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Registered number: 02107935









Flowflex Holdings Limited









Annual Report and Consolidated Financial Statements

For the year ended 31 March 2024

 
Flowflex Holdings Limited
 
 
Company Information


Directors
T A Dickinson 
R Wilcock 
D Bowers 




Company secretary
R Wilcock



Registered number
02107935



Registered office
Samuel Blaser Works
Tongue Lane Industrial Estate

Buxton

Derbyshire

SK17 7LR




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Flowflex Holdings Limited
 

Contents



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of cash flows
 
12 - 13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 35


 
Flowflex Holdings Limited
 
 
Group Strategic Report
For the year ended 31 March 2024

Introduction
 
The directors present the strategic report for the year ended 31 March 2024.

Business review
 
Flowflex manufactures and sells brass and copper plumbing fittings and innovation products to merchants ranging from large national chains to smaller independent distributors, as well as the specialist OEM market. Our products then go on to supply heating and plumbing installations in the commercial, domestic and DIY project markets.
Based in Buxton, Derbyshire, Flowflex is the main UK manufacturer in the sector and successfully competes in the global supply market ensuring quality, service and value to its customers.  Flowflex distributes to UK and European customers and to the Middle East, where it also has an established network based in Dubai, UAE.
Changes and continuing improvements to the business in manufacturing, procurement and commercially have enhanced resilience and made it well placed to deliver sales growth and profitability over the coming year.
During the year to 31 March 2024, these developments have delivered performance improvements across the business despite a challenging market:
 
Overall sales increased to £21.3M.  Sales in the UK and the rest of the world increased recovering to levels planned before the pandemic.  This is a result of continuing focus on our service levels, product range and straight forward customer engagement.
Trading margins were improved due to stabilisation in metal and energy prices, and improvements in manufacturing efficiency.
The programme to utilise automated manufacturing and assembly equipment has continued.
Adequate working capital has been maintained through managed inventory levels and secured bank facilities.
 

Principal risks and uncertainties
 
The key risks faced by the business are as follows:
 
Product costs, driven by commodity prices for brass and copper, and inflation, particularly in the energy market. Volatility in these markets is dealt with through regular monitoring of purchase costs, supplier procurement, operational changes and where necessary by adjustments to customer pricing structures.
Although sterling is the functional currency of the business, cashflows are also made in US dollars and Euros driving a currency exposure where forecast currency cashflows are not balanced. Currency hedging is used to minimise the risk.

Page 1

 
Flowflex Holdings Limited
 

Group Strategic Report (continued)
For the year ended 31 March 2024

Financial key performance indicators
 
The key financial performance indicators for the past five years are as follows:


2024
2023
2022
2021
2020
Turnover £'000
21,262
20,409
20,738
16,988
17,310
Gross profit £'000
4,555
3,511
4,819
4,434
3,918
Gross profit %
21%
17%
23%
26%
23%
Operating profit/(loss)
890
139
883
1,178
387
Employee numbers
90
91
96
95
97
Turnover/employee £'000
236
224
216
179
178
Operating profit/(loss)/Employee £'000
10
2
9
12
4



This report was approved by the board and signed on its behalf.



R Wilcock
Director

Date: 29 November 2024

Page 2

 
Flowflex Holdings Limited
 
 
 
Directors' Report
For the year ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £451,135 (2023 - loss £166,407).

Dividends paid in the year amounted to £313,500 (2023: £472,926).
The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

T A Dickinson 
R Wilcock 
D Bowers 

Page 3

 
Flowflex Holdings Limited
 
 
 
Directors' Report (continued)
For the year ended 31 March 2024

Future developments

The directors expect future sales growth as a result of development in existing markets.
In order to improve manufacturing efficiency and capacity, the business is continuing a phased upgrade to the factory and warehouse through investment in automation and capacity.
Research and development
The group continues to carry out research and development into new innovative products and processes.

Branches outside the United Kingdom

The Group operates a branch in Dubai, United Arab Emirates.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



R Wilcock
Director

Date: 29 November 2024

Page 4

 
Flowflex Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Flowflex Holdings Limited
 

Opinion


We have audited the financial statements of Flowflex Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of income and retained earnings, the Group and company statements of financial position, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
Flowflex Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Flowflex Holdings Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Flowflex Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Flowflex Holdings Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. 
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 7

 
Flowflex Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Flowflex Holdings Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.



