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Company No: 01734709 (England and Wales)

FLOWSTORE SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

FLOWSTORE SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FLOWSTORE SYSTEMS LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
FLOWSTORE SYSTEMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
Directors S Bolton
S Dennis
A Gail
A Jonas
E Mita
I Sanchez Rodriguez (Resigned 31 October 2024)
Registered office Unit 1
Zodiac Business Park
High Road
Cowley
Uxbridge
UB8 2GU
United Kingdom
Company number 01734709 (England and Wales)
Accountant Kreston Reeves LLP
37 St Margarets Street
Canterbury
Kent
CT1 2TU

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLOWSTORE SYSTEMS LIMITED

For the financial year ended 30 September 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLOWSTORE SYSTEMS LIMITED (continued)

For the financial year ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flowstore Systems Limited for the financial year ended 30 September 2024 which comprise the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Flowstore Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flowstore Systems Limited. You consider that Flowstore Systems Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Flowstore Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Flowstore Systems Limited, as a body, in accordance with the terms of our engagement letter dated 02 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Flowstore Systems Limited and state those matters that we have agreed to state to the Board of Directors of Flowstore Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flowstore Systems Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

37 St Margarets Street
Canterbury
Kent
CT1 2TU

13 April 2025

FLOWSTORE SYSTEMS LIMITED

BALANCE SHEET

As at 30 September 2024
FLOWSTORE SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 406,916 473,447
Investments 4 42,889 42,889
449,805 516,336
Current assets
Stocks 1,491,194 1,529,060
Debtors 5 2,064,159 1,828,200
Cash at bank and in hand 722,297 1,010,090
4,277,650 4,367,350
Creditors: amounts falling due within one year 6 ( 1,059,470) ( 1,098,195)
Net current assets 3,218,180 3,269,155
Total assets less current liabilities 3,667,985 3,785,491
Net assets 3,667,985 3,785,491
Capital and reserves
Called-up share capital 7 50,500 50,500
Profit and loss account 3,617,485 3,734,991
Total shareholder's funds 3,667,985 3,785,491

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Flowstore Systems Limited (registered number: 01734709) were approved and authorised for issue by the Board of Directors on 11 April 2025. They were signed on its behalf by:

A Jonas
Director
FLOWSTORE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FLOWSTORE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Flowstore Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1, Zodiac Business Park, High Road, Cowley, Uxbridge, UB8 2GU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 48 47

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 331,562 673,288 1,004,850
Additions 10,756 80,065 90,821
Disposals 0 ( 4,880) ( 4,880)
At 30 September 2024 342,318 748,473 1,090,791
Accumulated depreciation
At 01 October 2023 66,312 465,091 531,403
Charge for the financial year 34,232 123,120 157,352
Disposals 0 ( 4,880) ( 4,880)
At 30 September 2024 100,544 583,331 683,875
Net book value
At 30 September 2024 241,774 165,142 406,916
At 30 September 2023 265,250 208,197 473,447

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 42,889 42,889

5. Debtors

2024 2023
£ £
Trade debtors 935,765 1,092,142
Amounts owed by own subsidiaries 121,031 133,366
Other debtors 1,007,363 602,692
2,064,159 1,828,200

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 242,533 258,278
Amounts owed to Group undertakings 53,724 53,724
Taxation and social security 288,485 402,639
Other creditors 474,728 383,554
1,059,470 1,098,195

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50,500 Ordinary shares of £ 1.00 each 50,500 50,500

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 924,861 737,717
between one and five years 1,474,443 1,562,179
after five years 976,913 1,411,097
3,376,217 3,710,993

9. Contingencies

Contingent liabilities

2024 2023
£ £
Total contingent liabilities 824,915 1,151,405

A charge has been raised over the company's assets providing guarantee for the payment of £2,666,400 to Mr and Mrs S Dennis following the sale of their 10% ownership in the parent company Flowstore Holdings Limited to Flowstore Trustees Limited as trustee for The Flowstore Employee Ownership Trust 2017. 90% of the shares were sold on 30 June 2017 and the final 10% were sold on 22 August 2023. At the year end on 30 September 2024 the liability to Mr and Mrs S Dennis was £824,915 (2023: £1,151,405).

10. Related party transactions

During the year the company paid directors' remuneration under normal market conditions totalling £496,756 (2023: £460,989).

11. Ultimate controlling party

The immediate parent company is Flowstore Holdings Limited and overall controlling party is Flowstore Trustees Limited as Trustee of Flowstore Employee Ownership Trust 2017.