Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse2023-08-01falseNo description of principal activity4241true 03658310 2023-08-01 2024-07-31 03658310 2022-08-01 2023-07-31 03658310 2024-07-31 03658310 2023-07-31 03658310 2022-08-01 03658310 c:Director3 2023-08-01 2024-07-31 03658310 d:PlantMachinery 2023-08-01 2024-07-31 03658310 d:PlantMachinery 2024-07-31 03658310 d:PlantMachinery 2023-07-31 03658310 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03658310 d:MotorVehicles 2023-08-01 2024-07-31 03658310 d:FurnitureFittings 2023-08-01 2024-07-31 03658310 d:FurnitureFittings 2024-07-31 03658310 d:FurnitureFittings 2023-07-31 03658310 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03658310 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03658310 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 03658310 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 03658310 d:CurrentFinancialInstruments 2024-07-31 03658310 d:CurrentFinancialInstruments 2023-07-31 03658310 d:Non-currentFinancialInstruments 2024-07-31 03658310 d:Non-currentFinancialInstruments 2023-07-31 03658310 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 03658310 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03658310 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 03658310 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 03658310 d:ShareCapital 2024-07-31 03658310 d:ShareCapital 2023-07-31 03658310 d:ShareCapital 2022-08-01 03658310 d:SharePremium 2024-07-31 03658310 d:SharePremium 2023-07-31 03658310 d:SharePremium 2022-08-01 03658310 d:CapitalRedemptionReserve 2024-07-31 03658310 d:CapitalRedemptionReserve 2023-07-31 03658310 d:CapitalRedemptionReserve 2022-08-01 03658310 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 03658310 d:RetainedEarningsAccumulatedLosses 2024-07-31 03658310 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 03658310 d:RetainedEarningsAccumulatedLosses 2023-07-31 03658310 d:RetainedEarningsAccumulatedLosses 2022-08-01 03658310 c:OrdinaryShareClass3 2023-08-01 2024-07-31 03658310 c:OrdinaryShareClass3 2024-07-31 03658310 c:OrdinaryShareClass3 2023-07-31 03658310 c:FRS102 2023-08-01 2024-07-31 03658310 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 03658310 c:FullAccounts 2023-08-01 2024-07-31 03658310 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03658310 d:WithinOneYear 2024-07-31 03658310 d:WithinOneYear 2023-07-31 03658310 d:BetweenOneFiveYears 2024-07-31 03658310 d:BetweenOneFiveYears 2023-07-31 03658310 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 03658310 6 2023-08-01 2024-07-31 03658310 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 03658310 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03658310 d:OtherDeferredTax 2024-07-31 03658310 d:OtherDeferredTax 2023-07-31 03658310 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-08-01 2024-07-31 03658310 3 2024-07-31 03658310 3 2023-07-31 03658310 f:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03658310










FLEX7 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
FLEX7 LIMITED
REGISTERED NUMBER: 03658310

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
435,351
683,930

Tangible assets
 5 
344,928
397,887

  
780,279
1,081,817

Current assets
  

Stocks
 7 
946,959
1,006,210

Debtors: amounts falling due after more than one year
 8 
655,305
1,218,469

Debtors: amounts falling due within one year
 8 
1,586,774
1,355,578

Cash at bank and in hand
 9 
1,444,276
486,211

Current liabilities
  
4,633,314
4,066,468

Creditors: amounts falling due within one year
 10 
(1,324,936)
(1,010,184)

Net current assets
  
 
 
3,308,378
 
 
3,056,284

Total assets less current liabilities
  
4,088,657
4,138,101

Creditors: amounts falling due after more than one year
 11 
(104,988)
(67,274)

Provisions for liabilities
  

Deferred tax
 13 
(123,394)
(220,036)

  
 
 
(123,394)
 
 
(220,036)

Net assets
  
3,860,275
3,850,791


Capital and reserves
  

Called up share capital 
 14 
97,400
97,400

Share premium account
  
9,000
9,000

Capital redemption reserve
  
35,600
35,600

Profit and loss account
  
3,718,275
3,708,791

  
3,860,275
3,850,791


Page 1

 
FLEX7 LIMITED
REGISTERED NUMBER: 03658310

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider 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 directors acknowledge their 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 by: 




S Garton
Director

Date: 15 April 2025

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
FLEX7 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2023
97,400
9,000
35,600
3,708,791
3,850,791



Profit for the year
-
-
-
1,139,324
1,139,324

Dividends: Equity capital
-
-
-
(1,129,840)
(1,129,840)


At 31 July 2024
97,400
9,000
35,600
3,718,275
3,860,275


The notes on pages 4 to 13 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2022
97,400
9,000
35,600
3,719,753
3,861,753



Profit for the year
-
-
-
557,854
557,854

Dividends: Equity capital
-
-
-
(568,816)
(568,816)


At 31 July 2023
97,400
9,000
35,600
3,708,791
3,850,791


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
FLEX7 LIMITED
 

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

1.


