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REGISTERED NUMBER: 03203149 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Flame Homeware Limited

Flame Homeware Limited (Registered number: 03203149)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Flame Homeware Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Boote
Mrs D L Boote





REGISTERED OFFICE: Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW





REGISTERED NUMBER: 03203149 (England and Wales)





AUDITORS: J V Banks
Chartered Accountants and Statutory Auditors
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

Flame Homeware Limited (Registered number: 03203149)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the company is the design and sale of giftware sourced from factories in Asia, which are then sold through its own stores and garden centres or to major retailers.

PRINCIPAL RISKS AND UNCERTAINTIES
The company has sold its two freehold garden centres in October 2024, in order to focus on growing its core business Gift Company. The sales proceeds were used to clear bank debt and invest in new product ranges. The result has been that like for like sales and gross margins are both seeing strong positive growth as a result of improved buying.

Whilst the outlook for the Uk consumer economy looks weak for the next 18 months, as a result of increased employers NI, additional packaging costs, significant increases to the min wage and an increase in business rates, we remain confident that we will be able to trade through the period strongly and both grow our sales and profitability.

ON BEHALF OF THE BOARD:





M Boote - Director


4 February 2025

Flame Homeware Limited (Registered number: 03203149)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of gift retailers and wholesalers.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 144,206 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M Boote
Mrs D L Boote

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, J V Banks, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Boote - Director


4 February 2025

Report of the Independent Auditors to the Members of
Flame Homeware Limited

Opinion
We have audited the financial statements of Flame Homeware Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Flame Homeware Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Flame Homeware Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Flame Homeware Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




C E Davies (Senior Statutory Auditor)
for and on behalf of J V Banks
Chartered Accountants and Statutory Auditors
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

4 February 2025

Flame Homeware Limited (Registered number: 03203149)

Statement of Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 14,245,187 14,480,187

Cost of sales 6,697,943 7,392,776
GROSS PROFIT 7,547,244 7,087,411

Administrative expenses 7,775,773 7,852,614
(228,529 ) (765,203 )

Other operating income 2,836 4,237
OPERATING LOSS 5 (225,693 ) (760,966 )

Interest receivable and similar income - 209
(225,693 ) (760,757 )

Interest payable and similar expenses 6 147,284 108,902
LOSS BEFORE TAXATION (372,977 ) (869,659 )

Tax on loss 7 32,139 (90,648 )
LOSS FOR THE FINANCIAL YEAR (405,116 ) (779,011 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(405,116

)

(779,011

)

Flame Homeware Limited (Registered number: 03203149)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,946,967 4,098,996

CURRENT ASSETS
Stocks 10 2,576,959 3,512,303
Debtors 11 134,042 138,131
Cash at bank and in hand 398,893 147,140
3,109,894 3,797,574
CREDITORS
Amounts falling due within one year 12 2,223,127 2,109,780
NET CURRENT ASSETS 886,767 1,687,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,833,734

5,786,790

CREDITORS
Amounts falling due after more than one
year

13

(1,158,946

)

(1,594,819

)

PROVISIONS FOR LIABILITIES 17 (318,294 ) (286,155 )
NET ASSETS 3,356,494 3,905,816

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 3,356,394 3,905,716
SHAREHOLDERS' FUNDS 3,356,494 3,905,816

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2025 and were signed on its behalf by:





M Boote - Director


Flame Homeware Limited (Registered number: 03203149)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 4,770,027 4,770,127

Changes in equity
Dividends - (85,300 ) (85,300 )
Total comprehensive income - (779,011 ) (779,011 )
Balance at 31 March 2023 100 3,905,716 3,905,816

Changes in equity
Dividends - (144,206 ) (144,206 )
Total comprehensive income - (405,116 ) (405,116 )
Balance at 31 March 2024 100 3,356,394 3,356,494

Flame Homeware Limited (Registered number: 03203149)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,096,960 (407,651 )
Interest paid (146,335 ) (107,757 )
Interest element of hire purchase
payments paid

(949

)

(1,145

)
Tax paid 62,806 (60,173 )
Net cash from operating activities 1,012,482 (576,726 )

Cash flows from investing activities
Purchase of tangible fixed assets (239,786 ) (204,346 )
Sale of tangible fixed assets 31,370 813
Interest received - 209
Net cash from investing activities (208,416 ) (203,324 )

Cash flows from financing activities
New loans in year 409,000 443,844
Loan repayments in year (848,817 ) (889,477 )
Capital repayments in year (6,540 ) (8,720 )
Amount introduced by directors 38,250 -
Amount withdrawn by directors - (1,075 )
Equity dividends paid (144,206 ) (85,300 )
Net cash from financing activities (552,313 ) (540,728 )

Increase/(decrease) in cash and cash equivalents 251,753 (1,320,778 )
Cash and cash equivalents at
beginning of year

2

147,140

1,467,918

Cash and cash equivalents at end of
year

2

398,893

147,140

Flame Homeware Limited (Registered number: 03203149)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
Loss before taxation (372,977 ) (869,659 )
Depreciation charges 381,123 389,830
(Profit)/loss on disposal of fixed assets (20,678 ) 2,087
Finance costs 147,284 108,902
Finance income - (209 )
134,752 (369,049 )
Decrease in stocks 935,344 287,180
(Increase)/decrease in trade and other debtors (58,717 ) 16,429
Increase/(decrease) in trade and other creditors 85,581 (342,211 )
Cash generated from operations 1,096,960 (407,651 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 398,893 147,140
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 147,140 1,467,918


