABILITIES (915 ) (1,486 )
NET ASSETS 88,581 107,011

CAPITAL AND RESERVES
Called up share capital 5,600 5,600
Retained earnings 82,981 101,411
SHAREHOLDERS' FUNDS 88,581 107,011

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

BALANCE SHEET - continued
31ST MARCH 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th September 2024 and were signed on its behalf by:





S A Simpson - Director


FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

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

1. STATUTORY INFORMATION

Flare Products 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.

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

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Turnover
Turnover is generated through manufacturing efficient combustion flare systems.

Turnover represents the amount receivable by the company for the sales and services provided, stated net of value added tax.

Included within turnover is the fair value of amounts recoverable on contracts where a right to consideration has been obtained.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% reducing balance
Plant & machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - straight line over 3 years

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
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.


FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Going concern
In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cash flows.

At the date of approving these financial statements the directors are satisfied that the company will have adequate resources to continue operations for the foreseeable future.

Accordingly, they continues to adopt the going concern basis in the preparation of the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

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

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st April 2023 8,395 29,267 16,280
Additions - - 199
At 31st March 2024 8,395 29,267 16,479
DEPRECIATION
At 1st April 2023 5,419 23,906 14,401
Charge for year 297 1,072 377
At 31st March 2024 5,716 24,978 14,778
NET BOOK VALUE
At 31st March 2024 2,679 4,289 1,701
At 31st March 2023 2,976 5,361 1,879

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2023 36,094 7,881 97,917
Additions - 2,168 2,367
At 31st March 2024 36,094 10,049 100,284
DEPRECIATION
At 1st April 2023 25,986 6,402 76,114
Charge for year 2,526 1,448 5,720
At 31st March 2024 28,512 7,850 81,834
NET BOOK VALUE
At 31st March 2024 7,582 2,199 18,450
At 31st March 2023 10,108 1,479 21,803

The net book value of tangible fixed assets includes £ 7,007 (2023 - £ 9,342 ) in respect of assets held under hire purchase contracts.

FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 217,066 195,716
Doubtful debt provision (5,217 ) (6,167 )
Amounts owed by participating interests 1,356 -
Amounts recoverable on contract 94,500 105,000
Other debtors 2,000 -
Corporation tax refund 828 828
VAT - 14,566
Prepayments 26,732 5,570
337,265 315,513

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 72,234 65,281
Hire purchase contracts (see note 8) 2,343 5,363
Trade creditors 59,226 58,247
Corporation tax 10,361 -
Social security and other taxes 10,659 5,564
VAT 48,579 -
Other creditors 2,613 6,594
Accruals and deferred income 81,353 13,209
287,368 154,258

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans 154,875 227,109
Hire purchase contracts (see note 8) - 2,343
154,875 229,452

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,343 5,363
Between one and five years - 2,343
2,343 7,706

FLARE PRODUCTS LIMITED (REGISTERED NUMBER: 01607975)

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

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 17,117 17,117
Between one and five years 9,508 26,625
26,625 43,742

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 227,109 292,390
Hire purchase contracts 2,343 7,706
229,452 300,096

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FLARE PRODUCTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flare Products Limited for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Flare Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Flare Products Limited and state those matters that we have agreed to state to the Board of Directors of Flare Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flare Products Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Flare Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flare Products Limited. You consider that Flare Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Flare Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


16th September 2024