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Registration number: 04523150

Flexidig Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Flexidig Limited

Contents

Company Information

1

Balance Sheet and Notes to the Financial Statements

2 to 8

 

Flexidig Limited

Company Information

Directors

A J Bett

R Bett

Registered office

The Farm Office
Ivy House Farm
Yarburgh
Louth
Lincolnshire
LN11 0PP

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,124,879

931,751

Current assets

 

Debtors

5

754,708

582,594

Cash at bank and in hand

 

80,763

110,607

 

835,471

693,201

Creditors: Amounts falling due within one year

6

(661,989)

(649,986)

Net current assets

 

173,482

43,215

Total assets less current liabilities

 

1,298,361

974,966

Creditors: Amounts falling due after more than one year

6

(842,023)

(704,648)

Provisions for liabilities

(242,419)

(193,787)

Net assets

 

213,919

76,531

Capital and reserves

 

Called up share capital

51

51

Retained earnings

213,868

76,480

Shareholders' funds

 

213,919

76,531

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 members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
A J Bett
Director

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04523150.

The address of its registered office is:
The Farm Office
Ivy House Farm
Yarburgh
Louth
Lincolnshire
LN11 0PP

These financial statements cover the individual entity, Flexidig Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal ofdeferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Fixtures, fittings & equipment

20% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 17 (2023 - 24).

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

177,091

1,210,697

385,238

1,773,026

Additions

-

307,580

49,853

357,433

Disposals

-

(79,000)

-

(79,000)

At 30 September 2024

177,091

1,439,277

435,091

2,051,459

Depreciation

At 1 October 2023

-

619,538

221,737

841,275

Charge for the year

-

91,769

53,339

145,108

Eliminated on disposal

-

(59,803)

-

(59,803)

At 30 September 2024

-

651,504

275,076

926,580

Carrying amount

At 30 September 2024

177,091

787,773

160,015

1,124,879

At 30 September 2023

177,091

591,159

163,501

931,751

Included within the net book value of land and buildings above is £177,091 (2023 - £177,091) in respect of freehold land and buildings.
 

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

124,526

59,911

Amounts owed by related parties

9

136

-

Prepayments

 

18,358

16,362

Other debtors

 

611,688

506,321

   

754,708

582,594

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

339,799

326,513

Trade creditors

 

120,957

75,979

Taxation and social security

 

145,431

198,260

Accruals and deferred income

 

14,854

43,067

Other creditors

 

40,948

6,167

 

661,989

649,986

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the individual assets of £232,369 (2023 - £157,394).

Creditors include bank loans secured by charges over the company's assets of £5,000 (2023 - £60,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

842,023

704,648

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the individual assets of £308,518 (2023 - £211,410).

Creditors include bank loans secured by charges over the company's assets of of £526,838 (2023 - £476,571).

 

Flexidig Limited

(Registration number: 04523150)
Balance Sheet as at 30 September 2024

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

533,505

493,238

Hire purchase contracts

308,518

211,410

842,023

704,648

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,000

70,000

Hire purchase contracts

232,371

157,399

Other borrowings

92,428

99,114

339,799

326,513

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,952 (2023 - £3,840).

9

Related party transactions

Transactions with Directors

2024

At 1 October 2023
£

Advances to Director
£

Repayments by Director
£

At 30 September 2024
£

A J Bett

A Bett

97,306

127,100

(16,074)

208,332

R Bett

R Bett

11,348

83,534

(22,388)

72,494

2023

At 1 October 2022
£

Advances to Director
£

Repayments by Director
£

At 30 September 2023
£

A J Bett

A Bett

125,257

118,149

(146,100)

97,306

R Bett

R Bett

81,282

106,062

(175,996)

11,348