Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 12998586 Mr G B Alcock Mr W A Ellis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12998586 2023-03-31 12998586 2024-03-31 12998586 2023-04-01 2024-03-31 12998586 frs-core:CurrentFinancialInstruments 2024-03-31 12998586 frs-core:FurnitureFittings 2024-03-31 12998586 frs-core:FurnitureFittings 2023-04-01 2024-03-31 12998586 frs-core:FurnitureFittings 2023-03-31 12998586 frs-core:MotorVehicles 2024-03-31 12998586 frs-core:MotorVehicles 2023-04-01 2024-03-31 12998586 frs-core:MotorVehicles 2023-03-31 12998586 frs-core:ShareCapital 2024-03-31 12998586 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12998586 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12998586 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 12998586 frs-bus:SmallEntities 2023-04-01 2024-03-31 12998586 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12998586 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12998586 frs-bus:Director1 2023-04-01 2024-03-31 12998586 frs-bus:Director2 2023-04-01 2024-03-31 12998586 frs-countries:EnglandWales 2023-04-01 2024-03-31 12998586 2022-03-31 12998586 2023-03-31 12998586 2022-04-01 2023-03-31 12998586 frs-core:CurrentFinancialInstruments 2023-03-31 12998586 frs-core:ShareCapital 2023-03-31 12998586 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 12998586
Flex Incorporated Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12998586
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 34,752 14,271
34,752 14,271
CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 10,810 9,802
Cash at bank and in hand 9,837 14,323
21,647 25,125
Creditors: Amounts Falling Due Within One Year 7 (49,517 ) (35,822 )
NET CURRENT ASSETS (LIABILITIES) (27,870 ) (10,697 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,882 3,574
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,688 ) (3,568 )
NET (LIABILITIES)/ASSETS (1,806 ) 6
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (1,808 ) 4
SHAREHOLDERS' FUNDS (1,806) 6
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For the year ending 31 March 2024 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G B Alcock
Director
Mr W A Ellis
Director
4 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Flex Incorporated Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12998586 . The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles 20% Reducing Balance
Fixtures and fittings 20% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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4. Tangible Assets
Motor vehicles Fixtures and fittings Total
£ £ £
Cost
As at 1 April 2023 10,000 7,839 17,839
Additions - 29,169 29,169
As at 31 March 2024 10,000 37,008 47,008
Depreciation
As at 1 April 2023 2,000 1,568 3,568
Provided during the period 1,600 7,088 8,688
As at 31 March 2024 3,600 8,656 12,256
Net Book Value
As at 31 March 2024 6,400 28,352 34,752
As at 1 April 2023 8,000 6,271 14,271
5. Stocks
2024 2023
£ £
Stock 1,000 1,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,835 9,800
Prepayments and accrued income 975 -
Other debtors - 2
10,810 9,802
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 43 4,818
Bank loans and overdrafts 866 -
Corporation tax 9,233 5,234
VAT 6,133 9,079
Other creditors 1,099 -
Accruals and deferred income 30,780 16,369
Directors' loan accounts 1,363 322
49,517 35,822
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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9. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
10. Related Party Transactions
The following related party transactions were undertaken during the year:
A director withdrew amount totalling £34,828 (2023:£23,287), introduced funds totalled £13,509 (2023:£6,783) and was issued dividends totalling £22,000 (2023:£16,505). At the balance sheet date the amount payable by the company was £683 (2023:£1).
A director withdrew amount totalling £55,891 (2023:£21,500), introduced funds totalled £21,751 (2023:£5,316) and was issued dividends totalling £34,500 (2023:£16,505). At the balance sheet date the amount payable by the company was £680 (2023:£321)
Dividends were paid to the directors in respect of their shareholdings totalling £56,500 (2023:£33,010).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
11. Going Concern
The company is able to meet its day to day working capital requirements through the support of the director and creditors. Therefore the director considers it appropriate to prepare financial statements on the going concern basis.
10.1 Illegal dividend
At the time the dividend was paid the director were not aware that there were insufficent profits available for distribution and the director acknowledged that no further distributions can be made until there are sufficient profits available for that purpose. The director anticipates future profits in the coming years.
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