Company No: 02530915 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	K Bourton
	D Gill

Registered office	182 John Wilson Business Park
	Harvey Drive
	Chestfield
	Whitstable
	CT5 3RB
	United Kingdom

Company number

02530915 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margarets Street
	Canterbury
	Kent
	CT1 2TU

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	332,233		234,298
Investments	4	52,588		52,588
		384,821		286,886
Current assets
Stocks	5	962,945		1,119,105
Debtors	6	1,493,834		2,152,157
Cash at bank and in hand		1,048,446		774,770
		3,505,225		4,046,032
Creditors: amounts falling due within one year	7	( 3,322,997)		( 3,924,372)
Net current assets		182,228		121,660
Total assets less current liabilities		567,049		408,546
Creditors: amounts falling due after more than one year	8	( 52,019)		( 13,131)
Net assets		515,030		395,415
Capital and reserves
Called-up share capital	10	63,636		63,636
Profit and loss account		451,394		331,779
Total shareholder's funds		515,030		395,415

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Flexicon (Europe) Limited (registered number: 02530915) were approved and authorised for issue by the Board of Directors on 13 August 2025. They were signed on its behalf by:

K Bourton Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Flexicon (Europe) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 182 John Wilson Business Park, Harvey Drive, Chestfield, Whitstable, CT5 3RB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	15 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is based on the cost of purchase on a weighted average basis. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	58		59

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 January 2024	330,027		456,060		130,214		332,173		1,248,474
Additions	155,400		1,898		0		4,736		162,034
At 31 December 2024	485,427		457,958		130,214		336,909		1,410,508
Accumulated depreciation
At 01 January 2024	250,299		402,140		99,023		262,714		1,014,176
Charge for the financial year	24,576		13,844		7,798		17,881		64,099
At 31 December 2024	274,875		415,984		106,821		280,595		1,078,275
Net book value
At 31 December 2024	210,552		41,974		23,393		56,314		332,233
At 31 December 2023	79,728		53,920		31,191		69,459		234,298
Leased assets included above:
Net book value
At 31 December 2024	210,552		0		0		0		210,552
At 31 December 2023	79,728		0		0		0		79,728

4. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	52,588
At 31 December 2024	52,588
Carrying value at 31 December 2024	52,588
Carrying value at 31 December 2023	52,588

5. Stocks

	2024		2023
	£		£
Stocks	891,586		909,879
Work in progress	71,359		209,226
	962,945		1,119,105

6. Debtors

	2024		2023
	£		£
Trade debtors	1,335,929		1,810,067
Amounts owed by directors	5,000		5,000
Prepayments	3,263		29,136
Deferred tax asset	170,127		217,492
VAT recoverable	( 21,144)		88,062
Other debtors	659		2,400
	1,493,834		2,152,157

Included in other debtors are amounts of £5,000 (2023: £5,000) owing from Gill and Bourton 2 LLP in which Mr. D Gill and Mr. K Bourton are both members. This loan is interest free and repayable on demand.

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	14,096		0
Trade creditors	266,716		435,399
Amounts owed to directors	468,553		464,425
Accruals	1,029,344		1,400,985
Other taxation and social security	77,659		80,440
Obligations under finance leases and hire purchase contracts	13,131		10,233
Other creditors	1,453,498		1,532,890
	3,322,997		3,924,372

Included in other creditors are amounts owing to the directors Mr D Gill of £468,288 (2023: £464,160) and Gill & Bourton 2 LLP of £265 (2023: £265). D Gill and K Bourton are both members of Gill & Bourton 2 LLP. Both loans are interest free and repayable on demand.
Also within other creditors are amounts owing to the Flexicon Corporation, as US entity owned by Mr D Gill, of £1,368,610 (2023: £1,392,123). This loan is interest free and repayable on demand.

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	52,019		0
Obligations under finance leases and hire purchase contracts	0		13,131
	52,019		13,131

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	217,492		194,909
(Charged)/credited to the Statement of Income and Retained Earnings	( 47,365)		22,583
At the end of financial year	170,127		217,492

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	( 14,988)		( 21,926)
Tax losses carry forward	185,115		239,418
	170,127		217,492

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
63,636 Ordinary shares of £ 1.00 each	63,636		63,636

11. Related party transactions

Other than the loans detailed in note 6 and 7, which are interest free and repayable on demand, all related party transactions during the current and prior periods were made under normal market
conditions.

12. Ultimate controlling party

Mr D Gill is the controlling party by virtue of his 100% shareholding.