The Flexy Group Limited - Limited company accounts 20.1

REGISTERED NUMBER: 11819204 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Period

11 February 2019 to 28 February 2020

for

The Flexy Group Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

N G E Bio

L A L Griffith

REGISTERED OFFICE:

International House

24 Holborn Viaduct

London

EC1A 2BN

REGISTERED NUMBER:

11819204 (England and Wales)

ACCOUNTANTS:

I Owarish & Co Accountants Ltd

Gresham House

24 Holborn Viaduct

Holborn

London

EC1A 2BN

The directors present their report with the financial statements of the company for the period 11 February 2019 to 28 February 2020.

INCORPORATION

The company was incorporated on 11 February 2019 .

DIRECTORS

The directors who have held office during the period from 11 February 2019 to the date of this report are as follows:

N G E Bio - appointed 11 February 2019

L A L Griffith - appointed 11 February 2019

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

L A L Griffith - Director

3 October 2020

TURNOVER

221,407

Cost of sales

(132,841

)

GROSS PROFIT

88,566

Distribution costs

(15,108

)

Administrative expenses

(69,159

)

OPERATING PROFIT

4

4,299

Interest payable and similar expenses

(1,913

)

PROFIT BEFORE TAXATION

2,386

Tax on profit

-

PROFIT FOR THE FINANCIAL
PERIOD

2,386

FIXED ASSETS

Tangible assets

5

7,500

CURRENT ASSETS

Stocks

2,664

Cash in hand

3,306

5,970

CREDITORS

Amounts falling due within one year

6

(453

)

NET CURRENT ASSETS

5,517

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,017

CREDITORS

Amounts falling due after more than
one year

7

(10,621

)

NET ASSETS

2,396

CAPITAL AND RESERVES

Called up share capital

10

Retained earnings

2,386

2,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2020 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2020 and were signed on its behalf by:

L A L Griffith - Director

1.	STATUTORY INFORMATION

The Flexy Group 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.

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 each asset over its estimated useful life.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

£

Depreciation - owned assets

4,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 11 February 2019

and 28 February 2020

11,500

DEPRECIATION

Charge for period

4,000

At 28 February 2020

4,000

NET BOOK VALUE

At 28 February 2020

7,500

At 10 February 2019

11,500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Taxation and social security

453

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

£

Other creditors

10,621