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Registration number: 02544735

Flexquote Ltd

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Flexquote Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

Flexquote Ltd

(Registration number: 02544735)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

8,512

8,752

Cash at bank and in hand

 

3,222

3,582

 

11,734

12,334

Creditors: Amounts falling due within one year

5

(1,782)

(2,177)

Net assets

 

9,952

10,157

Capital and reserves

 

Called up share capital

6

10,000

10,000

Retained earnings

(48)

157

Shareholders' funds

 

9,952

10,157

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.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Paul Davidson
Director

.........................................
Allan Davidson
Director

 
     
 

Flexquote Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The address of its registered office is:
Invision House
Wilbury Way
Hitchin
Hertfordshire
England
SG4 0TY

These financial statements were authorised for issue by the Board on 14 November 2024.

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).

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 £.

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

In a prior year the company sold its investment property and the directors are now considering winding up the company. The distributable reserves have been distributed to the parent company.

These financial statements have therefore not been prepared on a going concern basis. All assets have been written down to their expected recoverable amounts and all liabilities payable as at the balance sheet date have been fully recognised in the financial statements.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 14 November 2024 was Brian Stewart, who signed for and on behalf of RBCA Limited.

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.

 

Flexquote Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Debtors

Current

Note

2024
£

2023
£

Amounts owed by group undertakings

7

8,512

-

Other debtors

 

-

8,752

   

8,512

8,752

 

Flexquote Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,782

-

Other creditors

-

2,177

1,782

2,177

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

7

Related party transactions

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

8

Parent company

N.K. Holdings Limited, a company incorporated in Northern Ireland, is considered by the directors as being the company's controlling party and ultimate parent company.

N.K. Holdings Limited has included the results of Flexquote Ltd in its group financial statements, copies of which are available from its registered office at 40 Trailcock Road, Carrickfergus, BT38 7NU.