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FLEX360 LTD

Registered Number
11705328
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

FLEX360 LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

A Bostock
J Bostock
S Pope

Registered Address

Stag House, First Floor, South Suite
Old London Road
Hertford
SG13 7LA

Registered Number

11705328 (England and Wales)
FLEX360 LTD
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets47,9015,042
7,9015,042
Current assets
Debtors5868,331247,264
Cash at bank and on hand350,0931,229,970
1,218,4241,477,234
Creditors amounts falling due within one year6(768,401)(1,000,247)
Net current assets (liabilities)450,023476,987
Total assets less current liabilities457,924482,029
Creditors amounts falling due after one year7(14,025)(24,183)
Provisions for liabilities(1,975)(1,260)
Net assets441,924456,586
Capital and reserves
Profit and loss account441,924456,586
Shareholders' funds441,924456,586
The financial statements were approved and authorised for issue by the Board of Directors on 30 January 2025, and are signed on its behalf by:
S Pope
Director
Registered Company No. 11705328
FLEX360 LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered office is Stag House, First Floor South Suite, Hertford, United Kingdom, SG13 7LA.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue will be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of Services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings3
Office Equipment3
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year33
3.Intangible assets
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 235,342
Additions6,593
At 30 April 2411,935
Depreciation and impairment
At 01 May 23301
Charge for year3,733
At 30 April 244,034
Net book value
At 30 April 247,901
At 30 April 235,042
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables321,23135,270
Amounts owed by group undertakings79,649-
Other debtors1,0001,055
Prepayments and accrued income466,451210,939
Total868,331247,264
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables399,78057,458
Bank borrowings and overdrafts10,1609,909
Amounts owed to related parties-296,517
Taxation and social security186,156211,495
Other creditors195-
Accrued liabilities and deferred income172,110424,868
Total768,4011,000,247
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,02524,183
Total14,02524,183