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Registration number: 02508095

SCANFLEX LIMITED

Filleted Financial Statements

for the Year Ended 31 December 2023

 

SCANFLEX LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

SCANFLEX LIMITED

Company Information


 

Directors

Mr HG Fleetwood

Mr J P Bredholt


 

Company secretary

Mr HG Fleetwood

Registered office

2 Thursby Road
Croft Business Park
Wirral
Merseyside
CH62 3PW

 

Auditors

Pennington Williams Limited
Chartered Certified Accountants and Statutory Auditors
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

SCANFLEX LIMITED

(Registration number: 02508095)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

3,010

3,399

Current assets

 

Stock

5

7,602

8,073

Debtors

6

74,959

141,254

Cash at bank and in hand

 

436,746

456,868

 

519,307

606,195

Creditors: Amounts falling due within one year

7

(96,113)

(186,950)

Net current assets

 

423,194

419,245

Total assets less current liabilities

 

426,204

422,644

Provisions for liabilities

(756)

(850)

Net assets

 

425,448

421,794

Capital and Reserves

 

Called up share capital

8

29,950

29,950

Share premium reserve

63,050

63,050

Retained Earnings

332,448

328,794

Shareholders' funds

 

425,448

421,794

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 Profit and Loss Account.

 

SCANFLEX LIMITED

(Registration number: 02508095)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

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

Mr HG Fleetwood
Company secretary and director

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

Mr J P Bredholt
Director

 

SCANFLEX 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 and Wales.

The address of its registered office is:
2 Thursby Road
Croft Business Park
Wirral
Merseyside
CH62 3PW

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.

Going concern

The company's business activities together with the factors likely to affect its future development and performance are set out in the Business Review of the financial statements. The company has considerable financial resources together with contracts with a number of customers. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 September 2024 was Mrs Lisa Jane Bean FCCA, who signed for and on behalf of Pennington Williams Limited.

 

SCANFLEX LIMITED

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

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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 and Fittings

20% on cost

Computer Equipment

20% on cost

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.

 

SCANFLEX LIMITED

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

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.

Stock

Stock 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, stock are assessed for impairment. If stock 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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

SCANFLEX LIMITED

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

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.

 

SCANFLEX LIMITED

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible Assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 January 2023

31,874

26,914

58,788

Additions

-

1,024

1,024

Disposals

(19,261)

(17,138)

(36,399)

At 31 December 2023

12,613

10,800

23,413

Depreciation

At 1 January 2023

31,873

23,516

55,389

Charge for the year

-

1,402

1,402

Eliminated on disposal

(19,261)

(17,127)

(36,388)

At 31 December 2023

12,612

7,791

20,403

Carrying amount

At 31 December 2023

1

3,009

3,010

At 31 December 2022

1

3,398

3,399

5

Stock

2023
£

2022
£

Stock

7,602

8,073

 

SCANFLEX LIMITED

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

6

Debtors

Current

2023
£

2022
£

Trade Debtors

72,545

137,420

Prepayments

2,414

3,834

 

74,959

141,254

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

22,634

101,021

Taxation and social security

45,495

52,817

Accruals and deferred income

9,675

9,036

Other creditors

18,309

24,076

96,113

186,950

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

29,950

29,950

29,950

29,950

         

9

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 £46,654 (2022 - £24,275). Minimum lease payments under non-cancellable operating leases fall due as above.