FLEXIBLE STORAGE SOLUTIONS LTD

Company Registration Number:
05404187 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

FLEXIBLE STORAGE SOLUTIONS LTD

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

FLEXIBLE STORAGE SOLUTIONS LTD

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 105,676 139,654
Investments:   0 0
Total fixed assets: 105,676 139,654
Current assets
Stocks: 2,780 4,028
Debtors: 4 1,184,085 799,331
Cash at bank and in hand: 335,363 8,298
Investments:   0 0
Total current assets: 1,522,228 811,657
Creditors: amounts falling due within one year: 5 (331,515) (333,174)
Net current assets (liabilities): 1,190,713 478,483
Total assets less current liabilities: 1,296,389 618,137
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Total net assets (liabilities): 1,296,389 618,137
Capital and reserves
Called up share capital: 1 1
Share premium account: 0 0
Revaluation reserve: 00
Other reserves: 0 0
Profit and loss account: 1,296,388 618,136
Shareholders funds: 1,296,389 618,137

The notes form part of these financial statements

FLEXIBLE STORAGE SOLUTIONS LTD

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 December 2024
and signed on behalf of the board by:

Name: A K G Tann
Status: Director

The notes form part of these financial statements

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Amounts invoiced in advance are included as deferred income and recognised in the period in which the supply takes place.

Tangible fixed assets and depreciation policy

Tangible fixed assets 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 Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Containers 8% straight line Leasehold improvements 10% straight line Plant, machinery, & office equipment 20% straight line Computer equipment 33% straight line Motor vehicles 20% straight line

Other accounting policies

Stocks Stocks are valued at the lower of cost and net realizable value after making due allowance for obsolete and slow moving stocks. Cost is based on the cost of purchase on a first in, first out basis. Net realizable value is based on estimated selling price less additional costs to completion and disposal. Short term debtors are measured at transaction price, less any impairment. 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 amortized cost using the effective interest method. Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term Assets obtained under hire purchase contracts and finance leases are capitalized 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 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 the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. The company operates a defined contribution scheme. Contributions to the defined contribution scheme are charged to the Statement of Comprehensive Income in the year in which they become payable. The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 8 8

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 382,005
Additions 1,099
Disposals (27,574)
At 31 March 2024 355,530
Depreciation
At 01 April 2023 242,351
Charge for year 27,152
On disposals (19,649)
At 31 March 2024 249,854
Net book value
At 31 March 2024 105,676
At 31 March 2023 139,654

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

Trade Debtors £121,950 (2023 - £91,646) Prepayments & accrued income £296,659 (2023 - £161,501) Other debtors £29,067 (2023 - £23,954) Due from Group Companies £736,409 (2023 - £507,399 VAT recoverable nil (2023 - £14,297)

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

Bank loans £18,723 (2013 - £180,903 Corporation tax £232,050 (2023 - £1,265) Other taxation £31,735 (2023 - £5,868) Due under hire purchase contracts £nil (2023 - £3,141) Other Creditors £1,835 (2023 - £1,790) Accruals and deferred income £47,472 (2023 - £140,207)

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Financial commitments

At 31 March 2024, the Company had future minimum lease payments under non-cancellable operating leases as follows: Not later than one year £114,297 (2023 - £246,000) Later than one year less than five 3nil (2023 - £114,297)

FLEXIBLE STORAGE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Related party transactions

Name of the related party:
Relationship:
Associated Company
Description of the Transaction: The company operates a trading account with related parties
£
Balance at 01 April 2023 507,933
Balance at 31 March 2024 736,409