Chris Stewardson (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

2 December 2024
Page 8

 
Flowflex Holdings Limited
 
 
Consolidated Statement of Income and Retained Earnings
For the year ended 31 March 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,262,171
20,408,847

Cost of sales
  
(16,706,819)
(16,897,393)

Gross profit
  
4,555,352
3,511,454

Distribution costs
  
(866,010)
(786,556)

Administrative expenses
  
(2,799,208)
(2,606,174)

Other operating income
 5 
-
20,000

Operating profit
 6 
890,134
138,724

Interest receivable and similar income
 10 
347
229

Interest payable and similar expenses
 11 
(292,016)
(221,501)

Profit/(loss) before tax
  
598,465
(82,548)

Tax on profit/(loss)
 12 
(147,330)
(83,859)

Profit/(loss) after tax
  
451,135
(166,407)

Retained earnings at the beginning of the year
  
3,912,998
4,552,331

Profit/(loss) for the year attributable to the owners of the parent
  
451,135
(166,407)

Dividends declared and paid
 13 
(313,500)
(472,926)

Retained earnings at the end of the year
  
4,050,633
3,912,998


The notes on pages 15 to 35 form part of these financial statements.

Page 9

 
Flowflex Holdings Limited
Registered number: 02107935

Consolidated Statement of Financial Position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
3,462,394
3,467,383

Current assets
  

Stocks
 17 
6,058,876
5,025,837

Debtors: amounts falling due within one year
 18 
5,582,405
4,360,011

Cash at bank and in hand
 19 
143,768
230,609

  
11,785,049
9,616,457

Creditors: amounts falling due within one year
 20 
(8,749,661)
(6,356,921)

Net current assets
  
 
 
3,035,388
 
 
3,259,536

Total assets less current liabilities
  
6,497,782
6,726,919

Creditors: amounts falling due after more than one year
 21 
(972,268)
(1,386,034)

Provisions for liabilities
  

Deferred taxation
 24 
(501,537)
(454,543)

Net assets
  
5,023,977
4,886,342


Capital and reserves
  

Called up share capital 
 25 
118,486
118,486

Share premium account
 26 
778,687
778,687

Capital redemption reserve
 26 
76,171
76,171

Profit and loss account
 26 
4,050,633
3,912,998

  
5,023,977
4,886,342


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Wilcock
Director

Date: 29 November 2024

The notes on pages 15 to 35 form part of these financial statements.

Page 10

 
Flowflex Holdings Limited
Registered number: 02107935

Company Statement of Financial Position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
3,397,494
3,398,083

Investments
 16 
596,799
596,799

  
3,994,293
3,994,882

Current assets
  

Debtors: amounts falling due within one year
 18 
71,104
11,272

Cash at bank and in hand
 19 
37,764
30,478

  
108,868
41,750

Creditors: amounts falling due within one year
 20 
(1,756,170)
(1,322,345)

Net current liabilities
  
 
 
(1,647,302)
 
 
(1,280,595)

Total assets less current liabilities
  
2,346,991
2,714,287

Creditors: amounts falling due after more than one year
 21 
(853,746)
(1,224,245)

Provisions for liabilities
  

Deferred taxation
 24 
(489,554)
(444,044)

Net assets
  
1,003,691
1,045,998


Capital and reserves
  

Called up share capital 
 25 
118,486
118,486

Share premium account
 26 
778,687
778,687

Capital redemption reserve
 26 
76,171
76,171

Profit and loss account brought forward
  
72,654
741,028

Profit/(loss) for the year
  
271,193
(195,448)

Dividends paid

 13 

(313,500)
(472,926)

Profit and loss account carried forward
  
30,347
72,654

  
1,003,691
1,045,998


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Wilcock
Director

Date: 29 November 2024

The notes on pages 15 to 35 form part of these financial statements.

Page 11

 
Flowflex Holdings Limited
 

Consolidated Statement of Cash Flows
For the year ended 31 March 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
451,135
(166,407)

Adjustments for:

Depreciation of tangible assets
259,947
252,988

Government grants
-
(20,000)

Interest paid
292,016
221,501

Interest received
(347)
(229)

Taxation charge
147,330
83,859

(Increase)/decrease in stocks
(1,033,039)
3,100,728

(Increase)/decrease in debtors
(1,222,394)
361,634

Increase/(decrease) in creditors
440,703
(1,173,002)

Corporation tax received/(paid)
-
(22,925)

Net cash generated from operating activities

(664,649)
2,638,147


Cash flows from investing activities

Purchase of tangible fixed assets
(254,958)
(253,811)

Government grants received
-
20,000

Interest received
347
229

HP interest paid
(35,452)
(33,589)

Net cash from investing activities

(290,063)
(267,171)
Page 12

 
Flowflex Holdings Limited
 

Consolidated Statement of Cash Flows (continued)
For the year ended 31 March 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
29,625

