Company registration number 12877547 (England and Wales)
FLOWARD UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FLOWARD UK LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
FLOWARD UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
3
4,823
22,000
Current assets
Inventories
4
34,400
57,389
Trade and other receivables
5
11,975
1,467,599
Cash and cash equivalents
92,976
135,695
139,351
1,660,683
Current liabilities
Trade and other payables
7
677,304
2,020,857
Lease liabilities
8
2,550
9,799
Provisions
9
3,209
2,922
683,063
2,033,578
Net current liabilities
(543,712)
(372,895)
Non-current liabilities
Lease liabilities
8
-
0
2,550
Net liabilities
(538,889)
(353,445)
Equity
Called up share capital
11
100
100
Retained earnings
(538,989)
(353,545)
Total equity
(538,889)
(353,445)

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 9 February 2025 and are signed on its behalf by:
Mr A Alloughani
Director
Company registration number 12877547 (England and Wales)
FLOWARD UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
100
(1,507,441)
(1,507,341)
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,153,896
1,153,896
Balance at 31 December 2023
100
(353,545)
(353,445)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(185,444)
(185,444)
Balance at 31 December 2024
100
(538,989)
(538,889)
FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Floward UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Chancery House, St Nicholas Way, Sutton, Surrey, SM1 1JB. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. This includes continued financial support from other group entities. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line
Right of use assets
Over lease term

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
6
6
FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Property, plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Right of use assets
Total
£
£
£
£
£
Cost
At 1 January 2023
26,127
27,732
95,939
30,199
179,997
Disposals
(22,797)
(11,278)
(78,119)
-
0
(112,194)
At 31 December 2023
3,330
16,454
17,820
30,199
67,803
Disposals
(1,316)
(4,532)
-
0
-
0
(5,848)
At 31 December 2024
2,014
11,922
17,820
30,199
61,955
Accumulated depreciation and impairment
At 1 January 2023
26,126
18,587
58,389
6,903
110,005
Charge for the year
-
0
5,398
4,950
10,354
20,702
Reversal of impairment loss (profit or loss)
(11,701)
(2,968)
(13,763)
-
0
(28,432)
Eliminated on disposal
(11,096)
(7,608)
(37,768)
-
0
(56,472)
At 31 December 2023
3,329
13,409
11,808
17,257
45,803
Charge for the year
1
2,363
4,455
10,354
17,173
Eliminated on disposal
(1,316)
(4,528)
-
0
-
0
(5,844)
At 31 December 2024
2,014
11,244
16,263
27,611
57,132
Carrying amount
At 31 December 2024
-
678
1,557
2,588
4,823
At 31 December 2023
1
3,045
6,012
12,942
22,000
4
Inventories
2024
2023
£
£
Finished goods
34,400
57,389
5
Trade and other receivables
2024
2023
£
£
Trade receivables
9,944
50,015
Amount owed by parent undertaking
-
0
1,387,696
Prepayments
2,031
29,888
11,975
1,467,599
6
Trade receivables - credit risk
Fair value of trade receivables
FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Trade receivables - credit risk
(Continued)
- 8 -

No significant receivable balances are impaired at the reporting end date.

7
Trade and other payables
2024
2023
£
£
Trade payables
47,059
33,367
Amount owed to parent undertaking
546,379
-
0
Amounts owed to fellow group undertakings
-
1,907,807
Accruals
9,902
13,060
Deferred consideration
12,240
8,539
Social security and other taxation
33,646
37,078
Other payables
28,078
21,006
677,304
2,020,857
8
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
2,550
9,799
In two to five years
-
2,550
Total undiscounted liabilities
2,550
12,349

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
2,550
9,799
Non-current liabilities
-
0
2,550
2,550
12,349
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
561
1,231
FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Provisions for liabilities
2024
2023
£
£
Loyalty liability provision
3,209
2,922
All provisions are expected to be settled within 12 months from the reporting date.
Movements on provisions:
Loyalty liability provision
£
Additional provisions in the year
3,209
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,056
4,954

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew Seton
Statutory Auditor:
LB Group Limited
Date of audit report:
10 February 2025
13
Capital risk management

The company is not subject to any externally imposed capital requirements.

14
Related party transactions

During the year, the company paid a management charge of £130,805 (2023: £112,204) to Floward Holding Ltd, the company's immediate parent company.

FLOWARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Related party transactions
(Continued)
- 10 -

As at the period end, the company owed £546,379 (2023: £1,387,696 debtor) due to Floward Holding Limited, the parent company.

 

15
Controlling party

Floward Holdings Ltd is the immediate and ultimate parent company of Floward UK Ltd. Floward Holdings Ltd is a private limited company with a registered office situated at; Dd-15-134-004-007, Level 15, Wework Hub 71, Al Khatem Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.

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