| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2025 |
| for |
| The Flat Company Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2025 |
| for |
| The Flat Company Limited |
| The Flat Company Limited (Registered number: SC207631) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| The Flat Company Limited |
| Company Information |
| for the Year Ended 31 May 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 6 Logie Mill |
| Edinburgh |
| Lothian |
| EH7 4HG |
| The Flat Company Limited (Registered number: SC207631) |
| Balance Sheet |
| 31 May 2025 |
| 31.5.25 | 31.5.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| The Flat Company Limited (Registered number: SC207631) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2025 |
| 1. | STATUTORY INFORMATION |
| The Flat Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Intangible fixed assets |
| Intangible fixed assets (including purchased goodwill, patents and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: |
| Improvements to property - 10% per annum |
| Plant and machinery - 25% per annum |
| Fixture and fittings - 25% per annum |
| Motor vehicles - 25% per annum |
| Computer equipment - 33% per annum |
| 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. |
| Impairment of assets |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| The Flat Company Limited (Registered number: SC207631) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. |
| Assets that are held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or higher purchase obligations are treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account 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. |
| Investments |
| Investments in associates are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. |
| Exception from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and | Development | Computer |
| Goodwill | licences | costs | software | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 June 2024 |
| Additions |
| At 31 May 2025 |
| AMORTISATION |
| At 1 June 2024 |
| Amortisation for year |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| The Flat Company Limited (Registered number: SC207631) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Imprvmts | and | Computer |
| to prop | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2024 |
| and 31 May 2025 |
| DEPRECIATION |
| At 1 June 2024 |
| Charge for year |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 June 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.25 | 31.5.24 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.25 | 31.5.24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.25 | 31.5.24 |
| £ | £ |
| Bank loans |
| The Flat Company Limited (Registered number: SC207631) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.5.25 | 31.5.24 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.25 | 31.5.24 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| As at 31 May 2025, the directors owed the company £13,943 (2024: £22,776). |
| The Flat Company Limited (Registered number: SC207631) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 13. | RELATED PARTY DISCLOSURES |
| Transactions with related parties during the year and balances outstanding at the year end were as follows: |
Related Party |
Transaction |
Amount received / (paid) in year to 31.5.25 |
Amount received / (paid) in year to 31.5.24 |
Balance (payable to) / receivable from related party as at 31.5.25 |
Balance (payable to) / receivable from related party as at 31.5.24 |
| £ | £ | £ | £ |
| (1) Company 1 | Investment | Nil | Nil | 84,545 | 84,545 |
| Dividends | 27,000 | 20,400 | Nil | Nil |
| Loan | Nil | (72) | Nil | Nil |
| Administration services |
18,000 |
18,000 |
Nil |
Nil |
| (2) Company 2 | Loan | (20,000) | 220 | (20,000) | 220 |
| Commission | 23,240 | 21,431 | Nil | Nil |
| Administration services |
6,000 |
6,000 |
Nil |
Nil |
| Recharged expenses |
7,354 |
18,313 |
Nil |
Nil |
| (3) Company 3 | Loan | (40,966) | 3,013 | 31,739 | 72,705 |
(4) Company 4 |
Administration services |
3,000 |
9,000 |
Nil |
Nil |
| Loan | 70 | 13 | 70 | 13 |
| Investment | Nil | Nil | 2,500 | 2,500 |
| (5) Company 5 | Rent | (2,400) | (2,400) | Nil | Nil |
| Professional Services |
(1,440) |
(1,440) |
Nil |
Nil |
| (6) Director | Rent | (27,013) | (27,042) | Nil | Nil |
| (1) Four of the directors are directors of Company 1. The Flat Company Limited and three directors are also shareholders of Company 1. |
| (2) Two of the directors are directors of Company 2. Four of the directors are shareholders of Company 2. |
| (3) Two of the directors are directors of Company 3 and four directors are also shareholders of Company 3. |
| (4) Three of the directors are directors and shareholders of Company 4. |
| (5) One of the directors is a director and a shareholder of Company 5. |
| (6) Director of the company. |
| 14. | ULTIMATE CONTROLLING PARTY |
| There is no ultimate controlling interest. |