New secured bank loans
-
250,000

Repayment of bank loans
(262,231)
(866,519)

New finance leases
-
268,434

Repayment of finance leases
(210,219)
(194,347)

Dividends paid
(313,500)
(472,926)

Interest paid
(256,564)
(187,912)

Increase/(decrease) in receivables finance
1,910,385
(1,093,743)

Net cash used in financing activities
867,871
(2,267,388)

Net (decrease)/increase in cash and cash equivalents
(86,841)
103,588

Cash and cash equivalents at beginning of year
230,609
127,021

Cash and cash equivalents at the end of year
143,768
230,609


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
143,768
230,609

143,768
230,609


The notes on pages 15 to 35 form part of these financial statements.

Page 13

 
Flowflex Holdings Limited
 

Consolidated Analysis of Net Debt
For the year ended 31 March 2024





At 1 April 2023
Cash flows
Other non-cash changes
At 31 March 2024
£

£

£

£

Cash at bank and in hand

230,609

(65,156)

-

165,453

Bank overdrafts

-

(21,685)

-

(21,685)

Debt due after 1 year

(844,199)

-

211,451

(632,748)

Debt due within 1 year

(1,952,477)

(1,648,154)

(211,451)

(3,812,082)

Hire purchase liability

(752,054)

210,219

-

(541,835)


(3,318,121)
(1,524,776)
-
(4,842,897)

The notes on pages 15 to 35 form part of these financial statements.

Page 14

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

1.


General information

Flowflex Holdings Limited is a private company limited by share capital incorporated in England, number 02107935. The address of the registered office and principal place of business is Samuel Blaser Works, Tongue Lane Industrial Estate, Buxton, Derbyshire, SK17 7LR.
The nature of the company's operation is that of a holding company. The nature of the group's operation and its principal activity is the assembly, manufacture and distribution of brass and copper fittings for the plumbing industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the company's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income and retained earnings in these financial statements.
No separate parent company Cash Flow Statement has been presented in line with the exemptions allowed under FRS 102.
The following principal accounting policies have been applied:

  
2.2
Basis of consolidation

The consolidated financial statements present the results of company and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised upon dispatch of goods.

  
2.4
Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance & 5% - 33% straight line
Motor vehicles
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount. 

Page 16

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 17

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

  
2.12
Foreign currency translation

Functional and presentational currency
The group's functional and presentational currency is sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. 

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 19

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The key sources of estimation, uncertainty and critical accounting judgements in applying the group’s policies are as follows:
Provision for obsolete and slow moving stocks
The group reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the income statement, the group makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. At year end, stock held by the Group totalled £6,058,876 (2023: £5,025,837).
Should these estimates vary, the income statement and statement of financial position of the following years could be significantly impacted.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the group.
A geographical analysis of turnover is as follows:

2024
2023
£
£

United Kingdom
16,823,222
16,400,457

Rest of Europe
2,191,701
2,421,320

Rest of the world
2,247,248
1,587,070

21,262,171
20,408,847



5.


Other operating income

2024
2023
£
£

Government grants receivable
-
20,000


Page 20

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Research & development charged as an expense
35,130
26,129

Exchange differences
44,785
86,494

Other operating lease rentals
54,917
61,833

Depreciation
259,947
252,988


7.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
7,000
6,475

Fees payable to the company's auditors in respect of:

The auditing of accounts of subsidiaries of the company
10,500
10,250

Accounting services
6,000
5,750

Taxation compliance services
4,300
4,000


Page 21

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,848,901
2,569,396
-
-

Social security costs
240,318
228,901
-
-

Cost of defined contribution scheme
87,516
104,055
-
-

3,176,735
2,902,352
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production and distribution
69
69



Sales
4
5



Management and administrative
17
17

90
91


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
236,470
184,283

Group contributions to defined contribution pension schemes
33,556
15,536

270,026
199,819


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £98,537 (2023: £98,241).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,056 (2023 - £6,980).

