| REGISTERED NUMBER: |
| FLEXDART LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| FLEXDART LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 6 |
| Streamlined Energy and Carbon Reporting forming part of the Report of the Directors |
8 |
| Report of the Independent Auditors | 9 |
| Statement of Comprehensive Income | 13 |
| Balance Sheet | 14 |
| Statement of Changes in Equity | 16 |
| Cash Flow Statement | 17 |
| Notes to the Cash Flow Statement | 18 |
| Notes to the Financial Statements | 20 |
| FLEXDART LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 15-17 Church Street |
| Stourbridge |
| West Midlands |
| DY8 1LU |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| PRINCIPAL ACTIVITY |
| The principal activities of the group are recycling, refining and processing of ferrous and non-ferrous metals. |
| The group has two main trading divisions: |
| Beaver Metals buys all types of scrap metal in both large and small quantities from individuals and companies locally, nationally and internationally. The scrap is processed, graded and supplied according to the end users requirements. Typical end users will be metal smelting and refining companies where the recycling process is completed. The company also trades in secondary or surplus ferrous and non-ferrous reusable materials including electrical steels. |
| Beaver Metals has facilities for the dismantling, removal and processing of redundant machinery and oversize scrap with onsite lifting capability in excess of 55MT. |
| Metallic Extractors operates as a specialist refiner of non-ferrous metal drosses and residues. It buys and refines or will process on a toll basis material which is produced as a by-product of the melting process. This material may be complex in its nature and is processed into a number of easily recyclable products. In most cases, the process enables the residues to be completely recycled. |
| BUSINESS REVIEW AND OUTLOOK |
| Instability caused by the continuing conflicts and political global uncertainties continue to have an adverse influence on costs for our whole industry. Domestic politics and a proliferation of red tape enforced without any scientific or practical knowledge of recycling are delaying trade and creating further unnecessary but not unsurmountable administrative burdens. |
| Despite these difficulties the company, its management and its employees have been able to produce an acceptable performance in terms of profitability and cash flows. This is being achieved by the hard work and persistence of all of the company. As a direct result of the new government's policies and in line with our commitment to maintain a strict control on overheads the company will no longer seek to replace workers/staff leaving our employment. |
| Business confidence is a key ingredient when looking towards the future and we look forward to an improved atmosphere in the owner managed business world. A successful conclusion to our planning application following a five year consultation will allow for the future expansion of the recycling site in tandem with growing the investment side of the company by building more units and extending the existing industrial estate. |
| Trading and business activities for the first three months of the new financial year (year ended 31 December 2025) have been encouraging. The early part of the year also saw the finalization of a two year investigation by HMRC and we would like to thank all those that assisted in our complete exoneration at the conclusion of this intrusive and stressful period. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors are constantly on guard monitoring and mitigating risks which arise having 68% of our sales being exported. |
| Currency risk: The company is exposed to foreign currency risks, mainly US Dollars and Euros. It is the group's policy to hedge these transactions where possible to avoid losses on currency and protect margins. |
| Liquidity risk: The company manages financial risk by ensuring adequate liquidity is available to meet foreseeable needs. |
| Credit risk: The company seeks to manage the risk of customers through credit insurance. |
| STRATEGY |
| The group's strategy is to grow the business by the provision of a competitively priced, flexible and efficient service for the buying, selling and recycling of scrap metal and residues using safe and environmentally acceptable processes. |
| The group continues to investigate new opportunities as they become available. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The directors consider that the key performance indicators are those that communicate the financial performance and strength of the group as a whole, namely turnover, profit before tax and net assets. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| SECTION 172(1) STATEMENT |
| Directors' section 172 (1) statement of compliance |
| The board of directors, acting in accordance with their duties under s172 of the Companies Act 2006, have acted in good faith and in a manner which they consider promotes the success of the company for the benefit of its members and by doing so have had regard to a range of matters when making decisions for the long term. |
| Business relationships |
| Having traded for over 35 years, the need to build strong long-standing relationships with both our customers and suppliers is paramount to the success of the company and its longevity. The company engages with a variety of stakeholders, including customers, suppliers and regulators which assists in making balanced and appropriate decisions for the company's strategy. The board considers stakeholder engagement as an important part of maintaining the company's integrity and reputation. |
| Our people |
