Company registration number 14843669 (England and Wales)
THE FLOWER SHOPS NETWORK LTD
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THE FLOWER SHOPS NETWORK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE FLOWER SHOPS NETWORK LTD
BALANCE SHEET
1
2024
Notes
£
£
Fixed assets
Intangible assets
3
161,045
Current assets
Debtors
4
20,089
Cash at bank and in hand
1,024
21,113
Creditors: amounts falling due within one year
5
(308,047)
Net current liabilities
(286,934)
Net liabilities
(125,889)
Capital and reserves
Called up share capital
992
Profit and loss reserves
(126,881)
Total equity
(125,889)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE FLOWER SHOPS NETWORK LTD
BALANCE SHEET (CONTINUED)
2
The financial statements were approved by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
Mr L W Ackerman
Director
Company registration number 14843669 (England and Wales)
THE FLOWER SHOPS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
3
1
Accounting policies
Company information
The Flower Shops Network Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 367 Winchester Road, Southampton, SO16 7DJ.
1.1
Reporting period
These accounts are for the period since incorporation to 31/05/2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets - goodwill
Goodwill represents the cost of acquisition of a similar business. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
THE FLOWER SHOPS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies (Continued)
4
Amortisation 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:
Software
20%
Software is still in development and as such no depreciation has been charged in the period.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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 instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
THE FLOWER SHOPS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies (Continued)
5
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
THE FLOWER SHOPS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
6
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 3 May 2023
Additions
35,000
133,045
168,045
At 31 May 2024
35,000
133,045
168,045
Amortisation and impairment
At 3 May 2023
Amortisation charged for the period
7,000
7,000
At 31 May 2024
7,000
7,000
Carrying amount
At 31 May 2024
28,000
133,045
161,045
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
15,422
Other debtors
4,667
20,089
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
152,587
Taxation and social security
37,785
Other creditors
117,675
308,047
THE FLOWER SHOPS NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
7
6
Related party transactions
Arcanys Labs One Ltd is a shareholder as well as a supplier. At the balance sheet date the company owed Arcanys £233,042. During the period purchases totaling £133,045 were made from Arcanys for the development and supply of computer software.
Alan Debonneville is the owner of Arcanys Labs One Ltd. At the balance sheet date the company owed Alan Debonneville £9,000.
Steve France is a shareholder in the company. At the balance sheet date the company was owed £3,675 by Mr France.
During the year expenses of £2,250 were made to The Flower Shops Limited who have a director Lee Ackerman, a shareholder and director of this company.