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REGISTERED NUMBER: 02579576 (England and Wales)









Unaudited Financial Statements

for the Year Ended 29 February 2024

for

ADFLEX LIMITED

ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Contents of the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADFLEX LIMITED

Company Information
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: P Bermingham
D Hughes





SECRETARY: D Hughes





REGISTERED OFFICE: Burntwood House
7 Shenfield Road
Brentwood
Essex
CM15 8AG





REGISTERED NUMBER: 02579576 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Balance Sheet
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 30,360 22,873
Investment property 6 775,000 775,000
805,360 797,873

CURRENT ASSETS
Debtors 7 567,003 453,928
Cash at bank 3,144,126 3,005,342
3,711,129 3,459,270
CREDITORS
Amounts falling due within one year 8 (471,783 ) (275,983 )
NET CURRENT ASSETS 3,239,346 3,183,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,044,706

3,981,160

PROVISIONS FOR LIABILITIES (117,632 ) (117,632 )
NET ASSETS 3,927,074 3,863,528

CAPITAL AND RESERVES
Called up share capital 2 2
Investment property
revaluation reserve 9 558,166 558,166
Retained earnings 9 3,368,906 3,305,360
SHAREHOLDERS' FUNDS 3,927,074 3,863,528

ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Balance Sheet - continued
29 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





P Bermingham - Director


ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Notes to the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. COMPANY INFORMATION

Adflex Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts chargeable in respect of the sale of services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance

Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 13 ) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Improvements fittings
to and
property equipment Totals
£    £    £   
COST
At 1 March 2023 11,795 220,473 232,268
Additions 4,800 12,148 16,948
At 29 February 2024 16,595 232,621 249,216
DEPRECIATION
At 1 March 2023 8,063 201,332 209,395
Charge for year 2,133 7,328 9,461
At 29 February 2024 10,196 208,660 218,856
NET BOOK VALUE
At 29 February 2024 6,399 23,961 30,360
At 28 February 2023 3,732 19,141 22,873

ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 775,000
NET BOOK VALUE
At 29 February 2024 775,000
At 28 February 2023 775,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2013 261,096
Valuation in 2016 179,999
Valuation in 2020 206,000
Valuation in 2021 24,000
Cost 103,905
775,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 103,905 103,905

The investment properties were valued on an open market basis basis on 28 January 2021 by Portico Estate Agents .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 423,118 372,774
Other debtors 1,261 -
Research & Development tax repayment 63,035 57,700
Prepayments 79,589 23,454
567,003 453,928

ADFLEX LIMITED (REGISTERED NUMBER: 02579576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 62,043 78,244
Tax 77,691 83,716
Social security and other taxes 24,062 15,914
VAT 27,408 24,960
Other creditors 7,057 6,448
Directors' current accounts 294 16,466
Accruals and deferred income 273,228 50,235
471,783 275,983

9. RESERVES
Investment
property
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 3,305,360 558,166 3,863,526
Profit for the year 303,546 303,546
Dividends (240,000 ) (240,000 )
At 29 February 2024 3,368,906 558,166 3,927,072

Gains and losses on investment properties are now shown within the profit or loss for the year and deferred tax recognised as per the requirements of FRS 102. We have disclosed the cumulative effect of these net unrealised gains as a separate component of shareholders' funds, the Investment property revaluation reserve to clearly distinguish between distributable and non-distributable reserves.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There is a balance owed to the Director of £294 at the year end (2023: £16,466).