Registration number: 09606677

Flexit FF&E Solutions Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Flexit FF&E Solutions Limited

Balance Sheet

as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	29,000	41,000
Tangible assets	5	355,007	406,805
		384,007	447,805
Current assets
Stocks		42,695	49,335
Debtors	6	615,461	571,937
Cash at bank and in hand		220,509	274,917
		878,665	896,189
Creditors: Amounts falling due within one year	7	(672,866)	(755,764)
Net current assets		205,799	140,425
Total assets less current liabilities		589,806	588,230
Creditors: Amounts falling due after more than one year	7	(140,157)	(130,319)
Provisions for liabilities		(78,842)	(90,939)
Net assets		370,807	366,972
Capital and reserves
Allotted, called up and fully paid share capital		96	96
Share premium reserve		50,387	50,387
Capital redemption reserve		25	25
Profit and loss account		320,299	316,464
Shareholders' funds		370,807	366,972

Registration number: 09606677

Flexit FF&E Solutions Limited

Balance Sheet

as at 31 December 2024 (continued)

For the financial year ending 31 December 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2025 and signed on its behalf by:
 

......................................... Mr D C Read Director

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2024

1	General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 09606677.

The address of its registered office is:
Tarnfield House
Moorfield Road
Yeadon
Leeds
West Yorkshire
LS19 7BN

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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
Plant and machinery	15% per annum on a reducing balance basis
Fixtures, fittings and equipment	15% and 33.3% per annum on a reducing balance basis or straight line over the life of the lease
Motor vehicles	15% per annum on a reducing balance basis

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is ten years. Provision is made for any impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 19 (2023 - 18).

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	120,000	120,000
At 31 December 2024	120,000	120,000
Amortisation
At 1 January 2024	79,000	79,000
Amortisation charge	12,000	12,000
At 31 December 2024	91,000	91,000
Net book value:
At 31 December 2024	29,000	29,000
At 31 December 2023	41,000	41,000

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2024 (continued)

5	Tangible assets

	Fixtures, fittings and equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost
At 1 January 2024	72,771	439,778	11,619	524,168
Additions	10,915	70,477	-	81,392
Disposals	-	(99,547)	(6,200)	(105,747)
At 31 December 2024	83,686	410,708	5,419	499,813
Depreciation
At 1 January 2024	44,656	70,091	2,616	117,363
Charge for the year	14,014	56,393	740	71,147
Eliminated on disposal	-	(42,725)	(979)	(43,704)
At 31 December 2024	58,670	83,759	2,377	144,806
Net book value
At 31 December 2024	25,016	326,949	3,042	355,007
At 31 December 2023	28,115	369,687	9,003	406,805

6

Debtors

Current	2024 £	2023 £
Trade debtors	583,591	500,383
Prepayments	30,418	21,087
Other debtors	1,452	50,467
	615,461	571,937

Flexit FF&E Solutions Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2024 (continued)

7

Creditors

		2024 £	2023 £
Due within one year
Trade creditors		138,614	350,535
Bank loans		10,334	10,080
HP and finance lease liabilities		39,417	43,236
Other borrowings		90,000	90,000
Taxation and social security		68,344	83,126
Corporation tax liability		112,470	23,502
Accruals and deferred income		120,737	15,647
Other creditors		12,235	71,362
Directors loan accounts		80,715	68,276
		672,866	755,764

Due after one year
Bank loans		6,146	16,488
HP and finance lease liabilities		134,011	113,831
		140,157	130,319

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £262,436 (2023 - £92,400).