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Registered number: 02707293










FLEXIBLE TIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
FLEXIBLE TIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 3


 
FLEXIBLE TIES LIMITED
REGISTERED NUMBER: 02707293

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
374,462
374,462

Debtors
 4 
2,274
1,865

  
376,736
376,327

Creditors: amounts falling due within one year
 5 
(305,460)
(314,733)

Net current assets
  
 
 
71,276
 
 
61,594

Total assets less current liabilities
  
71,276
61,594

  

Net assets
  
71,276
61,594


Capital and reserves
  

Called up share capital 
  
3
3

Profit and loss account
  
71,273
61,591

  
71,276
61,594


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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



V. Farag
Director

Date: 23 January 2025

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 
FLEXIBLE TIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Flexible Ties Limited (the company) is a private company, limited by shares and incorporated and domiciled in England. The address of its registered office and its principal place of business is 70 Winchester Street, London, SW1V 4NH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is dependent upon a loan from one of the directors, who has indicated that they will continue to provide the financial support necessary to enable the company to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and sales taxes.
Turnover comprises revenue recognised by the company in respect of property sales completed during the year.
Rent receivable is the amount receivable from the short term rental of properties held as work in progress whilst awaiting development.

 
2.4

Stocks

Properties held as work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 2

 
FLEXIBLE TIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Taxation

Tax is recognised in the Statement of income and retained earnings, 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.


3.


Employees



The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Debtors

2024
2023
£
£


Prepayments and accrued income
2,274
1,865



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
85

Corporation tax
2,272
2,055

Other creditors
301,561
311,123

Accruals and deferred income
1,627
1,470

305,460
314,733



6.


Related party transactions

Other creditors include an amount of £207,230 (2023: £216,792) which is due to V. Farag, a director of the company. The amount is interest free. 
A management charge of £5,000 (2023: £5,000) was paid during the year to an unincorporated business of which V. Farag is a partner.

 
Page 3