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REGISTERED NUMBER: 11318033 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

FLIP DEVELOPMENT LIMITED

FLIP DEVELOPMENT LIMITED (REGISTERED NUMBER: 11318033)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FLIP DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: B D Ford
Miss H R Jones





SECRETARY:





REGISTERED OFFICE: 49 Aber Llwchwr
Llangennech
Llanelli
Carmarthenshire
SA14 8AH





REGISTERED NUMBER: 11318033 (England and Wales)





ACCOUNTANTS: Charles & Co
Chartered Certified Accountants
3 Murray Street
Llanelli
Carmarthenshire
SA15 1AQ

FLIP DEVELOPMENT LIMITED (REGISTERED NUMBER: 11318033)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,367 36,490
Investments 5 130,000 65,000
157,367 101,490

CURRENT ASSETS
Stocks - 130,381
Debtors 6 1,500 -
Cash at bank 68,037 36,460
69,537 166,841
CREDITORS
Amounts falling due within one year 7 290,394 286,653
NET CURRENT LIABILITIES (220,857 ) (119,812 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(63,490

)

(18,322

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (63,590 ) (18,422 )
(63,490 ) (18,322 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:



Miss H R Jones - Director


FLIP DEVELOPMENT LIMITED (REGISTERED NUMBER: 11318033)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

FLIP DEVELOPMENT LIMITED (REGISTERED NUMBER: 11318033)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 45,612
DEPRECIATION
At 1 May 2023 9,122
Charge for year 9,123
At 30 April 2024 18,245
NET BOOK VALUE
At 30 April 2024 27,367
At 30 April 2023 36,490

5. FIXED ASSET INVESTMENTS
Loans to
associates
£   
At 1 May 2023 65,000
New in year 65,000
At 30 April 2024 130,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,500 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Social security and other taxes 1,271 350
Directors' loan accounts 288,585 285,735
Accrued expenses 538 568
290,394 286,653