Company registration number 14053887 (England and Wales)
FLOW 48 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FLOW 48 LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
FLOW 48 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
914,175
1,323,326
Investments
5
4,442,672
Cash at bank and in hand
1,723,418
519,747
7,080,265
1,843,073
Creditors: amounts falling due within one year
6
(10,556,892)
(3,935,476)
Net current liabilities
(3,476,627)
(2,092,403)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(3,477,627)
(2,093,403)
Total equity
(3,476,627)
(2,092,403)
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 April 2025
I Al Rifai
Director
Company registration number 14053887 (England and Wales)
FLOW 48 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000
(809,780)
(808,780)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(1,283,623)
(1,283,623)
Balance at 31 December 2023
1,000
(2,093,403)
(2,092,403)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,384,224)
(1,384,224)
Balance at 31 December 2024
1,000
(3,477,627)
(3,476,627)
FLOW 48 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
FLOW 48 LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.
1.1
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.
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.
The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Finance revenue
Finance revenue is recognised as interest accrues based on a time-proportion basis using the effective interest method. The effective interest method is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset.
1.4
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.
1.5
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at amortised cost.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FLOW 48 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions:
Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
1
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
237,887
Amounts owed by group undertakings
550,951
625,414
Amounts owed by parent undertaking
321,915
457,614
Other debtors
1,702
1,747
Prepayments and accrued income
39,607
664
914,175
1,323,326
FLOW 48 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Current asset investments
2024
2023
Notes
£
£
Loans to group undertakings
1,759,923
Loans to parent undertaking
232,019
Other loans
2,450,730
4,442,672
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
7
9,993,829
196,359
Amounts owed to group undertakings
519,200
3,678,815
Amounts owed to parent undertaking
10,785
Other creditors
26,917
6,663
Accruals and deferred income
6,161
53,639
10,556,892
3,935,476
7
Other borrowings
2024
2023
£
£
Loans from group undertakings
1,039,631
Loans from parent undertaking
5,607,235
Other loans
3,346,963
196,359
9,993,829
196,359
Payable within one year
9,993,829
196,359
Interest on group borrowings is charged at 4% per annum as per intercompany agreements.
Other borrowings are on a fixed interest rate per tranche of borrowing, each tranche determined by market demand with a typical range of 16-19%. Other loans are secured by way of debenture filed at Companies House.
8
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
FLOW 48 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Ultimate parent undertaking and controlling party
The parent company of FLOW 48 Limited is FLOW 48 SAS incorporated in France.