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REGISTERED NUMBER: SC207631 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

The Flat Company Limited

The Flat Company Limited (Registered number: SC207631)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Flat Company Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: W J H Walters
D Zank
C Robertson
M Wilcken
C D McBain





REGISTERED OFFICE: 61a Queen Street
Edinburgh
EH2 4NA





REGISTERED NUMBER: SC207631 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

The Flat Company Limited (Registered number: SC207631)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,166 49,640
Tangible assets 5 181 1,068
Investments 6 87,045 87,045
127,392 137,753

CURRENT ASSETS
Debtors 7 113,211 128,083
Cash at bank 372,498 345,758
485,709 473,841
CREDITORS
Amounts falling due within one year 8 426,042 352,734
NET CURRENT ASSETS 59,667 121,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,059

258,860

CREDITORS
Amounts falling due after more than one year 9 15,232 95,069
NET ASSETS 171,827 163,791

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 170,827 162,791
SHAREHOLDERS' FUNDS 171,827 163,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





D Zank - Director


The Flat Company Limited (Registered number: SC207631)

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

1. STATUTORY INFORMATION

The Flat Company Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Improvements to property - 10% per annum
Plant and machinery - 25% per annum
Fixture and fittings - 25% per annum
Motor vehicles - 25% per annum
Computer equipment - 33% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


The Flat Company Limited (Registered number: SC207631)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

Assets that are held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or higher purchase obligations are treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account 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.

Investments
Investments in associates are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Exception from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, 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 balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 296,495 11,200 307,695
AMORTISATION
At 1 June 2023 246,855 11,200 258,055
Amortisation for year 9,474 - 9,474
At 31 May 2024 256,329 11,200 267,529
NET BOOK VALUE
At 31 May 2024 40,166 - 40,166
At 31 May 2023 49,640 - 49,640

The Flat Company Limited (Registered number: SC207631)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Imprvmts and Computer
to prop fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 8,869 2,819 8,922 20,610
DEPRECIATION
At 1 June 2023 7,801 2,819 8,922 19,542
Charge for year 887 - - 887
At 31 May 2024 8,688 2,819 8,922 20,429
NET BOOK VALUE
At 31 May 2024 181 - - 181
At 31 May 2023 1,068 - - 1,068

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 87,045
NET BOOK VALUE
At 31 May 2024 87,045
At 31 May 2023 87,045

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors - 1,360
Other debtors 113,211 126,723
113,211 128,083

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 2,918 3,924
Taxation and social security 74,793 63,317
Other creditors 337,683 274,845
426,042 352,734

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 15,232 25,069
Other creditors - 70,000
15,232 95,069

The Flat Company Limited (Registered number: SC207631)

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

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 22,821 29,425
Between one and five years 6,265 29,056
29,086 58,481

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 May 2024, the directors owed the company £22,776 (2023: £26,467).

The Flat Company Limited (Registered number: SC207631)

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

13. RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:








Related Party







Transaction



Amount
received /
(paid) in
year to
31.5.24



Amount
received /
(paid) in
year to
31.5.23


Balance
(payable to) /
receivable
from related
party as at
31.5.24
Balance
(payable
to) /
receivable
from
related
party as at
31.5.23
£ £ £ £

(1) Company 1 Investment Nil Nil 84,545 84,545
Dividends 20,400 18,000 Nil Nil
Loan (72) 89 Nil 72

Administration
services

18,000

18,000

Nil

Nil

(2) Company 2 Loan 220 (22) 220 Nil
Commission 21,431 22,070 Nil Nil

Administration
services

6,000

6,000

Nil

Nil

Recharged
expenses

18,313

13,635

Nil

1,360
Dividends Nil 800 Nil Nil

(3) Company 3 Loan 3,013 13 72,705 69,692
Commission Nil 1,613 Nil Nil


(4) Company 4
Administration
services

9,000

9,000

Nil

Nil
Loan 13 Nil 13 Nil
Investment Nil Nil 2,500 2,500

(5) Company 5 Rent (2,400) (2,400) Nil Nil

Professional
Services

(1,440)

(6,840)

Nil

Nil

(6) Director Rent (27,042) (22,200) Nil Nil

(1) Four of the directors are directors of Company 1. The Flat Company Limited and three directors are also shareholders of Company 1.

(2) Two of the directors are directors of Company 2. Four of the directors are shareholders of Company 2.

(3) Two of the directors are directors of Company 3 and four directors are also shareholders of Company 3.

(4) Three of the directors are directors and shareholders of Company 4.

(5) One of the directors is a director and a shareholder of Company 5.

(6) Director of the company.

14. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling interest.