General information

Flex7 Limited is a private company limited by share capital and incorporated in England and Wales. The registered office and principal place of business is disclosed on the company information page.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
FLEX7 LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 balance sheet 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 balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

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.

Page 5

 
FLEX7 LIMITED
 

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

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight-line method
Motor vehicles
-
25%
reducing balance method
Fixtures and fittings
-
25%
straight-line method

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
FLEX7 LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023 - 41).

Page 7

 
FLEX7 LIMITED
 

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

4.


Intangible assets




Other intangible assets

£



Cost


At 1 August 2023
2,393,400


Additions
120,403



At 31 July 2024

2,513,803



Amortisation


At 1 August 2023
1,709,470


Charge for the year on owned assets
368,982



At 31 July 2024

2,078,452



Net book value



At 31 July 2024
435,351



At 31 July 2023
683,930



Page 8

 
FLEX7 LIMITED
 

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

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 August 2023
1,049,817
300,803
1,350,620


Additions
6,762
14,681
21,443



At 31 July 2024

1,056,579
315,484
1,372,063



Depreciation


At 1 August 2023
687,025
265,708
952,733


Charge for the year on owned assets
57,641
16,761
74,402



At 31 July 2024

744,666
282,469
1,027,135



Net book value



At 31 July 2024
311,913
33,015
344,928



At 31 July 2023
362,792
35,095
397,887

Page 9

 
FLEX7 LIMITED
 

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

6.


Fixed asset investments





Other investments

£



Cost or valuation


At 1 August 2023
86,185



At 31 July 2024

86,185



Impairment


At 1 August 2023
86,185



At 31 July 2024

86,185



Net book value



At 31 July 2024
-



At 31 July 2023
-


7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
946,959
1,006,210


Page 10

 
FLEX7 LIMITED
 

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

8.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
655,305
1,218,469


2024
2023
£
£

Due within one year

Trade debtors
1,479,533
1,243,555

Other debtors
1,750
2,433

Prepayments and accrued income
105,491
109,590

1,586,774
1,355,578



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,444,276
486,211



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
509,407
422,986

Corporation tax
268,843
175,887

Other taxation and social security
360,023
288,315

Other creditors
3,777
4,366

Accruals and deferred income
182,886
118,630

1,324,936
1,010,184



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
26,088
24,300

Amounts owed to group undertakings
78,900
42,974

104,988
67,274


Page 11

 
FLEX7 LIMITED
 

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

12.


Secured creditors

Payments received on account are advances provided by a factoring company which are secured on the trade debts of the company. Bank loans are secured by a fixed and floating charge over the assets of the company, and a legal charge has been made over the group's freehold property.


13.


Deferred taxation




2024


£






At beginning of year
(220,036)


Charged to profit or loss
96,642



At end of year
(123,394)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


At beginning of year
(220,036)
(249,421)

Charged to profit or loss
96,642
29,385

(123,394)
(220,036)


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



97,400 (2023 - 97,400) Ordinary shares of £1.00 each
97,400
97,400



15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £224,095 (2023 - £236,363). Contributions totalling £18,553 (2023 - £15,180) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
FLEX7 LIMITED
 

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

16.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,962
10,962

Later than 1 year and not later than 5 years
20,246
31,208

31,208
42,170


17.


Related party transactions

At the year end the company was owed £2,352,528 (2023: £2,123,524) from Quickwire Limited, a fellow subsidiary. The amount is interest free and repayable on demand but not for at least 12 months from the balance sheet date. A provision of £1,697,223 (2023: £905,055) has been made against this loan.
At the year end the company owed £78,900 (2023: £42,974) to Flex Connectors Holdings Limited, its parent company. The amount is interest free and repayable on demand but not for at least 12 months from the balance sheet date. 


18.


Controlling party

The ultimate controlling party is the parent company, Flex Connector Holdings Limited. Flex Connectors Holdings Limited is controlled by S Garton and A Garton by virtue of their joint shareholding.


Page 13