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Registration number: 07227443

Flocktons T.V.P Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Flocktons T.V.P Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Flocktons T.V.P Ltd

Company Information

Directors

A Flockton

D M Flockton

Registered office

Estate Road No 1,
South Humberside Industrial Estate,
Grimsby
North East Lincolnshire
DN31 2TB

 

Flocktons T.V.P Ltd

(Registration number: 07227443)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

154,002

182,642

Current assets

 

Stocks

5

184,009

115,629

Debtors

6

241,497

376,439

Cash at bank and in hand

 

135,623

133,310

 

561,129

625,378

Creditors: Amounts falling due within one year

7

(528,239)

(486,063)

Net current assets

 

32,890

139,315

Total assets less current liabilities

 

186,892

321,957

Creditors: Amounts falling due after more than one year

7

(162,345)

(251,167)

Provisions for liabilities

(8,029)

(9,191)

Net assets

 

16,518

61,599

Capital and reserves

 

Called up share capital

8

105

105

Retained earnings

16,413

61,494

Shareholders' funds

 

16,518

61,599

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
A Flockton
Director

 

Flocktons T.V.P Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Estate Road No 1,
South Humberside Industrial Estate,
Grimsby
North East Lincolnshire
DN31 2TB

These financial statements were authorised for issue by the Board on 25 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The directors are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Flocktons T.V.P Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Equipment

15% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Flocktons T.V.P Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Flocktons T.V.P Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 20 (2023 - 20).

 

Flocktons T.V.P Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

236,068

100,073

336,141

Additions

-

48,780

48,780

Disposals

(70,771)

(60,131)

(130,902)

At 31 May 2024

165,297

88,722

254,019

Depreciation

At 1 June 2023

86,452

67,047

153,499

Charge for the year

21,420

13,247

34,667

Eliminated on disposal

(56,838)

(31,311)

(88,149)

At 31 May 2024

51,034

48,983

100,017

Carrying amount

At 31 May 2024

114,263

39,739

154,002

At 31 May 2023

149,616

33,026

182,642

5

Stocks

2024
£

2023
£

Work in progress

119,777

63,920

Other inventories

64,232

51,709

184,009

115,629

6

Debtors

Current

2024
£

2023
£

Trade debtors

221,234

344,256

Prepayments

20,263

21,747

Other debtors

-

10,436

 

241,497

376,439

 

Flocktons T.V.P Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

114,787

45,866

Trade creditors

 

190,529

181,891

Taxation and social security

 

62,897

56,358

Accruals and deferred income

 

127,419

201,463

Other creditors

 

32,607

485

 

528,239

486,063

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

162,345

251,167

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Class ordinary shares of £1 each

100

100

100

100

Class ordinary A shares of £1 each

1

1

1

1

Class ordinary B shares of £1 each

1

1

1

1

Class ordinary C shares of £1 each

1

1

1

1

Class ordinary D shares of £1 each

1

1

1

1

Class ordinary E shares of £1 each

1

1

1

1

105

105

105

105

 

Flocktons T.V.P Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

33,030

9,550

Other borrowings

129,315

241,617

162,345

251,167

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,492

11,393

Other borrowings

110,295

34,473

114,787

45,866

Hire purchase liabilities of £37,522 (2023: 20,943) are secured on the assets acquired.

10

Related party transactions

Summary of transactions with other related parties

During the period, the company rented property from Flocktons RBS 2008 pension trust, in which Mr and Mrs Flockton are beneficiaries. Rent amounting to £38,000 (2023: £38,000) was paid during the year.

At the period end the company also had a loan balance owed Flocktons RBS 2008 pension trust totalling £211,308 (2023: £66,851). The loan is secured by a floating charge over the company's assets.