| The company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, customers, shareholders, communities, and society as a whole. People are at the heart of delivering quality specialist services both internally and externally. For our business to continue to succeed we continually seek to improve our peoples' training and performance development, bringing through talent and ensuring we operate as efficiently as possible. |
| Disabled employees |
| The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees became disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career developments and promotion to disabled employees wherever appropriate. |
| Diversity |
| Our employment policies do not discriminate on the grounds of gender, colour, race, ethnicity, marital status, sexual orientation, religious beliefs or disability. |
| Employee engagement |
| Our workforce is our most valuable asset. The company invests in their training using the latest available technology in order for them to carry out their work. The health, safety and wellbeing of our employees is one of the primary considerations in the way we conduct our business. The company continuously engages with its employees and takes on board their recommendations when considering the future of the business. |
| Community, charity and environment |
| We support our staff in their charitable endeavours, encouraging them to get involved with organisations or events, alongside promoting their causes to our workforce to encourage sponsorship and awareness. As a business we also like to be proactive with fundraising and we support a variety of initiatives throughout the year. |
| Culture and values |
| The company recognises the importance of having the right corporate culture. Our long-term success depends on achieving our strategic goals the right and fair way, so we look after the best interests of our shareholders, customers, people, suppliers, and other stakeholders. |
| Shareholders |
| Management are committed and openly engaged with the shareholders through regular board meetings and effective dialogue. The shareholders and their representatives are actively engaged in understanding our strategy, culture, people and the performance of our shared objectives for the short, medium and longer terms. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Payment of suppliers |
| With respect to suppliers the company policy for the payment of suppliers is to agree to terms of payment in advance in line with normal trade practices and, provided a supplier performs in accordance with the agreement, to abide by such terms. |
| Political donations |
| The company does not make any donations to any political party or organisation. |
| ON BEHALF OF THE BOARD: |
| Director |
| 31 May 2025 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| FUTURE DEVELOPMENTS |
| The directors do not foresee any changes to the principal activity of the company. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| MATTERS INCLUDED WITHIN THE STRATEGIC REPORT |
| The company has chosen in accordance with section 414C (11) of the Companies Act 2006 (strategic report and directors' report) Regulations 2013 to set out in the company's strategic report information required by the large and medium-sized companies (accounts and reports) Regulations Schedule 7 to be contained in the directors' report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| AUDITORS |
| The auditors, Folkes Worton LLP, having been appointed during the year, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| ENERGY AND CARBON REPORT |
| FORMING PART OF THE REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STREAMLINED ENERGY AND CARBON REPORTING (SECR) |
| Given the principal activity of the group and the industry in which it operates, the group itself serves to significantly reduce UK greenhouse gas emissions. By recycling, refining and processing ferrous and non-ferrous metals, the group is having a profound,positive impact on the environment. |
| UK greenhouse gas emissions and energy use data for the period 1 January 2024 to 31 December 2024 with comparatives |
| 2024 | 2023 |
| Energy consumption used to calculate emissions (kWh) | 227,535 | 210,478 |
| Scope 1 |
| Deemed not applicable to Flexdart Limited due to their being no combustion of natural gas |
| Scope 2 - gross emissions in metric tonnes CO2e |
| Purchased electricity | 46.63 | 43.14 |
| Total gross emissions in metric tonnes CO2e | 46.63 | 43.14 |
| Intensity ratio per CO2e | 1.06 | 0.92 |
| Quantification and reporting methodology |
| We have followed the 2019 HM Government Enviromental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting. |
| Intensity measurement |
| The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per total average staff as per the note, the recommended ratio for the sector. |
| Disclosure of information to auditor |
| Each of the persons who are directors at the time when this directors' report is approved has confirmed that: |
| - so far the directors are aware, there is no relevant audit information of which the company and the auditor's are unaware, and |
| - the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the company and the auditors are aware of the information. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FORMING PART OF THE REPORT OF THE DIRECTORS |
| FLEXDART LIMITED |
| Opinion |
| We have audited the financial statements of Flexdart Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FORMING PART OF THE REPORT OF THE DIRECTORS |
| FLEXDART LIMITED |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FORMING PART OF THE REPORT OF THE DIRECTORS |
| FLEXDART LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
| Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. |
| We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following: |
