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Company Registration No. 05054161 (England and Wales)
Uk Flags Limited Unaudited accounts for the year ended 31 August 2024
Uk Flags Limited Unaudited accounts Contents
Page
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Uk Flags Limited Company Information for the year ended 31 August 2024
Director
Raymond Ali
Secretary
H Taylor
Company Number
05054161 (England and Wales)
Registered Office
139 Portland St London SE17 2NR
Accountants
AcTax Consulting Ltd 11 Consort Road Higher Bartle Preston Lancashire PR4 0QH
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Uk Flags Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,204 
1,438 
Current assets
Inventories
53,782 
64,951 
Debtors
485 
2,310 
Cash at bank and in hand
23,955 
23,048 
78,222 
90,309 
Creditors: amounts falling due within one year
(55,114)
(54,430)
Net current assets
23,108 
35,879 
Total assets less current liabilities
24,312 
37,317 
Creditors: amounts falling due after more than one year
(27,464)
(29,764)
Provisions for liabilities
Deferred tax
(229)
(273)
Net (liabilities)/assets
(3,381)
7,280 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
(4,381)
6,280 
Shareholders' funds
(3,381)
7,280 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 May 2025 and were signed on its behalf by
Raymond Ali Director Company Registration No. 05054161
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Uk Flags Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Uk Flags Limited is a private company, limited by shares, registered in England and Wales, registration number 05054161. The registered office is 139 Portland St, London, SE17 2NR.
2
Compliance with accounting standards
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The presentation currency of the financial statements is the Pound Sterling (£).
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets by £3,381. Included in current liabilities due within one year is a loan due to the director of £38,913. The director has confirmed to the company that he will continue to support the company for the foreseeable future and it is not his current intention to ask for repayment of the loan until the company is in a position to do so.
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Uk Flags Limited Notes to the Accounts for the year ended 31 August 2024
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 September 2023
3,880 
Additions
807 
Disposals
(2,895)
At 31 August 2024
1,792 
Depreciation
At 1 September 2023
2,442 
Charge for the year
610 
On disposals
(2,464)
At 31 August 2024
588 
Net book value
At 31 August 2024
1,204 
At 31 August 2023
1,438 
5
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
6
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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