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COMPANY REGISTRATION NUMBER: 02061076
FLORIGIN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
FLORIGIN LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
141
226
CURRENT ASSETS
Stocks
15,423
19,018
Debtors
7
144,591
150,990
Cash at bank and in hand
734
7
---------
---------
160,748
170,015
CREDITORS: amounts falling due within one year
8
123,872
96,114
---------
---------
NET CURRENT ASSETS
36,876
73,901
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
37,017
74,127
CREDITORS: amounts falling due after more than one year
9
27,165
40,255
--------
--------
NET ASSETS
9,852
33,872
--------
--------
CAPITAL AND RESERVES
Called up share capital
30,000
30,000
Profit and loss account
( 20,148)
3,872
--------
--------
SHAREHOLDERS FUNDS
9,852
33,872
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FLORIGIN LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
Mr P R Angell
Director
Company registration number: 02061076
FLORIGIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Pipewell Road, Desborough, Northamptonshire, NN14 2SW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
Income tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
10% straight line
Patents
-
over estimated life of 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicle
-
25% straight line
Office equipment
-
15% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. INTANGIBLE ASSETS
Website
Patents
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1,420
1,080
2,500
-------
-------
-------
Amortisation
At 1 July 2023 and 30 June 2024
1,420
1,080
2,500
-------
-------
-------
Carrying amount
At 30 June 2024
-------
-------
-------
At 30 June 2023
-------
-------
-------
6. TANGIBLE ASSETS
Motor vehicle
Office Equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
11,500
565
12,065
--------
----
--------
Depreciation
At 1 July 2023
11,500
339
11,839
Charge for the year
85
85
--------
----
--------
At 30 June 2024
11,500
424
11,924
--------
----
--------
Carrying amount
At 30 June 2024
141
141
--------
----
--------
At 30 June 2023
226
226
--------
----
--------
7. DEBTORS
2024
2023
£
£
Other debtors
144,591
150,990
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,495
8,445
Social security and other taxes
760
793
Other creditors
120,617
86,876
---------
--------
123,872
96,114
---------
--------
The liabilities disclosed under bank loans and overdrafts falling due within one year are secured by the company.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
27,165
40,255
--------
--------
The liabilities disclosed under bank loans and overdrafts falling due after more than one year are secured by the company.
10. RELATED PARTY TRANSACTIONS
The director advanced monies to the company. At 30 June 2024 the amount due from the company was £3,980 (2023 - £4,000).