| - Obtaining an understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework, including a review of legal and professional nominal codes; |
| - Obtaining and understanding the company's policies and procedures and how the company has complied with these, through discussions and walkthrough testing of controls; |
| - Obtaining an understanding of the company's risk assessment process, including the risk of fraud; |
| - Designing our audit procedures to respond to our risk assessment; and |
| - Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - Agreeing financial statement disclosures to underlying supporting documentation; |
| - Enquiring of management as to actual and potential litigation and claims; and |
| - Reviewing correspondence with HMRC and associated parties. |
| Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FORMING PART OF THE REPORT OF THE DIRECTORS |
| FLEXDART LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| 15-17 Church Street |
| Stourbridge |
| West Midlands |
| DY8 1LU |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 | £'000 |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 7,583 | 6,416 |
| 725 | 889 |
| Other operating income |
| OPERATING PROFIT | 7 |
| Interest receivable and similar income | 9 |
| 1,269 | 1,331 |
| Gain/loss on revaluation of investment property | 547 | - |
| 1,816 | 1,331 |
| Interest payable and similar expenses | 10 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 11 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of freehold property |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 | £'000 |
| FIXED ASSETS |
| Tangible assets | 13 |
| Investments | 14 |
| Investment property | 15 |
| CURRENT ASSETS |
| Stocks | 16 |
| Debtors | 17 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 18 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 19 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| NET ASSETS |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 | £'000 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Share premium | 24 |
| Revaluation reserve | 24 |
| Retained earnings | 24 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Share | Revaluation | Total |
| capital | earnings | premium | reserve | equity |
| £'000 | £'000 | £'000 | £'000 | £'000 |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Purchase of investment property | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| New/ (repayment of) loans in year |
| Capital repayments in year | ( |
) | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year | 2 | 1,501 |
| Cash and cash equivalents at end of year | 2 | 609 | 3,399 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit for the financial year |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Gain on revaluation of fixed assets | (547 | ) | - |
| Finance costs | 379 | 348 |
| Finance income | (158 | ) | (65 | ) |
| Taxation |
| 1,654 | 2,040 |
| Decrease/(increase) in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31/12/24 | 1/1/24 |
| £'000 | £'000 |
| Cash and cash equivalents | 609 | 3,399 |
| Bank overdrafts |
| 609 | 3,399 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £'000 | £'000 |
| Cash and cash equivalents | 3,399 | 1,540 |
| Bank overdrafts | ( |
) |
| 3,399 | 1,501 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £'000 | £'000 | £'000 |
| Net cash |
| Cash at bank and in hand | 3,399 | (2,790 | ) | 609 |
| 3,399 | ( |
) | 609 |
| Debt |
| Finance leases | (1,176 | ) | (506 | ) | (1,682 | ) |
| Debts falling due within 1 year | (2,653 | ) | (2,564 | ) | (5,217 | ) |
| Debts falling due after 1 year | (1,800 | ) | 1,800 | - |
| (5,629 | ) | (1,270 | ) | (6,899 | ) |
| Total | (2,230 | ) | (4,060 | ) | (6,290 | ) |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Flexdart Limited is a |
| 2. | ACCOUNTING POLICIES |
| 2.1 Basis of preparing the financial statements |
| Flexdart Limited is a Limited liability company incorporated and domiciled in the United Kingdom. The address of the registered office is disclosed on the company information page. |
| The financial statements are presented in Sterling(£) which is the functional currency of the group. |
| The financial statements are for the year ended 31 December 2024 (2023: year ended 31 December 2023) |
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. |
| The following principal accounting policies have been applied: |
| 2.2 Turnover |
| Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. Turnover 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 |
| Turnover 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 consideration due under the transaction; and |
| -the costs incurred or to be incurred in respect of the transaction can be measured reliably |
| 2.3 Interest income |
| Interest income is recognised in the profit and loss account using the effective interest method. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.4 Finance costs |
| Finance costs are charged to the profit and loss account 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| 2.5 Borrowing costs |
| All borrowing costs are recognised in the profit and loss account in the year in which they are incurred. |
| 2.6 Pensions |
| Defined contribution pension plan |
| The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan which under the company pays fixed conditions 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 the consolidated profit and loss account 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 group in independently administered funds. |
| 2.7 Current and deferred taxation |
| The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account 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 is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.8 Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Plant and machinery -between 5 and 8 years |