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 147,140 251,753 398,893
147,140 251,753 398,893
Debt
Finance leases (6,540 ) 6,540 -
Debts falling due within 1 year (447,115 ) 5,164 (441,951 )
Debts falling due after 1 year (1,547,239 ) 434,653 (1,112,586 )
(2,000,894 ) 446,357 (1,554,537 )
Total (1,853,754 ) 698,110 (1,155,644 )

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Flame Homeware 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" 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - in accordance with the property
Fixtures and fittings - 20% on reducing balance
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 Statement of Comprehensive Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 14,245,187 14,480,187
14,245,187 14,480,187

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 3,970,267 3,811,307
Social security costs 235,119 225,460
Other pension costs 58,968 52,959
4,264,354 4,089,726

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 2 2
Sales and administration 13 14
Warehouse and delivery 17 17
Stores 255 251
287 284

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

31.3.24 31.3.23
£    £   
Directors' remuneration 55,792 57,348

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 14,165 25,050
Other operating leases 929,881 955,557
Depreciation - owned assets 374,347 385,078
Depreciation - assets on hire purchase contracts 6,776 4,752
(Profit)/loss on disposal of fixed assets (20,678 ) 2,087
Auditors' remuneration 5,300 4,850
Taxation compliance services 1,200 1,100
Other non- audit services 15,276 12,483

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 12,447 1,854
Bank loan interest 133,888 105,903
Hire purchase 949 1,145
147,284 108,902

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax - (62,806 )

Deferred tax 32,139 (27,842 )
Tax on loss 32,139 (90,648 )

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Loss before tax (372,977 ) (869,659 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(93,244

)

(165,235

)

Effects of:
Income not taxable for tax purposes (305 ) (805 )
Capital allowances in excess of depreciation (15,455 ) -
Depreciation in excess of capital allowances - 23,823


Deferred tax 32,139 (27,842 )
Loss carried forward 109,004 79,411
Total tax charge/(credit) 32,139 (90,648 )

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Final 144,206 85,300

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 3,218,606 159,758 4,063,182 321,658 7,763,204
Additions 38,982 - 200,804 - 239,786
Disposals - - - (65,213 ) (65,213 )
At 31 March 2024 3,257,588 159,758 4,263,986 256,445 7,937,777
DEPRECIATION
At 1 April 2023 557,625 103,101 2,773,883 229,599 3,664,208
Charge for year 63,941 3,195 288,561 25,426 381,123
Eliminated on disposal - - - (54,521 ) (54,521 )
At 31 March 2024 621,566 106,296 3,062,444 200,504 3,990,810
NET BOOK VALUE
At 31 March 2024 2,636,022 53,462 1,201,542 55,941 3,946,967
At 31 March 2023 2,660,981 56,657 1,289,299 92,059 4,098,996

Included in cost of land and buildings is freehold land of £ 60,571 (2023 - £ 60,571 ) which is not depreciated.

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 46,240
Disposals (46,240 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 32,704
Charge for year 6,776
Eliminated on disposal (39,480 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 13,536

10. STOCKS
31.3.24 31.3.23
£    £   
Finished goods 2,576,959 3,512,303

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 616 2,250
Purchase ledger debit balances 21,450 7,215
Tax - 62,806
Prepayments 111,976 65,860
134,042 138,131

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) 441,951 447,115
Hire purchase contracts (see note 15) - 6,540
Trade creditors 1,000,495 974,690
Sales ledger credit balances - 1,835
Social security and other taxes 64,538 63,583
VAT 109,019 3,616
Net wages control 281,767 272,520
Directors' current accounts 38,306 56
Accrued expenses 285,831 338,605
Deferred government grants 1,220 1,220
2,223,127 2,109,780

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 14) 1,112,586 1,547,239
Deferred government grants 46,360 47,580
1,158,946 1,594,819

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 441,951 447,115

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,112,586 1,547,239

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year - 6,540

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 142,129 853,732
Between one and five years 1,616,667 1,129,742
In more than five years 540,730 280,000
2,299,526 2,263,474

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 1,554,537 1,994,354

National Westminster Bank plc holds the following security: mortgage debenture dated 25 June 2001; first legal charge dated 15 November 1999 over land at Factory Road, Sandycroft; first legal charge dated 12 November 2002 over Legal and General Life Policy; first legal charge dated 10 January 2017 over North Wales Garden World, St.Asaph Avenue, Kinmel Bay; and a first legal charge dated 27 February 2018 over Tal Goed Nursery, Glan Conwy.
In April 2020 Nat West Bank plc provided the company with a loan of £1.6 million over a 72 month term at an interest rate of 3.14% per annum over base supported by the Coronavirus Business Interruption Loan Scheme (CBILS). Under CBILS interest due during the first 12 months is payable by the UK Government under the terms of the scheme. For CBILS, the Government has provided a partial guarantee of 80%.

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 318,294 286,155

Deferred
tax
£   
Balance at 1 April 2023 286,155
Provided during year 32,139
Balance at 31 March 2024 318,294

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 April 2023 3,905,716
Deficit for the year (405,116 )
Dividends (144,206 )
At 31 March 2024 3,356,394

20. POST BALANCE SHEET EVENTS

The company sold two of its freehold garden centres in October 2024. It used part of the proceeds to repay the outstanding bank loans in full.

Flame Homeware Limited (Registered number: 03203149)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

21. ULTIMATE CONTROLLING PARTY

The controlling party is Mr M and Mrs D Boote - directors and shareholders.