Page 22

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
347
229


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
55,518
47,195

Other loan interest payable
201,046
140,717

Finance leases and hire purchase contracts
35,452
33,589

292,016
221,501


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
100,336
-


Total current tax
100,336
-

Deferred tax


Origination and reversal of timing differences
46,994
(30,020)

Changes to tax rates
-
113,879

Total deferred tax
46,994
83,859


Taxation on profit on ordinary activities
147,330
83,859
Page 23

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
598,465
(82,548)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
149,616
(15,684)

Effects of:


Expenses not deductible for tax purposes
1,321
3,539

Difference between depreciation and capital allowances
3,946
(6,632)

Research and development uplift
(7,553)
(6,454)

Change in deferred tax rate
-
109,090

Total tax charge for the year
147,330
83,859


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid on equity capital
313,500
472,926

Page 24

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2023
94,870



At 31 March 2024

94,870



Amortisation


At 1 April 2023
94,870



At 31 March 2024

94,870



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 25

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
1,786,897
10,103,267
24,061
11,914,225


Additions
-
254,958
-
254,958



At 31 March 2024

1,786,897
10,358,225
24,061
12,169,183



Depreciation


At 1 April 2023
382,553
8,040,228
24,061
8,446,842


Charge for the year
15,782
244,165
-
259,947



At 31 March 2024

398,335
8,284,393
24,061
8,706,789



Net book value



At 31 March 2024
1,388,562
2,073,832
-
3,462,394



At 31 March 2023
1,404,344
2,063,039
-
3,467,383

The net book value of assets held under hire purchase contracts was £811,697 (2023: £988,651).

Page 26

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

           15.Tangible fixed assets (continued)


Tangible fixed assets


Company






Freehold property
Plant and machinery
Total

£
£
£

Cost or valuation


At 1 April 2023
1,786,897
10,015,267
11,802,164


Additions
-
254,958
254,958



At 31 March 2024

1,786,897
10,270,225
12,057,122



Depreciation


At 1 April 2023
382,553
8,021,528
8,404,081


Charge for the year on owned assets
15,782
239,765
255,547



At 31 March 2024

398,335
8,261,293
8,659,628



Net book value



At 31 March 2024
1,388,562
2,008,932
3,397,494



At 31 March 2023
1,404,344
1,993,739
3,398,083






The net book value of assets held under hire purchase contracts was £811,697 (2023: £919,351).

Page 27

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost and net book value


At 1 April 2023
596,799



At 31 March 2024
596,799





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

Flowflex Components Limited
Manufacture of brass and copper fittings for the plumbing industry.
Ordinary
100%
Flowflex Associates Limited
Dormant
Ordinary
100%
Flowflex Stampings Limited
Dormant
Ordinary
100%
Soho Stampings Limited
Dormant
Ordinary
100%
First 4 Fittings Limited
Dormant
Ordinary
100%
Kings Langley Engineering Company Limited
Dormant
Ordinary
100%

The registered address of each subsidiary undertaking is Samuel Blaser Works, Tongue Lane Industrial Estate, Buxton, Derbyshire, SK17 7LR. All subsidiaries are incorporated in the United Kingdom.
The investment in Soho Stampings Limited is held indirectly via Flowflex Stampings Limited.


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
645,417
459,885

Work in progress
455,203
335,423

Finished goods and goods for resale
4,958,256
4,230,529

6,058,876
5,025,837


The carrying value of stocks are stated net of impairment losses totalling £289,223 (2023: £290,894). Impairment reversal gains totalling  £1,671 (2023: £195,690) were recognised in profit and loss.

Page 28

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,420,656
4,230,980
-
-

Amounts owed by group undertakings
-
-
-
5,848

Other debtors
161,749
129,031
71,104
5,424

5,582,405
4,360,011
71,104
11,272


An impairment loss of £285 (2023: £Nil) was recognised against trade debtors.


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
143,768
230,609
37,764
30,478


Page 29

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
219,691
270,471
172,269
226,193

Other loans
3,592,391
1,682,006
-
-

Trade creditors
2,728,337
2,430,172
9,003
6,000

Amounts owed to group undertakings
-
-
771,566
291,100

Corporation tax
100,584
248
74
74

Other taxation and social security
612,505
638,764
524,100
553,717

Obligations under finance lease and hire purchase contracts
202,315
210,219
202,315
197,591

Other creditors
2,556
2,546
2,556
2,546

Accruals and deferred income
1,291,282
1,122,495
74,287
45,124

8,749,661
6,356,921
1,756,170
1,322,345


Included within trade creditors are amounts due to suppliers in respect of stock purchases totalling £2,110,609 (2023: £1,757,554) under contracts subject to reservation of title clauses.
Bank loans are secured by way of a debenture over the assets of the group.
Other loans relate to receivables finance and an import loan facility which are secured against the assets to which they relate.
Net obligations under hire purchase contracts are secured against the assets to which they relate.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
632,748
844,199
514,226
682,410

Net obligations under finance leases and hire purchase contracts
339,520
541,835
339,520
541,835

972,268
1,386,034
853,746
1,224,245


Bank loans are secured by way of a debenture over the assets of the group.
Net obligations under hire purchase contracts are secured against the assets to which they relate.



