Flexiguide Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04482386 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2020

for

Flexiguide Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J B Privett

M J Keat

M S Badcott

P E Privett

SECRETARY:

Mrs V Privett

REGISTERED OFFICE:

Unit 9

Rodgers Industrial Estate

Yalberton Road

Paignton

Devon

TQ4 7QG

REGISTERED NUMBER:

04482386 (England and Wales)

ACCOUNTANTS:

Mark Ward Chartered Certified Accountants

First Floor Cef Building

Broomhill Way

Torquay

Devon

TQ2 7QN

BANKERS:

National Westminster Bank Plc

15 Victoria Street

Paignton

Devon

TQ4 5DE

FIXED ASSETS

Intangible assets

4

28,637

23,430

Tangible assets

5

402,928

511,680

431,565

535,110

CURRENT ASSETS

Stocks

1,391,533

1,224,617

Debtors

6

707,849

1,052,519

Cash at bank

1,790,538

1,602,764

3,889,920

3,879,900

CREDITORS

Amounts falling due within one year

7

528,156

593,679

NET CURRENT ASSETS

3,361,764

3,286,221

TOTAL ASSETS LESS CURRENT LIABILITIES

3,793,329

3,821,331

PROVISIONS FOR LIABILITIES

60,741

76,340

NET ASSETS

3,732,588

3,744,991

CAPITAL AND RESERVES

Called up share capital

27,398

27,398

Share premium

64,246

64,246

Retained earnings

3,640,944

3,653,347

SHAREHOLDERS' FUNDS

3,732,588

3,744,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 18 February 2021 and were signed on its behalf by:

J B Privett - Director

1.	STATUTORY INFORMATION

Flexiguide 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Critical accounting judgements and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost, 12.5% on cost, 10% on cost and Over the term of the lease

Stocks

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

Financial instruments

The company holds the following financial instruments:

- Short term trade and other debtors and creditors;

- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Hire purchase and leasing commitments

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2019 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2019

41,809

Additions

10,431

At 31 July 2020

52,240

AMORTISATION

At 1 August 2019

18,379

Charge for year

5,224

At 31 July 2020

23,603

NET BOOK VALUE

At 31 July 2020

28,637

At 31 July 2019

23,430

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2019

2,192,634

Additions

39,735

At 31 July 2020

2,232,369

DEPRECIATION

At 1 August 2019

1,680,954

Charge for year

148,487

At 31 July 2020

1,829,441

NET BOOK VALUE

At 31 July 2020

402,928

At 31 July 2019

511,680

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

655,246

1,004,124

Other debtors

52,603

48,395

707,849

1,052,519

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade creditors

210,511

132,645

Taxation and social security

170,653

214,991

Other creditors

146,992

246,043

528,156

593,679