Company registration number 00986331 (England and Wales)
S.FLITTERMAN & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
S.FLITTERMAN & COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
S.FLITTERMAN & COMPANY LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,086
1,347,642
Investment property
4
3,050,000
-
0
3,057,086
1,347,642
Current assets
Debtors
5
151,796
118,796
Cash at bank and in hand
486,090
480,789
637,886
599,585
Creditors: amounts falling due within one year
6
(142,328)
(108,738)
Net current assets
495,558
490,847
Net assets
3,552,644
1,838,489
Capital and reserves
Called up share capital
34,149
34,149
Capital redemption reserve
11,925
11,925
Fair value reserve
7
1,138,071
-
0
Reserves
2,368,499
1,792,415
Total equity
3,552,644
1,838,489
S.FLITTERMAN & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -

For the financial year ended 29 February 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
L J Flitterman
Director
Company registration number 00986331 (England and Wales)
S.FLITTERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

S.Flitterman & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises rent receivable during the period, net of VAT where applicable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property
2% per annum on straight line basis
Fixtures, fittings & equipment
20% per annum on reducing balance basis
Motor vehicles
25% per annum on reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

S.FLITTERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -

Prior to 31 January 1998 depreciation was not provided on freehold land and buildings. It has been the company's practice to maintain these assets in a continual state of adequate repair and to make improvements thereto from time to time. Accordingly, the directors considered that the lives of these assets were so long and residual values, based on prices prevailing at the time of acquisition or subsequent valuation, so high that their depreciation was insignificant. Notwithstanding this, freehold buildings acquired since 1 February 1998 have been and will continue to be depreciated at the above rate. Any permanent diminution in the value of such properties is charged to the profit and loss account as appropriate.

 

From 1 March 2008, the freehold land and buildings were reclassified as Investment Properties. Investment properties are held for long term investment. The investment properties are included in the balance sheet at historical cost and the buildings element is depreciated at 2% per annum. Under the Financial Reporting Standard 102, these should be included at open market value with no annual depreciation charge. However, the directors are of the opinion that the current market value is in excess of the cost value stated in the accounts and that the accounting treatment chosen presents a more true and fair view.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are recognised at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

S.FLITTERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised at transaction price.

1.7
Equity instruments

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

S.FLITTERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Property
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
1,911,929
12,326
59,076
1,983,331
Transfers
(1,911,929)
-
0
-
0
(1,911,929)
At 29 February 2024
-
0
12,326
59,076
71,402
Depreciation and impairment
At 1 March 2023
573,733
12,289
49,667
635,689
Depreciation charged in the year
22,698
8
2,352
25,058
Eliminated in respect of disposals
(596,431)
-
0
-
0
(596,431)
At 29 February 2024
-
0
12,297
52,019
64,316
Carrying amount
At 29 February 2024
-
0
29
7,057
7,086
At 28 February 2023
1,338,196
37
9,409
1,347,642
4
Investment property
2024
£
Fair value
At 1 March 2023
-
0
Transfers
1,911,929
Revaluations
1,138,071
At 29 February 2024
3,050,000
S.FLITTERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
4
Investment property
(Continued)
- 7 -

Investment property comprises of land and rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,972
-
0
Other debtors
142,124
116,096
149,096
116,096
Deferred tax asset
2,700
2,700
151,796
118,796
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
85
255
Corporation tax
15,300
8,400
Other taxation and social security
4,070
3,859
Other creditors
122,873
96,224
142,328
108,738
7
Fair value reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
1,138,071
-
At the end of the year
1,138,071
-
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