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Registration number: 13619802

Flex Farming Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

image-name
 

Flex Farming Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Flex Farming Limited

Company Information

Directors

Mr A Mohseni

Grant Brian Critcher

Company secretary

Mr A Mohseni

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Michael J Emery & Co Limited
Chartered Accountants22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Flex Farming Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Flex Farming Limited for the year ended 30 September 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Flex Farming Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Flex Farming Limited and state those matters that we have agreed to state to the Board of Directors of Flex Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flex Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Flex Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Flex Farming Limited. You consider that Flex Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Flex Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Date:.............................

 

Flex Farming Limited

(Registration number: 13619802)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,045

2,726

Tangible assets

5

827,800

920,745

 

829,845

923,471

Current assets

 

Debtors

6

57,333

51,173

Cash at bank and in hand

 

61,757

25,237

 

119,090

76,410

Creditors: Amounts falling due within one year

7

(214,019)

(130,581)

Net current liabilities

 

(94,929)

(54,171)

Total assets less current liabilities

 

734,916

869,300

Provisions for liabilities

(188,728)

(217,084)

Net assets

 

546,188

652,216

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

603,797

663,481

Retained earnings

(57,709)

(11,365)

Shareholders' funds

 

546,188

652,216

For the financial year ending 30 September 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 and 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 director has 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:
 

 

Flex Farming Limited

(Registration number: 13619802)
Balance Sheet as at 30 September 2024

.........................................
Mr A Mohseni
Company secretary and director

 

Flex Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
UK

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.

Going concern

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.

Tax

The tax expense for the period comprises current and 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.

 

Flex Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at revalued amounts, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The valuations are based on estimates prepared by the company's director, using depreciated replacement costs.

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

Plant and machinery

10% on cost

Computer equipment

33% on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and trademarks

20% on cost

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.

 

Flex Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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 during the year, including directors, was 2 (2023 - 2).

 

Flex Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2023

3,408

3,408

At 30 September 2024

3,408

3,408

Amortisation

At 1 October 2023

682

682

Amortisation charge

681

681

At 30 September 2024

1,363

1,363

Carrying amount

At 30 September 2024

2,045

2,045

At 30 September 2023

2,726

2,726

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

925,218

925,218

At 30 September 2024

925,218

925,218

Depreciation

At 1 October 2023

4,473

4,473

Charge for the year

92,945

92,945

At 30 September 2024

97,418

97,418

Carrying amount

At 30 September 2024

827,800

827,800

At 30 September 2023

920,745

920,745

 

Flex Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revaluation

The fair value of the company's plant and machinery was revalued on 30 September 2023. An independent valuer was not involved.

The valuation is based on depreciated replacement cost.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £34,403 (2023 - £37,703).

6

Debtors

Note

2024
£

2023
£

Other debtors

 

42,971

38,171

Prepayments

 

1,263

3,655

Corporation tax debtor

13,099

9,347

 

57,333

51,173

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

2,626

Taxation and social security

1,747

6,385

Accruals and deferred income

3,555

7,041

Other creditors

208,717

114,529

214,019

130,581