Company No:
Contents
DIRECTOR | J A N Prenn |
REGISTERED OFFICE | Unit 3 Crewkerne Business Park |
Cropmead | |
Crewkerne | |
Somerset | |
TA18 7HJ | |
United Kingdom |
COMPANY NUMBER | 09855159 (England and Wales) |
ACCOUNTANT | Evelyn Partners LLP |
Portwall Place | |
Portwall Lane | |
Bristol | |
BS1 6NA |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 4 |
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260,683 | 260,683 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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5,792,777 | 5,792,503 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (272,128) | (265,312) | ||
Total assets less current liabilities | (11,445) | (4,629) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Flimsdid Limited (registered number:
J A N Prenn
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Flimsdid 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 Unit 3 Crewkerne Business Park, Cropmead, Crewkerne, Somerset, TA18 7HJ, United Kingdom.
The financial statements have been prepared in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Flimsdid Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The Company is reliant on the support of its director. The director has given their assurance to continue to support the company and the accounts have been prepared on this basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
amortised cost using the effective interest method, less any impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
During the preparation of the financial statements it was identified that other debtors at 30 November 2022 had been understated by £99,970 and amounts owed to directors had been understated by the same amount. A prior year adjustment has been made in these financial statements to correct the position. The adjustment has no resultant change to the loss for the year ended 30 November 2022 or the value of net assets at that date.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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260,683 | 260,683 |
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to director |
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Accruals |
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Other creditors |
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At 30 November 2023, the Company owed £6,057,816 (2022 - £6,057,415) to its director. This amount is interest free and repayable on demand.
At 30 November 2023, the Company owed £400 (2022 - £400) to a company under common control. The loan has no interest and is repayable on demand.
During prior periods, the Company provided loan notes to a subsidiary to the value of £6,869,312 now repayable by 31 March 2025. During the year the company was repaid £Nil of the loan notes (2022 - £618,300). The amount outstanding at the year end was £3,674,763 (2022 - £3,674,763). The loan notes are interest free and are classified as financial arrangements in accordance with section 11 of FRS 102. The loan notes are now considered to be repayable on demand, so no further interest will be charged.