Registration number: 04672024

Flying Colours Flagmakers Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

Flying Colours Flagmakers Limited

(Registration number: 04672024)
Balance Sheet as at 31 March 2025

	Note	2025 £		2024 £
Fixed assets
Tangible assets	3		31,571		43,261
Current assets
Stocks		45,240		59,100
Debtors	4	38,739		65,917
Cash at bank and in hand		149,177		163,983
		233,156		289,000
Creditors: Amounts falling due within one year	5	(119,199)		(92,284)
Net current assets			113,957		196,716
Total assets less current liabilities			145,528		239,977
Creditors: Amounts falling due after more than one year	5		(12,431)		(38,266)
Provisions for liabilities			(6,953)		(8,220)
Net assets			126,144		193,491
Capital and reserves
Called up share capital		102		102
Profit and loss account		126,042		193,389
Total equity			126,144		193,491

For the financial year ending 31 March 2025 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2025 and signed on its behalf by:
 

......................................... Mr A.K. Ormrod Director

Flying Colours Flagmakers Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2025

1	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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 & Machinery	25% Straight Line
Motor Vehicles	25% Reducing Balance

Flying Colours Flagmakers Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2025

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2024 - 17).

Flying Colours Flagmakers Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2025

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	133,528	6,500	140,028
Additions	595	-	595
At 31 March 2025	134,123	6,500	140,623
Depreciation
At 1 April 2024	90,632	6,135	96,767
Charge for the year	12,194	91	12,285
At 31 March 2025	102,826	6,226	109,052
Carrying amount
At 31 March 2025	31,297	274	31,571
At 31 March 2024	42,896	365	43,261

4

Debtors

	2025 £	2024 £
Trade debtors	36,409	44,888
Other debtors	2,330	21,029
	38,739	65,917

5

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Loans and borrowings	25,835	25,835
Trade creditors	39,499	22,797
Taxation and social security	46,574	35,957
Other creditors	7,291	7,695
	119,199	92,284
Due after one year
Loans and borrowings	12,431	38,266

Flying Colours Flagmakers Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2025

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	6	12,431	38,266