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Registration number: 01741615

Flock-Living Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Flock-Living Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

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

58 New Cavendish Street,
Lower Ground
London
W1G 8TH

Registered number

01741615

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Flock-Living Limited

(Registration number: 01741615)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

328

655

Tangible assets

5

31,467

40,648

 

31,795

41,303

Current assets

 

Stocks

6

30,132

28,371

Debtors

7

54,471

49,305

Cash at bank and in hand

 

191,258

121,441

 

275,861

199,117

Creditors: Amounts falling due within one year

8

(149,986)

(103,028)

Net current assets

 

125,875

96,089

Total assets less current liabilities

 

157,670

137,392

Creditors: Amounts falling due after more than one year

8

(234,091)

(257,055)

Net liabilities

 

(76,421)

(119,663)

Capital and reserves

 

Called up share capital

9

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 1 December 2024 and signed on its behalf by:
 

.........................................
Mr A Sethia
Director

 

Flock-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
58 New Cavendish Street,
Lower Ground
London
W1G 8TH

2

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

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.

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
The financial assets and liabilities of the balance sheet are presented and evaluated in accordance with the
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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Flock-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

321,521

6,567

328,088

Disposals

(321,521)

-

(321,521)

At 31 March 2023

-

6,567

6,567

Amortisation

At 1 April 2022

321,521

5,912

327,433

Amortisation charge

-

327

327

Amortisation eliminated on disposals

(321,521)

-

(321,521)

At 31 March 2023

-

6,239

6,239

Carrying amount

At 31 March 2023

-

328

328

At 31 March 2022

-

655

655

 

Flock-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

5,568

36,355

53,742

95,665

Additions

1,100

-

-

1,100

At 31 March 2023

6,668

36,355

53,742

96,765

Depreciation

At 1 April 2022

4,904

35,441

14,672

55,017

Charge for the year

212

302

9,767

10,281

At 31 March 2023

5,116

35,743

24,439

65,298

Carrying amount

At 31 March 2023

1,552

612

29,303

31,467

At 31 March 2022

664

914

39,070

40,648

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

30,132

28,371

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,956

22,001

Other debtors

51,515

27,304

 

54,471

49,305

 

Flock-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

10

12,415

12,300

Trade creditors

 

362

3,138

Taxation and social security

 

50,549

37,762

Other creditors

 

86,660

49,828

 

149,986

103,028

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

10

234,091

257,055

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,047

40,894

Finance lease liabilities

23,670

31,478

Other borrowings

174,374

184,683

234,091

257,055

 

Flock-Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,607

4,883

Finance lease liabilities

7,808

7,417

12,415

12,300

11

Related party transactions

As at year end the company owed £174,373 (2022: £184,682) to the director Mr Ashoke Sethia.