Flow Bit Limited
Flow Bit Limited
Registered number: 10650218
Unaudited Financial Statements
For The Year Ended
31 March 2020
Flow Bit Limited
Unaudited Financial Statements
For The Year Ended
31 March 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—4 |
Flow Bit Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
10650218
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 3 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 4 |
( |
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| NET LIABILITIES |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (9,867) | - | |||
Page 1
Flow Bit Limited
Balance Sheet (continued)
As at
31 March 2020
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Flow Bit Limited
Notes to the Financial Statements
For The Year Ended
31 March 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
1.4.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates andassumptions 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 tobe relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewedon an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised ifthe revision affects only that period, or in the period of the revision and future periods if the revision affects bothcurrent and future periods.
The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosurebeyond the accounting policies listed below.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2019: )
3.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Other taxes and social security |
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- | |
| Accruals and deferred income |
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Page 3
Flow Bit Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
4.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Loan |
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6.
Related Party Transactions
The company was controlled throughout the current period by David Herselman, Vivienne Herselman, Ralph Berndt and Barbara Wastson by virtue of their ownership of shared issued share capital.
7.
General Information
Flow Bit Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10650218
. The registered office is 389 Upper Richmond Road, c/o Lanop Accountants, London, SW15 5QL.
Page 4