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REGISTERED NUMBER: 05339715 (England and Wales)












FLAIR MODELS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






FLAIR MODELS LIMITED (REGISTERED NUMBER: 05339715)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FLAIR MODELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: D Gibbs





SECRETARY: D Gibbs





REGISTERED OFFICE: Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT





REGISTERED NUMBER: 05339715 (England and Wales)





ACCOUNTANTS: Wallace Crooke Ltd
Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT

FLAIR MODELS LIMITED (REGISTERED NUMBER: 05339715)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 250 250
Tangible assets 5 - -
250 250

CURRENT ASSETS
Debtors 6 1,932 1,932
Cash at bank 17 17
1,949 1,949
CREDITORS
Amounts falling due within one year 7 366,316 366,130
NET CURRENT LIABILITIES (364,367 ) (364,181 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(364,117

)

(363,931

)

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 (364,119 ) (363,933 )
SHAREHOLDERS' FUNDS (364,117 ) (363,931 )

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2025 and were signed by:





D Gibbs - Director


FLAIR MODELS LIMITED (REGISTERED NUMBER: 05339715)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Flair Models Limited is a private company, limited by shares , registered in England and Wales. 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.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible assets
The cost of acquiring the design rights to the company's models is deemed to have a continuing economic value equal to the acquisition cost and therefore no amortisation is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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

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.

FLAIR MODELS LIMITED (REGISTERED NUMBER: 05339715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 250
NET BOOK VALUE
At 31 March 2024 250
At 31 March 2023 250

Intangible fixed assets comprise ownership of the design rights to Flair Model Kits, detailed drawings, patterns etc.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 54,292
DEPRECIATION
At 1 April 2023
and 31 March 2024 54,292
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 1,932 1,932

FLAIR MODELS LIMITED (REGISTERED NUMBER: 05339715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 356,929 354,684
Social security and other taxes 5,820 5,820
Directors' current accounts 534 534
Accrued expenses 3,033 5,092
366,316 366,130

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. RESERVES
Retained
earnings
£   

At 1 April 2023 (363,933 )
Deficit for the year (186 )
At 31 March 2024 (364,119 )

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the 31 March 2022 the company owed the director £534 (2021 - £534). These were made on interest free terms.

11. RELATED PARTY DISCLOSURES

During the year the company sold goods of £nil (2021 £5,400) to Lean Manufacturing and Resourcing Limited of which Mr D Gibbs is the shareholder and Director.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Lean Manufacturing & Resourcing Limited.