Flow Right Services (NW) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10572648 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2019

FOR

FLOW RIGHT SERVICES (NW) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

L Davies

M J O'Connor

Mrs P Davies

REGISTERED OFFICE:

Office 15, Berkeley House

Barnet road

London Colney

St.Albans

AL2 1BG

REGISTERED NUMBER:

10572648 (England and Wales)

ACCOUNTANTS:

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

FIXED ASSETS

Intangible assets

4

170,910

192,274

Tangible assets

5

84,876

97,258

255,786

289,532

CURRENT ASSETS

Debtors

6

184,876

46,490

Cash at bank

-

31,502

184,876

77,992

CREDITORS

Amounts falling due within one year

7

218,830

113,226

NET CURRENT LIABILITIES

(33,954

)

(35,234

)

TOTAL ASSETS LESS CURRENT LIABILITIES

221,832

254,298

CREDITORS

Amounts falling due after more than one year

8

(208,187

)

(253,608

)

PROVISIONS FOR LIABILITIES

11

(1,459

)

-

NET ASSETS

12,186

690

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

12,086

590

SHAREHOLDERS' FUNDS

12,186

690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 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 19 March 2019 and were signed on its behalf by:

L Davies - Director

M J O'Connor - Director

1.	STATUTORY INFORMATION

Flow Right Services (NW) Ltd is a private company limited by shares, registered in England and Wales. The

company's registered number is 10572648 and registered office address is Office 10, Berkeley House Barnet

Road, London Colney, St. Albans, England, AL2 1BG.

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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill , being the amount paid in connection with the acquisition of the franchise in 2018 is been written off

evenly over the remaining estimated useful life not exceeding 10 years .

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis 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.

Revenue recognition

Amounts due under contracts-not yet invoiced (work in progress) are valued in at the recoverable standard value

of time charged by all personnel engaged in the provision of engineering services. Revenue is recognised as the

contracts progress to reflect the partial performance of the contractual obligation. The amount of revenue

recognised reflects the accrual of the right for consideration as contract activity progresses by reference to the

value of work performed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2018

and 31 January 2019

213,638

AMORTISATION

At 1 February 2018

21,364

Charge for year

21,364

At 31 January 2019

42,728

NET BOOK VALUE

At 31 January 2019

170,910

At 31 January 2018

192,274

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2018

121,572

Additions

34,350

Disposals

(28,000

)

At 31 January 2019

127,922

DEPRECIATION

At 1 February 2018

24,314

Charge for year

25,732

Eliminated on disposal

(7,000

)

At 31 January 2019

43,046

NET BOOK VALUE

At 31 January 2019

84,876

At 31 January 2018

97,258

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2018

63,925

Additions

26,450

At 31 January 2019

90,375

DEPRECIATION

At 1 February 2018

12,785

Charge for year

20,123

At 31 January 2019

32,908

NET BOOK VALUE

At 31 January 2019

57,467

At 31 January 2018

51,140

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade debtors

184,876

46,490

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans and overdrafts

45,147

42,000

Other loans - Metro Rod

5,833

-

Hire purchase contracts

23,796

16,410

Trade creditors

10,726

10,504

Tax

21,958

4,364

Social security and other taxes

19,692

14,848

VAT

67,121

23,641

Other creditors

15,330

-

Pension contributions

1,132

342

Directors' current accounts

967

1,117

Accrued expenses

7,128

-

218,830

113,226

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans - 1-2 years

42,000

42,000

Bank loans - 2-5 years

52,500

94,500

Hire purchase contracts

42,687

35,208

Directors' loan accounts

71,000

81,900

208,187

253,608

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.19

31.1.18

£

£

Bank overdraft

3,147

-

Bank loans

136,500

178,500

139,647

178,500

The Bank has a fixed and floating charge over all of the company's assets.

10.	DIRECTORS' LOAN

Included in Creditors - amounts falling due after more than one year is a loan of £71,000 (2018: £81,900) due to

the Directors. This loan is recognised at transaction price. The directors pledged not to call in the directors' loan

due to them which is interest free and repayable on demand until the company is in a position to pay.

11.	PROVISIONS FOR LIABILITIES

31.1.19

31.1.18

£

£

Deferred tax

Accelerated capital allowances

1,459

-

Deferred

tax

£

Charge to Income Statement during year

1,459

Balance at 31 January 2019

1,459

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

100

Ordinary

1

100

100

13.

RESERVES

Retained

earnings

£

At 1 February 2018

590

Profit for the year

69,796

Dividends

(58,300

)

At 31 January 2019

12,086

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company directors have provided personal guarantees, in relation to the bank loan and overdrafts.

15.	RELATED PARTY DISCLOSURES

During the year, total dividends of £58,300 (2018 - £22,000) were paid to the directors .

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Flow Right Services (NW) Ltd for the year ended 31 January 2019 which comprise the Income

Statement, Other Comprehensive Income, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Flow Right Services (NW) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Flow Right Services (NW) Ltd and state those matters that we have agreed to state to the Board of Directors of Flow Right Services (NW) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flow Right Services (NW) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Flow Right Services (NW) Ltd 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 Flow Right Services (NW) Ltd. You consider that Flow Right Services (NW) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Flow Right Services (NW) Ltd. 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.

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

19 March 2019