| Motor Vehicles -4 years |
| Fixtures and Fittings -5 years |
| 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 charge since the last reporting date. |
| Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
| Freehold land and buildings are carried at fair value determined with sufficient regularity by external valuers and with directors' valuations in the intervening periods. This is derived from the current market values and property yields for comparable land and buildings, adjusted if necessary for any difference in the nature, location or condition of the specific asset. |
| At each balance sheet date, the directors review the carrying amount of the company's freehold land and buildings to determine whether there is any indication that any assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash generating unit to which the asset belongs. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. |
| Revaluation gains and losses are recognised in other comprehensive income and accumulated in the revaluation reserve, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in the profit and loss account, or a revaluation loss exceeds accumulated revaluation gains recognised in equity; such gains and losses are recognised within the profit and loss account. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.9 Leases and hire purchase fixed assets |
| Assets that are held by the group under leases which transfer substantially all the risk and reward of ownership are classified as being held under hire purchase or finance lease. Leases which do not transfer substantially all the risk and rewards of ownership are classified as operating leases. |
| Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangements are included in creditors net of finance charge allocated to future periods. |
| The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| 2.10 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 only if certain specific criteria are met 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. |
| If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as it were all incurred in the research phase only. |
| 2.11 Foreign currency translations |
| Foreign currency translation are translated into functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and not retranslated. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account in the period which they relate. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.12 Investment property |
| Freehold Investment property is carried at fair value determined with sufficient regularity by external valuers and with directors' valuations in the intervening periods. This is 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. |
| At each balance sheet date, the directors review the carrying amount of the group's freehold investment property to determine whether there is any indication that any assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash generating unit to which the asset belongs. |
| Fair value gains and losses are recognised in the profit and loss account, and then transferred to a separate reserve, the revaluation reserve. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately. |
| 2.13 Valuation of investments |
| Investments in subsidiaries are initially valued at cost and reviewed annually for signs of impairment. If an impairment loss is identified this is recognised immediately in the profit and loss account and the value of the investment is reduced accordingly. |
| 2.14 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 the purchase on a weighted average basis. |
| 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 the profit and loss. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.15 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 ready convertible to known amount of cash with insignificant risk of change in value. |
| In the statement of cashflows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. |
| 2.16 Provisions for liabilities |
| Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probable requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense in the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the balance sheet. |
| 2.17 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. |
| 2.18 Going concern |
| The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate on the basis of comments made in their strategic report. The directors are confident that the company will continue in business for a period of at least 12 months following the date of signing these financial statements. |
| As at 31 December 2024 the company is in a strong net asset position of £20,245,000 and has cash reserves of £609,000. Forecasts for 12 months from the date of approval of these financial statements show a continuation of strong trading and cash flow positions. |
| On this basis the directors are confident that the group has adequate resources to continue in operation for the 12 months from the date of approval of these financial statements and have therefore adopted the going concern basis in preparing the financial statements. |
| 2.19 Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loan to related parties and investments in ordinary shares. |
| All basic financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION |
| The process of preparing financial statements required the use of accounting estimates, assumptions and judgements by the group regarding the future that may have a risk of giving rise to an adjustment to the carrying values of assets and liabilities. These estimates and assumptions are based upon information available at the time of the estimates or assumptions, including our historical experience, where relevant. |
