| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2025 |
| for |
| ADFLEX LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2025 |
| for |
| ADFLEX LIMITED |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ADFLEX LIMITED |
| Company Information |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Keble House |
| Southernhay Gardens |
| Exeter |
| Devon |
| EX1 1NT |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Balance Sheet |
| 28 FEBRUARY 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Investment property |
| revaluation reserve | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Balance Sheet - continued |
| 28 FEBRUARY 2025 |
| 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 were approved by the Board of Directors and authorised for issue on |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 1. | COMPANY INFORMATION |
| Adflex 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. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| Turnover |
| Turnover represents amounts chargeable in respect of the sale of services falling within the company's ordinary activities. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures, fittings and equipment | - |
| Investment properties |
| Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
| Cash and cash equivalents |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. |
| Foreign currencies |
| Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account. |
| 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. |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| Improvements | fittings |
| to | and |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2024 |
| Additions |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2024 |
| and 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Fair value at 28 February 2025 is represented by: |
| £ |
| Valuation in 2013 | 261,096 |
| Valuation in 2016 | 179,999 |
| Valuation in 2020 | 206,000 |
| Valuation in 2021 | 24,000 |
| Cost | 103,905 |
| 775,000 |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 6. | INVESTMENT PROPERTY - continued |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 103,905 | 103,905 |
| The investment properties were valued on an open market basis on 1 July 2023 by Portico Estate Agents . |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Research & Development tax repayment | 174,581 | 63,035 |
| Directors' current accounts | 100,970 | - |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 24,017 | 27,408 |
| Other creditors |
| Directors' current accounts | - | 294 |
| Accruals and deferred income |
| ADFLEX LIMITED (REGISTERED NUMBER: 02579576) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 9. | RESERVES |
| Investment |
| property |
| Retained | revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 March 2024 | 3,927,072 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Movement in deferred tax | - | 20,670 | 20,670 |
| At 28 February 2025 | 4,000,808 |
| Gains and losses on investment properties are now shown within the profit or loss for the year and deferred tax recognised as per the requirements of FRS 102. We have disclosed the cumulative effect of these net unrealised gains as a separate component of shareholders' funds, the Investment property revaluation reserve to clearly distinguish between distributable and non-distributable reserves. |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 28 February 2025 and 29 February 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| There is a balanced owed by one of the Directors at the year end amounting to £100,970. This amount will be repaid within 9 months of the year end. |