Company registration number 12894786 (England and Wales)
FLOOD 1 LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FLOOD 1 LTD
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 7
FLOOD 1 LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2024.
Principal activities
The company's principal activity for the year was that of providing specific education services to other companies within the education sector.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr C Nagle
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C Nagle
Director
31 July 2025
FLOOD 1 LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
2024
2023
Notes
£
£
Turnover
82,126
180,003
Cost of sales
(20,742)
Gross profit
61,384
180,003
Administrative expenses
(39,835)
(17,564)
Operating profit
21,549
162,439
Interest receivable and similar income
4
781,238
Profit before taxation
802,787
162,439
Tax on profit
(4,031)
(37,471)
Profit for the financial year
798,756
124,968
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FLOOD 1 LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
3,004
Cash at bank and in hand
802,380
116,054
805,384
116,054
Creditors: amounts falling due within one year
6
(6,726)
(51,152)
Net current assets
798,658
64,902
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
798,558
64,802
Total equity
798,658
64,902
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2025
Mr C Nagle
Director
Company registration number 12894786 (England and Wales)
FLOOD 1 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
(166)
(66)
Year ended 31 December 2023:
Profit and total comprehensive income
-
124,968
124,968
Dividends
-
(60,000)
(60,000)
Balance at 31 December 2023
100
64,802
64,902
Year ended 31 December 2024:
Profit and total comprehensive income
-
798,756
798,756
Dividends
-
(65,000)
(65,000)
Balance at 31 December 2024
100
798,558
798,658
FLOOD 1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
1
Accounting policies
Company information
Flood 1 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24 Great Chapel Street, London, United Kingdom,, W1F 8FS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company recognises revenue from the following major sources:
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Education consulting services
Revenue is recognized when control of the promised service is transferred to the customer (the other education consultant), and it is probable that the economic benefits will flow to the Company, and the revenue can be measured reliably.
Timing of Revenue Recognition:-
One-time services: Revenue is recognized at the point in time when the service is delivered and accepted by the client.
Measurement of service :-
Revenue is measured at the transaction price agreed in the contract, net of discounts if any and applicable taxes i.e. VAT.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FLOOD 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FLOOD 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
781,238
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,004
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,030
37,471
Other taxation and social security
696
11,931
Other creditors
2,000
1,750
6,726
51,152
7
Directors' transactions
Dividends totalling £65,000 (2023 - £60,000) were paid in the year in respect of shares held by the company's director.
8
Parent company
The ultimate controlling party is the director by holding 100% shares in the company.