Company registration number 3480757 (England and Wales)
FLAGTRADER.COM LIMITED
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
FLAGTRADER.COM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
FLAGTRADER.COM LIMITED
BALANCE SHEET
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,508
36,632
Investments
5
136,493
77,776
166,001
114,408
Current assets
Debtors
6
716,628
8,118
Cash at bank and in hand
576,138
1,253,067
1,292,766
1,261,185
Creditors: amounts falling due within one year
7
(592,794)
(293,840)
Net current assets
699,972
967,345
Total assets less current liabilities
865,973
1,081,753
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
855,973
1,071,753
Total equity
865,973
1,081,753
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
Mr G Cohen
Director
Company Registration No. 3480757
FLAGTRADER.COM LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
10,000
1,358,519
1,368,519
Year ended 31 December 2022:
Loss and total comprehensive income
-
(246,766)
(246,766)
Pension Contribution
-
(40,000)
(40,000)
Balance at 31 December 2022
10,000
1,071,753
1,081,753
Year ended 31 December 2023:
Loss and total comprehensive income
-
(215,780)
(215,780)
Balance at 31 December 2023
10,000
855,973
865,973
FLAGTRADER.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information
FlagTrader.Com Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any circumstances which would call into question the future of the company as a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on written down value
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are recognised at transaction price.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
FLAGTRADER.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Director's remuneration and dividends
2023
2022
£
£
Remuneration paid to directors
59,096
59,033
Pension
40,000
40,000
FLAGTRADER.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
249,934
Additions
2,324
At 31 December 2023
252,258
Depreciation and impairment
At 1 January 2023
213,302
Depreciation charged in the year
9,448
At 31 December 2023
222,750
Carrying amount
At 31 December 2023
29,508
At 31 December 2022
36,632
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
136,493
77,776
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
77,776
Additions
73,776
Valuation changes
(15,059)
At 31 December 2023
136,493
Carrying amount
At 31 December 2023
136,493
At 31 December 2022
77,776
FLAGTRADER.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,888
Amounts owed by group undertakings and undertakings in which the company has a participating interest
712,209
Other debtors
4,419
1,230
716,628
8,118
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,316
9,496
Amounts owed to group undertakings
35,401
Taxation and social security
13,950
13,239
Other creditors
565,528
235,704
592,794
293,840