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Registered number: 03220717














FLEXILINE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

 
FLEXILINE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
FLEXILINE LIMITED
REGISTERED NUMBER:03220717

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,722
4,198

Investment property
 5 
2,100,000
2,100,000

  
2,105,722
2,104,198

Current assets
  

Debtors: amounts falling due within one year
 6 
167,215
2,796

Cash at bank and in hand
  
1,216,318
441,462

  
1,383,533
444,258

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(58,524)
(115,509)

Net current assets
  
 
 
1,325,009
 
 
328,749

Total assets less current liabilities
  
3,430,731
2,432,947

Creditors: amounts falling due after more than one year
 8 
(1,391,425)
(396,419)

Provisions for liabilities
  

Deferred tax
 10 
(328,807)
(328,807)

  
 
 
(328,807)
 
 
(328,807)

Net assets
  
1,710,499
1,707,721


Capital and reserves
  

Called up share capital 
 11 
100
100

Revaluation reserve
  
1,294,231
1,294,231

Profit and loss account
  
416,168
413,390

  
1,710,499
1,707,721


Page 1

 
FLEXILINE LIMITED
REGISTERED NUMBER:03220717
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 April 2025.




G Levy
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Flexiline Limited is a private limited company limited by shares and incorporated in England & Wales. Its registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company continued to be that of investment property.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of rent receivable.
Rent is recognised in respect of the properties occupied during the period. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

Plant & machinery
-
33.33% straight line
Fixtures & fittings
-
25% reducing balance method
Computer equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

  
2.5

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits and bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

Page 5

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 August 2023
765
12,374
9,863
23,002


Additions
-
409
3,141
3,550



At 31 July 2024

765
12,783
13,004
26,552



Depreciation


At 1 August 2023
765
11,315
6,723
18,803


Charge for the year on owned assets
-
269
1,758
2,027



At 31 July 2024

765
11,584
8,481
20,830



Net book value



At 31 July 2024
-
1,199
4,523
5,722



At 31 July 2023
-
1,059
3,140
4,199


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
2,100,000



At 31 July 2024
2,100,000

The 2024 valuations were made by the external valuers, on an open market value for existing use basis.




Page 6

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Other debtors
129,056
-

Prepayments and accrued income
38,159
2,796

167,215
2,796



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Taxation and social security
10,642
5,535

Other creditors
42,143
106,068

Accruals and deferred income
5,739
3,906

58,524
115,509



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,236,000
396,419

Other loans
155,425
-

1,391,425
396,419


The bank loan is secured by a charge over the property of the company and a personal guarantee from the director.

Page 7

 
FLEXILINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Bank loans
-
396,419

Amounts falling due 2-5 years

Other loans
155,425
-

Amounts falling due after more than 5 years

Bank loans
1,236,000
-

1,236,000
-



10.


Deferred taxation




2024
2023


£

£






At beginning of year
328,807
341,307


Charged to profit or loss
-
(12,500)



At end of year
328,807
328,807

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
328,807
328,807


11.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


 
Page 8