Flamingo Apparel Textiles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02867461 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

Flamingo Apparel Textiles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D S Loyal

B S Loyal

SECRETARY:

D S Loyal

REGISTERED OFFICE:

The Oval

57 New Walk

Leicester

LE1 7EA

REGISTERED NUMBER:

02867461 (England and Wales)

Fixed assets

Tangible assets

4

75,383

70,619

Current assets

Stocks

138,576

120,389

Debtors

5

431,209

195,093

Prepayments and accrued income

169,082

329,200

Cash at bank

934,756

205,865

1,673,623

850,547

Creditors

Amounts falling due within one year

6

843,312

518,678

Net current assets

830,311

331,869

Total assets less current liabilities

905,694

402,488

Creditors

Amounts falling due after more than one year

7

(327,610

)

-

Provisions for liabilities

10

(6,905

)

(3,703

)

Net assets

571,179

398,785

Capital and reserves

Called up share capital

11

60

60

Retained earnings

12

571,119

398,725

Shareholders' funds

571,179

398,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 16 July 2019 and were signed on its behalf by:

B S Loyal - Director

1.	Statutory information

Flamingo Apparel Textiles Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	Employees and directors

The average number of employees during the year was 12 (2017 - 13 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 January 2018

29,480

73,344

51,883

154,707

Additions

34,344

8,071

-

42,415

Disposals

(17,122

)

(1,995

)

-

(19,117

)

At 31 December 2018

46,702

79,420

51,883

178,005

Depreciation

At 1 January 2018

16,775

34,878

32,435

84,088

Charge for year

4,668

8,100

7,577

20,345

Eliminated on disposal

(613

)

(1,198

)

-

(1,811

)

At 31 December 2018

20,830

41,780

40,012

102,622

Net book value

At 31 December 2018

25,872

37,640

11,871

75,383

At 31 December 2017

12,705

38,466

19,448

70,619

5.

Debtors: amounts falling due within one year

31.12.18

31.12.17

£

£

Trade debtors

412,473

184,973

VAT

8,626

-

Prepayments

10,110

10,120

431,209

195,093

6.

Creditors: amounts falling due within one year

31.12.18

31.12.17

£

£

Other loans (see note 8)

72,390

-

Trade creditors

31,227

45,544

Tax

37,759

34,691

Social security and other taxes

8,742

-

VAT

-

1,993

Directors' loan accounts

683,787

424,061

Accrued expenses

9,407

12,389

843,312

518,678

7.

Creditors: amounts falling due after more than one year

31.12.18

31.12.17

£

£

Other loans (see note 8)

327,610

-

8.

Loans

An analysis of the maturity of loans is given below:

31.12.18

31.12.17

£

£

Amounts falling due within one year or on demand:

Pension Fund Loan

72,390

-

Amounts falling due between one and two years:

Pension Fund loan - 1-2 years

76,009

-

Amounts falling due between two and five years:

pension Fund loan - 2-5 years

251,601

-

9.	Secured debts

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Pension Fund Loan

400,000

-

The Pension Fund Loan is secured by directors personal guarantee.

10.	Provisions for liabilities

31.12.18

31.12.17

£

£

Deferred tax

6,905

3,703

Deferred

tax

£

Balance at 1 January 2018

3,703

Provided during year

3,202

Balance at 31 December 2018

6,905

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

60

Ordinary " A"

£1

60

60

12.

Reserves

Retained

earnings

£

At 1 January 2018

398,725

Profit for the year

172,394

At 31 December 2018

571,119

13.	Conrolling interest

The Company is under the control of Mr D.S & B.S Loyal together with their wives..