| FLEXIMARK LIMITED |
| Registered number: |
04535723 |
| Balance Sheet |
| as at 30 September 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,275,540 |
|
|
3,275,540 |
|
| Current assets |
| Debtors |
4 |
|
964,587 |
|
|
964,587 |
| Cash at bank and in hand |
|
|
599 |
|
|
4,684 |
|
|
|
965,186 |
|
|
969,271 |
|
| Creditors: amounts falling due within one year |
5 |
|
(91,670) |
|
|
(90,647) |
|
| Net current assets |
|
|
|
873,516 |
|
|
878,624 |
|
| Total assets less current liabilities |
|
|
|
4,149,056 |
|
|
4,154,164 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,795,061) |
|
|
(1,795,265) |
|
|
|
| Net assets |
|
|
|
2,353,995 |
|
|
2,358,899 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
8 |
|
|
2,377,984 |
|
|
2,377,984 |
| Profit and loss account |
|
|
|
(24,089) |
|
|
(19,185) |
|
| Shareholders' funds |
|
|
|
2,353,995 |
|
|
2,358,899 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr V Patel |
| Director |
| Approved by the board on 20 January 2025 |
|
| FLEXIMARK LIMITED |
| Notes to the Accounts |
| for the year ended 30 September 2024 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Investment property |
Nil |
|
Fixtures and fittings |
25% reducing balance |
|
|
Investment property |
|
Investment property is included in the Balance Sheet at most recent valuation.The property is not depreciated in accordance with the Financial Reporting Standards as in the directors opinion the open market valuatuion is higher than the last valuation. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 of deferred 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost or Revaluation |
|
At 30 September 2024 |
3,275,000 |
|
3,610 |
|
- |
|
3,278,610 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2024 |
- |
|
3,070 |
|
- |
|
3,070 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2024 |
3,275,000 |
|
540 |
|
- |
|
3,275,540 |
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
| £ |
£ |
|
Historical cost |
897,016 |
|
897,016 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
897,016 |
|
897,016 |
|
Investment properties were valued in August 2016 on open market basis by Marc Sanson, BSc(Hons( MRICS |
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Other debtors |
964,587 |
|
964,587 |
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Rent deposits |
- |
|
7,966 |
|
Other creditors |
91,670 |
|
82,681 |
|
|
|
|
|
|
91,670 |
|
90,647 |
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans |
1,795,061 |
|
1,795,265 |
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2024 |
|
2023 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
1,795,060 |
|
1,795,265 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,795,060 |
|
1,795,265 |
|
|
|
|
|
|
|
|
|
|
Bank loan is secured over the properties and a floating debenture on the company. Loan is also guarteed personnaly by the directors of the company. |
|
| 8 |
Revaluation reserve |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 October 2023 |
2,377,984 |
|
2,377,984 |
|
|
At 30 September 2024 |
2,377,984 |
|
2,377,984 |
|
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
2024 |
|
2023 |
| £ |
£ |
|
Amba Holdings Limited |
|
Mr V Patel is director of the above company. |
|
Loan account |
|
Amount due from the related party |
602,076 |
|
602,076 |
|
Rangepay Limited |
|
Directors of both companies are Mr V Patel and Mr B Patel |
|
Loan account |
|
Amount due to the related party |
329,361 |
|
362,511 |
|
| 10 |
Controlling party |
|
|
The directors are also part shareholders of the company. |
|
| 11 |
Other information |
|
|
FLEXIMARK LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
2 Olivia Gardens |
|
Harefield |
|
Uxbridge |
|
UB9 6QF |