| Revenue recognition |
| Revenue is recognised when the risks and rewards of ownership are transferred to the customers, which is typically based on the contractual delivery terms agreed to with the customer and fulfilment of all but inconsequential or perfunctory actions. In addition, our policy requires persuasive evidence of an arrangement, a fixed or determinable sales price and reasonable assurance of collectability. |
| Recoverability of trade and other debtors |
| Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. |
| Depreciation |
| Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Residual value and useful life assessments consider issues such as future market conditions, the remaining life of the asset and maintenance programmes. |
| Impairment |
| Management assesses the impairment of non-current assets subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that may trigger an impairment review include the following: significant underperformance relative to historical or projected future operating results, changes in the manner of the use of the acquired assets or the strategy for the overall business and significant negative industry or economic trends. Management also take into account market knowledge, professional judgement and comparable historical transactions. |
| Assumptions relating to tax |
| Management estimation is required to determine the amount of deferred tax assets or liabilities that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. |
| Stocks |
| There is an element of estimation with regards to the valuation of the stock at the year end. This is due to the nature of the stock and the variability in the quality and grades of the metals that could exist, and also due to the varying metal prices which impacts the value of the stock. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices. For stock held at third parties an independent third party expert performs a valuation of the stock at the year-end. |
| Investment property |
| Whilst the value of the properties is assessed by the directors every year, the properties are sensitive to a range of varying factors. The last full external valuation was performed in September 2024 from which the directors do not believe the value of the investment properties has materially changed. |
| Leases |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| No. | No. |
| Management | 3 | 4 |
| Administration | 13 | 14 |
| Works | 28 | 29 |
| 44 | 47 |
| 2024 | 2023 |
| £'000 | £'000 |
| Wages and Salaries | 6,573 | 5,244 |
| Social security costs | 847 | 665 |
| Cost of defined contribution pension scheme | 54 | 58 |
| 7,474 | 5,967 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | DIRECTORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Directors' emoluments | 5,333 | 4,018 |
| Company contributions to defined contribution pension scheme | 30 | 30 |
| 5,363 | 4,048 |
| During the year retirement benefits were accruing to 3 directors (2023:3) in respect of defined contribution pension schemes. |
| The highest paid directors received remuneration of £2,119k (2023: £1,181k) |
| The highest paid director received pension contributions of £10k (2023:£10k) |
| Emoluments paid to key management personnel during the year amounted to £5,363k (2023:£4,048k) |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £'000 | £'000 |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Exchange differences | ( |
) | ( |
) |
| Cost of defined contribution pension scheme |
| 8. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £'000 | £'000 |
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
23 |
21 |
| Total audit fees | 23 | 21 |
| Auditors' remuneration for non audit work |
| Total non-audit fees | 5 | 5 |
| Total fees payable | 28 | 26 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| Interest income is recognised in the profit and loss account using the effective interest method. |
| 10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank interest |
| Finance leases and hire |
| purchase contracts |
| 11. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Deferred tax on revaluation of investment property | 136 | - |
| Total tax charge | 528 | 248 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | TAXATION - continued |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £'000 | £'000 | £'000 |
| Revaluation of freehold property | - | 1,989 |
| 12. | DIVIDENDS |
| 2024 | 2023 |
| £'000 | £'000 |
| Ordinary shares of 1 each |
| Interim |
| 13. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £'000 | £'000 | £'000 |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Assets |
| Motor | under |
| vehicles | construction | Totals |
| £'000 | £'000 | £'000 |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,656,000 (2023 - £ 1,656,000 ) which is not depreciated. |
| Cost or valuation at 31 December 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £'000 | £'000 | £'000 |
| Valuation in 2019 | 1,403 | - | - |
| Valuation in 2024 | 1,989 | - | - |
| Cost | 330 | 4,607 | 117 |
| 3,722 | 4,607 | 117 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Assets |
| Motor | under |
| vehicles | construction | Totals |
| £'000 | £'000 | £'000 |
| Valuation in 2019 | - | - | 1,403 |
| Valuation in 2024 | - | - | 1,989 |
| Cost | 834 | 283 | 6,171 |
| 834 | 283 | 9,563 |
| The freehold land and building were valued on an open market basis on 13 September 2024 by Avison Young . |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £'000 | £'000 | £'000 |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| Transfer to ownership | - | (678 | ) | (678 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| Transfer to ownership | - | (589 | ) | (589 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £'000 |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| PROVISIONS |
