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Registered number: 06509896
Flute Investments Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 28 February 2025
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Flute Investments Limited
Accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Flute Investments Limited for the year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flute Investments Limited for the year ended 28 February 2025 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Flute Investments Limited, as a body, in accordance with the terms of our engagement letter dated 24 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Flute Investments Limited and state those matters that we have agreed to state to the Board of directors of Flute Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flute Investments Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Flute Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flute Investments Limited. You consider that Flute Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Flute Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
London
8 December 2025
Page 1
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Flute Investments Limited
Registered number: 06509896
Balance sheet
As at 28 February 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 8 form part of these financial statements.
Page 2
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Flute Investments Limited
Statement of changes in equity
For the year ended 28 February 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Transfer to/from profit and loss account
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Transfer to/from profit and loss account
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Total transactions with owners
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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Flute Investments Limited
Notes to the financial statements
For the year ended 28 February 2025
The company is a private limited company, incorporated and domiciled in England & Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA, and their principal activity is that of investment holding.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Unlisted investments are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
Page 4
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Flute Investments Limited
Notes to the financial statements
For the year ended 28 February 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The 10% cumulative preference shares are disclosed within share capital. This disclosure is a departure from FRS 102 Section 22 'Liabilities and Equity.'
The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 5
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Flute Investments Limited
Notes to the financial statements
For the year ended 28 February 2025
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Investments in associates
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Reallocation of revaluations
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Reversal of impairment losses
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The following was an associate of the Company:
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Cardinal Lysander Limited
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Page 6
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Flute Investments Limited
Notes to the financial statements
For the year ended 28 February 2025
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Allotted, called up and fully paid
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10,000 (2024 - 10,000) Preference shares of £1.00 each
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75 (2024 - 75) 'A' Ordinary shares of £1.00 each
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5 (2024 - 5) 'B' Ordinary shares of £1.00 each
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5 (2024 - 5) 'C' Ordinary shares of £1.00 each
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5 (2024 - 5) 'D' Ordinary shares of £1.00 each
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5 (2024 - 5) 'E' Ordinary shares of £1.00 each
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5 (2024 - 5) 'F' Ordinary shares of £1.00 each
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All holders of Ordinary and Preference shares carry voting rights for each held.
The holder of the Preference shares is entitled to a fixed cumulative preference dividend at the rate of 10% per annum payable on the amount paid up on each share. The dividends are payable annually out of the profits available for distribution in arrears on 1 April each year.
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Revaluation reserve
The revaluation reserve is used to record the revaluation gains on investments, less any related provision for deferred taxation.
Profit & loss account
The profit and loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shares that have been issued by the company.
Page 7
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Flute Investments Limited
Notes to the financial statements
For the year ended 28 February 2025
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Related party transactions
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During the year, the company made repayments to R G Williams, a former director of the company, of £4,317,781 (2024: £569,441). At the year end a balance of £98 (2024: £4,317,879) remained outstanding and is included in 'Other loans' within 'Creditors: Amounts falling within one year.' The loan provided to the company is non-interest bearing and is repayable on demand.
During the year, the company paid a dividend on preference shares of £1,000 (2024: £1,000) to R G Williams, a director of the company.
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The company is under the control of the directors.
Page 8
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