Registration number:
Flexistay Ltd
for the Year Ended 30 September 2024
Flexistay Ltd
Contents
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Company Information |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Flexistay Ltd
Company Information
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Directors |
P Patel R Patel |
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Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Flexistay Ltd
for the 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 accounts of Flexistay Ltd for the year ended 30 September 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Flexistay Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Flexistay Ltd and state those matters that we have agreed to state to the Board of Directors of Flexistay Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flexistay Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Flexistay Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Flexistay Ltd. You consider that Flexistay Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Flexistay Ltd. 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 accounts.
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Chartered Certified Accountants
London
SE24 9LR
Flexistay Ltd
(Registration number: 07332324)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
67 |
67 |
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Capital redemption reserve |
33 |
33 |
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Retained earnings |
776,100 |
636,527 |
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Shareholders' funds |
776,200 |
636,627 |
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:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Flexistay Ltd
(Registration number: 07332324)
Statement of Financial Position as at 30 September 2024 (continued)
Approved and authorised by the
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Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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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 presentation currency of the financial statements is Pound Sterling (£) 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.
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.
Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Freehold buildings |
Not depreciated |
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Fixtures, fittings & equipment |
15% Straight line method |
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Long leasehold properties |
5% Straight line method |
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Leasehold improvements |
Amortised over 13 year |
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Motor vehicles |
15% Reducing balance method |
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.
Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
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 income statement 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.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose
related party transactions with wholly owned subsidiaries within the group.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
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.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Land and buildings |
Long leasehold land and buildings |
Leasehold improvements |
Fixtures and fittings |
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Cost or valuation |
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At 1 October 2023 |
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- |
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Additions |
- |
- |
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- |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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- |
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Charge for the year |
- |
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- |
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At 30 September 2024 |
- |
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Carrying amount |
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At 30 September 2024 |
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- |
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At 30 September 2023 |
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- |
- |
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Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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4 |
Tangible assets (continued) |
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Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2023 |
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- |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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- |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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- |
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 October 2023 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
- |
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Other borrowings |
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- |
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Flexistay Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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8 |
Loans and borrowings (continued) |
Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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- |
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