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Registration number: 07332324

Flexistay Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Flexistay Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Flexistay Ltd

Company Information

Directors

P Patel

R Patel

Registered office

79 Park Lane
Croydon
Surrey
CR0 1JG

Accountants

Innovi Advisors Ltd
Chartered Certified Accountants163 Herne Hill
London
SE24 9LR

 

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.

......................................

Innovi Advisors Ltd
Chartered Certified Accountants
163 Herne Hill
London
SE24 9LR

23 June 2025

 

Flexistay Ltd

(Registration number: 07332324)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,124,213

852,171

Investments

5

3

3

 

1,124,216

852,174

Current assets

 

Debtors

6

337,161

195,995

Cash at bank and in hand

 

88,625

185,385

 

425,786

381,380

Creditors: Amounts falling due within one year

7

(742,523)

(287,836)

Net current (liabilities)/assets

 

(316,737)

93,544

Total assets less current liabilities

 

807,479

945,718

Creditors: Amounts falling due after more than one year

7

(31,279)

(309,091)

Net assets

 

776,200

636,627

Capital and reserves

 

Called up share capital

67

67

Capital redemption reserve

33

33

Retained earnings

776,100

636,527

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:

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 and 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 Income Statement.

 

Flexistay Ltd

(Registration number: 07332324)
Statement of Financial Position as at 30 September 2024 (continued)

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

.........................................
P Patel
Company secretary and director

   
     
 

Flexistay Ltd

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 and Wales.

The address of its registered office is:
79 Park Lane
Croydon
Surrey
CR0 1JG
England

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 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)

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:

Asset class

Depreciation method and rate

Freehold buildings

Not depreciated

Fixtures, fittings & equipment

15% Straight line method

Long leasehold properties

5% Straight line method

Leasehold improvements

Amortised over 13 year

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)

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)

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 29).

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Leasehold improvements
£

Fixtures and fittings
£

Cost or valuation

At 1 October 2023

824,011

40,544

-

121,481

Additions

-

-

255,000

-

At 30 September 2024

824,011

40,544

255,000

121,481

Depreciation

At 1 October 2023

-

13,020

-

121,481

Charge for the year

-

2,027

19,615

-

At 30 September 2024

-

15,047

19,615

121,481

Carrying amount

At 30 September 2024

824,011

25,497

235,385

-

At 30 September 2023

824,011

27,524

-

-

 

Flexistay Ltd

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

4

Tangible assets (continued)

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

1,309

-

987,345

Additions

1,540

44,543

301,083

At 30 September 2024

2,849

44,543

1,288,428

Depreciation

At 1 October 2023

673

-

135,174

Charge for the year

718

6,681

29,041

At 30 September 2024

1,391

6,681

164,215

Carrying amount

At 30 September 2024

1,458

37,862

1,124,213

At 30 September 2023

636

-

852,171

5

Investments

2024
£

2023
£

Investments in subsidiaries

3

3

Subsidiaries

£

Cost or valuation

At 1 October 2023

3

Carrying amount

At 30 September 2024

3

At 30 September 2023

3

 

Flexistay Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

257,093

106,502

Prepayments

20,067

18,281

Other debtors

60,001

71,212

 

337,161

195,995

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

339,795

52,380

Trade creditors

 

42,055

49,973

Taxation and social security

 

17,450

66,258

Accruals and deferred income

 

21,920

9,890

Other creditors

 

321,303

109,335

 

742,523

287,836

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

31,279

309,091

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

309,091

Other borrowings

31,279

-

31,279

309,091

 

Flexistay Ltd

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

8

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

336,153

52,380

Other borrowings

3,642

-

339,795

52,380