04465118falsesale of musical instruments2023-01-012023-12-31http://www.companieshouse.gov.uk/2022-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2022-12-31http://www.companieshouse.gov.uk/cd:Director12023-01-012023-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2023-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2022-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12023-01-012023-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2023-12-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2023-01-012023-12-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2023-01-012023-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2023-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2022-12-31http://www.companieshouse.gov.uk/2023-01-012023-12-31http://www.companieshouse.gov.uk/2022-12-31http://www.companieshouse.gov.uk/cd:FRS1022023-01-012023-12-31http://www.companieshouse.gov.uk/2023-12-31http://www.companieshouse.gov.uk/cd:FullAccounts2023-01-012023-12-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2023-01-012023-12-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 04465118
FIFTY-FLIP LIMITED
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Prepared By:
Reed-Ransted
Chartered Accountants
2 Burhill Grove
Pinner
Middlesex
HA5 3DW
FIFTY-FLIP LIMITED
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS
KE Rycroft
REGISTERED OFFICE
1 Quad Road
East Lane
Wembley
Middlesex
HA9 7NE
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 04465118
.
ACCOUNTANTS
Reed-Ransted
Chartered Accountants
2 Burhill Grove
Pinner
Middlesex
HA5 3DW
FIFTY-FLIP LIMITED
ACCOUNTS
FOR THEYEARENDED31 DECEMBER 2023
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
FIFTY-FLIP LIMITED
BALANCE SHEET AT31 December 2023
Registered number: 04465118
20232022
Notes££
FIXED ASSETS
Tangible assets2309386
CURRENT ASSETS
Stock3,2873,054
Debtors47,15111,719
Cash at bank and in hand147128
10,58514,901
CREDITORS: Amounts falling due within one year5298,555361,532
NET CURRENT LIABILITIES(287,970)(346,631)
TOTAL ASSETS LESS CURRENT LIABILITIES(287,661)(346,245)
CAPITAL AND RESERVES
Called up share capital71,0001,000
Profit and loss account(288,661)(347,245)
SHAREHOLDERS' FUNDS(287,661)(346,245)
For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on16 September 2024and signed on their behalf by
.............................
KE Rycroft
Director
FIFTY-FLIP LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Going Concern
The company has negative net assets. These financial statements have been prepared on the going concern basis on the assumption that the amount owing to an associated company with a common director will not be repayable in the foreseeable future.
1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Equipmentreducing balance 20%
1d. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1e. Government Grants
Government grants are recognised in profit and loss in the period for which they are receivable.
FIFTY-FLIP LIMITED
2. TANGIBLE FIXED ASSETS
EquipmentTotal
££
Cost
At 1 January 20237,2987,298
At 31 December 20237,2987,298
Depreciation
At 1 January 20236,9126,912
For the year7777
At 31 December 20236,9896,989
Net Book Amounts
At 31 December 2023309309
At 31 December 2022386386
3. STOCK 20232022
££
Stock comprises:
Stock3,2873,054
3,2873,054
4. DEBTORS 20232022
££
Amounts falling due within one year
Trade debtors1,4907,848
Other debtors3,8713,871
Prepayments1,790-
7,15111,719
FIFTY-FLIP LIMITED
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
VAT5,335734
Loans50,00050,000
Trade creditors16,3826,788
Accruals1,2071,227
Deferred income2,148-
Amounts due to associated companies223,483302,783
298,555361,532
6. EMPLOYEES
20232022
No.No.
Average number of employees11
7. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
1000 Ordinary shares of £1 each10001000
1,0001,000
8. CONTROLLING PARTY
The company is controlled by KE Rycroft.