Company No:
Contents
Note | 30.09.2023 | 28.02.2023 | ||
£ | £ | |||
Current assets | ||||
Stocks | 3 |
|
|
|
Debtors | 4 |
|
|
|
Cash at bank and in hand | 5 |
|
|
|
1,194,743 | 1,070,023 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (190,350) | (167,543) | ||
Total assets less current liabilities | (190,350) | (167,543) | ||
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Director's responsibilities:
The financial statements of Flamingo Development Limited (registered number:
N M Patel
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Flamingo Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Total liabilities exceed current assets at the balance sheet date. The director considers, however that the company has sufficient assets, to meet its liabilities as and when they fall due and that the company has sufficient support from its creditors. Accordingly the director considers that it is appropriate to prepare the accounts on a going concern basis.
At each reporting date, stocks are assessed for impairment. If stock is 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.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
**Factors affecting tax charge for the year**
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2020 - 19%).
Period from 01.03.2023 to 30.09.2023 |
Year ended 28.02.2023 |
||
Number | Number | ||
Monthly average number of persons employed by the company during the period, including the director |
|
|
30.09.2023 | 28.02.2023 | ||
£ | £ | ||
Stocks |
|
|
30.09.2023 | 28.02.2023 | ||
£ | £ | ||
Other debtors |
|
|
30.09.2023 | 28.02.2023 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
30.09.2023 | 28.02.2023 | ||
£ | £ | ||
Amounts owed to group undertakings |
|
|
|
Other loans |
|
|
|
Accruals |
|
|
|
Other creditors |
|
|
|
|
|
30.09.2023 | 28.02.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|