Registered number
06811186
FLAXGOLD LTD
Filleted Accounts
29 February 2024
FLAXGOLD LTD
Registered number: 06811186
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Current assets
Cash at bank and in hand 755,364 247,919
Creditors: amounts falling due within one year 5 (306,251) (164,747)
Net current assets 449,113 83,172
Net assets 449,113 83,172
Capital and reserves
Called up share capital 100 100
Profit and loss account 449,013 83,072
Shareholder's funds 449,113 83,172
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Y Y Leong
Director
Approved by the board on 2 November 2024
FLAXGOLD LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 20,000
At 29 February 2024 20,000
Amortisation
At 1 March 2023 20,000
At 29 February 2024 20,000
Net book value
At 29 February 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 129,809
At 29 February 2024 129,809
Depreciation
At 1 March 2023 129,809
At 29 February 2024 129,809
Net book value
At 29 February 2024 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 38,715 67,050
Taxation and social security costs 118,697 4,441
Other creditors 148,839 93,256
306,251 164,747
6 Other information
FLAXGOLD LTD is a private company limited by shares and incorporated in England. Its registered office is:
111 High Street
Edgware
HA8 7DB
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