Registration number:
Flock-Living Limited
for the Year Ended 31 March 2023
Flock-Living Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Flock-Living Limited
Company Information
Directors |
Mrs A Sethia Mr A Sethia Mr R Sethia Mr V K Sethia |
Company secretary |
Mrs A Sethia |
Registered office |
|
Registered number |
01741615 |
Accountants |
|
Flock-Living Limited
(Registration number: 01741615)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
200,000 |
200,000 |
|
Retained earnings |
(276,421) |
(319,663) |
|
Shareholders' deficit |
(76,421) |
(119,663) |
Flock-Living Limited
(Registration number: 01741615)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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).
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.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
Going concern
The accounts have been prepared on a going concern basis on the understanding that the creditors will continue to support the company for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Foreign currency transactions and balances
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates
taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
25% on reducing balance |
Motor Vehicles |
25% on reducing balance |
Computer Equipments |
33% on reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
50% on reducing balance |
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.
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving
stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Foreign currency
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Financial instruments
Classification
various categories in accordance with IFRS 9.
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans 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 receipts discounted at a market rate of interest.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Internally generated software development costs |
Other intangible assets |
Total |
|
Cost or valuation |
|||
At 1 April 2022 |
|
|
|
Disposals |
( |
- |
( |
At 31 March 2023 |
- |
|
|
Amortisation |
|||
At 1 April 2022 |
|
|
|
Amortisation charge |
- |
|
|
Amortisation eliminated on disposals |
( |
- |
( |
At 31 March 2023 |
- |
|
|
Carrying amount |
|||
At 31 March 2023 |
- |
|
|
At 31 March 2022 |
- |
|
|
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2022 |
|
|
|
|
Additions |
|
- |
- |
|
At 31 March 2023 |
|
|
|
|
Depreciation |
||||
At 1 April 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2023 |
|
|
|
|
Carrying amount |
||||
At 31 March 2023 |
|
|
|
|
At 31 March 2022 |
|
|
|
|
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
200,000 |
|
200,000 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Finance lease liabilities |
|
|
Other borrowings |
|
|
|
|
Flock-Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Finance lease liabilities |
|
|
|
|
Related party transactions |
As at year end the company owed £174,373 (2022: £184,682) to the director Mr Ashoke Sethia.