REGISTERED NUMBER: 12862185 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FLEX METALLIC INDUSTRIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G V Shaw

W Beattie

L P Steward

REGISTERED OFFICE:

Church View Chambers

38 Market Square

Toddington

Bedfordshire

LU5 6BS

REGISTERED NUMBER:

12862185 (England and Wales)

ACCOUNTANTS:

Landers Accountants Ltd

Church View Chambers

38 Market Square

Toddington

Bedfordshire

LU5 6BS

FIXED ASSETS

Tangible assets

4

192,752

176,938

CURRENT ASSETS

Stocks

163,765

135,759

Debtors

5

237,370

309,897

Cash at bank

92,906

44,800

494,041

490,456

CREDITORS

Amounts falling due within one year

6

343,947

428,501

NET CURRENT ASSETS

150,094

61,955

TOTAL ASSETS LESS CURRENT LIABILITIES

342,846

238,893

CREDITORS

Amounts falling due after more than one year

7

405,134

407,596

NET LIABILITIES

(62,288

)

(168,703

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(62,289

)

(168,704

)

(62,288

)

(168,703

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:

G V Shaw - Director

W Beattie - Director

L P Steward - Director

1.	STATUTORY INFORMATION

Flex Metallic Industries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2024

15,566

38,378

108,006

Additions

-

-

18,281

At 31 December 2024

15,566

38,378

126,287

DEPRECIATION

At 1 January 2024

-

7,551

17,737

Charge for year

-

3,083

8,621

At 31 December 2024

-

10,634

26,358

NET BOOK VALUE

At 31 December 2024

15,566

27,744

99,929

At 31 December 2023

15,566

30,827

90,269

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

64,113

2,000

4,366

232,429

Additions

-

25,890

-

44,171

At 31 December 2024

64,113

27,890

4,366

276,600

DEPRECIATION

At 1 January 2024

27,585

667

1,951

55,491

Charge for year

9,132

6,917

604

28,357

At 31 December 2024

36,717

7,584

2,555

83,848

NET BOOK VALUE

At 31 December 2024

27,396

20,306

1,811

192,752

At 31 December 2023

36,528

1,333

2,415

176,938

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

136,758

244,529

Other debtors

100,612

65,368

237,370

309,897

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 8)

42,932

42,934

Trade creditors

269,803

334,964

Taxation and social security

25,677

34,419

Other creditors

5,535

16,184

343,947

428,501

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 8)

83,132

90,236

Other creditors

322,002

317,360

405,134

407,596

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Gross obligations repayable:

Within one year

54,533

54,534

Between one and five years

102,107

116,190

156,640

170,724

Finance charges repayable:

Within one year

11,601

11,600

Between one and five years

18,975

25,954

30,576

37,554

Net obligations repayable:

Within one year

42,932

42,934

Between one and five years

83,132

90,236

126,064

133,170

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

86,400

86,000

Between one and five years

57,600

150,500

144,000

236,500

9.	RELATED PARTY DISCLOSURES

During the year, the company received advances of £4,648 (2023: £13,417) from Flextech Hose Solutions Ltd, a company in which a director has a controlling interest.

During the year, the company made advances of £35,000 (2023: £173) to Tetraflex, a company in which a director has a controlling interest.

The loans were interest free and repayable on demand.