Page 30

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
219,691
270,471
172,269
226,193

Other loans
3,592,391
1,682,006
-
-


3,812,082
1,952,477
172,269
226,193

Amounts falling due 1-2 years

Bank loans
171,335
222,295
120,105
174,873

Amounts falling due 2-5 years

Bank loans
318,777
417,279
251,485
302,912

Amounts falling due after more than 5 years

Bank loans
142,636
204,625
142,636
204,625

4,444,830
2,796,676
686,495
908,603


The Group has the following loans;
Bank loan repayable in monthly instalments of £6,751, including interest charged at 1.45% above Bank of England Base rate. Total loan repayable in January 2025.
Bank loan repayable in monthly instalments of £4,879, including interest charged at 2.5% above Bank of England Base rate. Total loan repayable in April 2027.
Bank loan repayable in monthly instalments of £7,016, including interest charged at 1.95% above Bank of England Base rate. Total loan repayable in June 2027.
Bank loan repayable in monthly instalments of £4,539, including interest charged at a fixed rate of 2.58%. Total loan repayable in June 2032.


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
220,103
236,096
220,103
222,758

Between 1-5 years
354,372
574,475
354,372
574,475

574,475
810,571
574,475
797,233

Page 31

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

24.


Deferred taxation


Group



2024
2023


£

£



At beginning of year
454,543
370,684


Charged to profit or loss
46,994
83,859



At end of year
501,537
454,543

Company


2024
2023


£

£



At beginning of year
444,044
360,618


Charged to profit or loss
45,510
83,426



At end of year
489,554
444,044

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
501,537
499,505
489,554
483,047

Tax losses carried forward
-
(39,003)
-
(39,003)

Short term timing differences
-
(5,959)
-
-

501,537
454,543
489,554
444,044

Page 32

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



65,161 (2023 - 65,161) A Ordinary shares of £1 each
65,161
65,161
5,925 (2023 - 5,925) B Ordinary shares of £1 each
5,925
5,925
23,700 (2023 - 23,700) C Ordinary shares of £1 each
23,700
23,700
23,700 (2023 - 23,700) D Ordinary shares of £1 each
23,700
23,700

118,486

118,486

All classes of shares rank pari passu, with each share class carrying equal voting rights and entitlement to dividends.



26.


Reserves

Share premium account

Comprises the value of premiums paid on the issue of share capital.

Capital redemption reserve

Comprises the nominal value of own shares purchased by the company.

Profit and loss account

Comprises all current and prior period retained profits and losses, net of dividends.


27.


Contingent liabilities

VAT
Flowflex Holdings Limited is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies’ VAT liabilities.
Bank Guarantee
There is a contingent liability relating to a composite bank guarantee given by Flowflex Holdings Limited to the group's bankers in respect of other companies within the group amounting at the balance sheet date to £3,758,355 (2023: £1,888,073).

Page 33

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

28.


Capital commitments




At 31 March 2024 the Group and company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
336,254
-
336,254
-


29.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £87,516 (2023: £104,055). Contributions totalling £14,125 (2023: £23,836) were payable to the fund at the balance sheet date and are included in creditors.


30.


Commitments under operating leases

At 31 March 2024 the group  had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
18,120
18,215


Group
Group
2024
2023
£
£

Motor vehicles

Not later than 1 year
25,962
22,693

Later than 1 year and not later than 5 years
27,519
23,644

53,481
46,337

The company had no commitments under non-cancellable operating leases as at the reporting date.

Page 34

 
Flowflex Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

31.


Transactions with directors

The following amounts were due from directors of the company to the group as at 31 March 2024:
T A Dickinson £49,906 
(2023: £2,350). In the year amounts totalling £803,056 (2023: £40,128) were advanced and amounts totalling £755,500 (2023: £85,681) were repaid. The maximum amount outstanding in the year was £805,406 (2023: £50,350).
D Bowers £20,000
 (2023: £5,027). In the year amounts totalling £20,000 (2023: £5,027) were advanced and amounts totalling £5,027 (2023: £nil) were repaid. The maximum amount outstanding in the year was £20,000 (2023: £5,027).
No interest is being charged on these loans.


32.


Related party transactions

The directors have chosen not to disclose transactions entered into with other companies wholly owned within the group as permitted under FRS 102 paragraph 33.1A.
Key management personnel compensation totalled £396,796 
(2023: £328,520)
Dividends paid to directors in the year amounted to £277,500 
(2023: £439,926)


33.


Controlling party

The company is under the ultimate control of T A Dickinson by virtue of his majority shareholding.

 
Page 35