| At 1 January 2024 |
| and 31 December 2024 | 397 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Class of |
| Name | Shares | Holding |
| Beaver Metals (London) Limited | Ordinary | 100% |
| Ryknild Trading Limited | Ordinary | 100% |
| Metallic Extractors (Non-Ferrous) Limited | Ordinary | 100% |
| John Phillips Metals Limited | Ordinary | 100% |
| Heart of England Compounding Limited | Ordinary | 100% |
| The subsidiary undertakings listed above are all dormant companies. |
| The registered office in relation to all of the subsidiaries is as stated on the company information page. |
| 15. | INVESTMENT PROPERTY |
| Total |
| £'000 |
| FAIR VALUE |
| At 1 January 2024 |
| Additions |
| Revaluations | 547 |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 15. | INVESTMENT PROPERTY - continued |
| Fair value at 31 December 2024 is represented by: |
| £'000 |
| Valuation in 2008 | 504 |
| Valuation in 2013 | 280 |
| Valuation in 2017 | 493 |
| Valuation in 2019 | 437 |
| Valuation in 2024 | 547 |
| Cost | 3,089 |
| 5,350 |
| If Freehold investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £'000 | £'000 |
| Cost | 3,089 | 3,058 |
| Freehold investment properties were valued on an open market basis on 13 September 2024 by Avison Young . |
| 16. | STOCKS |
| 2024 | 2023 |
| £'000 | £'000 |
| Stocks |
| 17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments |
| Amounts owed by group undertakings are interest free and repayable on demand. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank loans and overdrafts (see note 20) |
| Hire purchase contracts (see note 21) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| Included within bank loans within one year are three loans. The first loan, totalling £2,900,000 (2023: £nil) is to be repaid in monthly installments over the next year, with the final repayment due by December 2025. Interest is charged at 2.5% above base rate. The second loan, totalling £1,117,000 (2023: £1,153,000) is due to be paid in monthly installments with the final repayment due in 2025. Interest is charged at 2.3% above base rate. The third loan, totalling £1,200,000 (2023: £1,800,000) is due to be paid in monthly installments over the next 8 months, with the final repayment due by August 2025. Interest is charged at 2.5% above base rate. All bank loans are secured on the assets of the group. |
| Amounts owed to group undertakings are interest free and repayable on demand. |
| The amounts due under finance lease and hire purchase contracts are secured on the assets to which they relate. |
| 19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank loans (see note 20) |
| Hire purchase contracts (see note 21) |
| Amounts owed to group undertakings |
| Amounts owed to group undertakings are interest free and repayable on demand. |
| The amounts due under finance lease and hire purchase contracts are secured on the assets to which they relate. |
| 20. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| Amounts falling due within one year or on demand: |
| Bank loans |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 20. | LOANS - continued |
| 2024 | 2023 |
| £'000 | £'000 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| See notes 18 and 19 for disclosure regarding repayment period, interest rates and security. |
| 21. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| See notes 18 and 19 for disclosure regarding security. |
| 22. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £'000 | £'000 |
| Deferred tax | 1,025 | 762 |
| Deferred |
| tax |
| £'000 |
| Balance at 1 January 2024 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31 December 2024 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 180 | 180 |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 24. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £'000 | £'000 | £'000 | £'000 |
| At 1 January 2024 | 17,662 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Released during the year | (547 | ) | - | 2,536 | 1,989 |
| At 31 December 2024 | 20,245 |
| Share premium account |
| This represents the difference between the par value of shares issued and the issue price. |
| Revaluation reserve |
| This is an unrealisable reserve and represents the cumulative effect of any revaluations in relation to the freehold land and buildings and freehold investment property,less historic amounts transferred to the profit and loss account in respect of excess depreciation on revalued assets. |
| Capital redemption reserve |
| Included within the capital redemption reserve is £80 (2023: £80). |
| Profit and loss account |
| The profit and loss account represents accumulated profit and losses for the current period and prior periods less dividends paid. |
| 25. | PENSION COMMITMENTS |
| The company contributes to a defined contribution pension scheme in respect of certain employees. The assets of the scheme are held separately from those of the group in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounted to £54,000 (2023: £58,000). Contributions totalling £Nil (2023: £Nil) were payable at the balance sheet date. |
| 26. | ULTIMATE PARENT COMPANY |
| The board does not consider there to be a controlling party. |
| FLEXDART LIMITED (REGISTERED NUMBER: 02052152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 27. | RELATED PARTY DISCLOSURES |
| During the year, the company advance several informal loans to a directors, all of which were repaid shortly after they were issued. The highest level outstanding during the year was £69,000. (2023: £222,000) and all amounts were settled before the year end, resulting in a balance of £Nil owing as at 31 December 2024 (2023 £Nil). These advances did not attract interest due to their short term nature. |