Flexiglobal (UK) Limited - Limited company accounts 20.1

REGISTERED NUMBER: 06663662 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

FLEXIGLOBAL (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Statement of Directors' Responsibilities

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs M H L Taljaard

Qa Nominees Limited

REGISTERED OFFICE:

C/o 203 Askern Road

Bentley

Doncaster

South Yorkshire

DN5 0JR

REGISTERED NUMBER:

06663662 (England and Wales)

AUDITORS:

D & J Randles Limited

Chartered Accountants

Statutory Auditors

203 Askern Road

Bentley

Doncaster

South Yorkshire

DN5 0JR

The directors present their strategic report for the year ended 31 March 2021.

REVIEW OF BUSINESS

The results of the company for the year comprise a loss of £6,569, compared to a loss of £25,504 for the previous year.

Further to the matters referred to in the Strategic Report for the year ended 31 March 2018, the directors of the ultimate holding company (Flexituff Ventures International Ltd) decided that the company should cease trading with effect from 31 December 2018.

This means that the company is no longer a going concern, however, no adjustments to the accounts are required in this respect.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk facing the company is that it will not be able to collect the debts due to it, however, there is no indication that this will be the case.

ON BEHALF OF THE BOARD:

K J Upperdine - Director

10 June 2021

The directors present their report with the financial statements of the company for the year ended 31 March 2021.

CESSATION OF TRADING

The company ceased trading on 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of dealing with matters arising subsequent to the company's previous trade of the wholesale of building materials packaging.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2021.

DIRECTORS

The directors during the year under review were:

Mrs M H L Taljaard

Qa Nominees Limited

The beneficial interests of the directors holding office on 31 March 2021 in the issued share capital of the company were as follows:

31.3.21

1.4.20

Ordinary £1 shares

Mrs M H L Taljaard

-

-

Qa Nominees Limited

-

-

CHANGES TO DIRECTORS SINCE THE YEAR END

On 10 June 2021, Mrs Taljaard & QA Nominees:Ltd ceased to be directors of the company and Mr K J Upperdine was appointed a director in their place.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, D & J Randles Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K J Upperdine - Director

10 June 2021

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Flexiglobal (UK) Limited (the 'company') for the year ended 31 March 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

* We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

* We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

* With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

* We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

D F Randles FCA (Senior Statutory Auditor)

for and on behalf of D & J Randles Limited

Chartered Accountants

Statutory Auditors

203 Askern Road

Bentley

Doncaster

South Yorkshire

DN5 0JR

10 June 2021

TURNOVER

-

-

Administrative expenses

(6,569

)

(27,558

)

OPERATING LOSS

(6,569

)

(27,558

)

Interest receivable and similar income

-

16

LOSS BEFORE TAXATION

4

(6,569

)

(27,542

)

Tax on loss

5

-

2,038

LOSS FOR THE FINANCIAL YEAR

(6,569

)

(25,504

)

LOSS FOR THE YEAR

(6,569

)

(25,504

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(6,569

)

(25,504

)

CURRENT ASSETS

Debtors

6

206,644

237,300

Cash at bank

24,163

176

230,807

237,476

CREDITORS

Amounts falling due within one year

7

(72,809

)

(72,909

)

NET CURRENT ASSETS

157,998

164,567

TOTAL ASSETS LESS CURRENT LIABILITIES

157,998

164,567

CAPITAL AND RESERVES

Called up share capital

8

100,000

100,000

Retained earnings

9

57,998

64,567

SHAREHOLDERS' FUNDS

157,998

164,567

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2021 and were signed on its behalf by:

K J Upperdine - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2019

100,000

90,071

190,071

Changes in equity

Total comprehensive income

-

(25,504

)

(25,504

)

Balance at 31 March 2020

100,000

64,567

164,567

Changes in equity

Total comprehensive income

-

(6,569

)

(6,569

)

Balance at 31 March 2021

100,000

57,998

157,998

Cash flows from operating activities

Cash generated from operations

1

23,987

(36,811

)

Taxation refund

-

25,012

Net cash from operating activities

23,987

(11,799

)

Cash flows from investing activities

Interest received

-

16

Net cash from investing activities

-

16

Increase/(decrease) in cash and cash equivalents

23,987

(11,783

)

Cash and cash equivalents at beginning of year

2

176

11,959

Cash and cash equivalents at end of year

2

24,163

176

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.21

31.3.20

£

£

Loss before taxation

(6,569

)

(27,542

)

Finance income

-

(16

)

(6,569

)

(27,558

)

Decrease/(increase) in trade and other debtors

30,656

(9,754

)

(Decrease)/increase in trade and other creditors

(100

)

501

Cash generated from operations

23,987

(36,811

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

24,163

176

Year ended 31 March 2020

31.3.20

1.4.19

£

£

Cash and cash equivalents

176

11,959

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.20

Cash flow

At 31.3.21

£

£

£

Net cash

Cash at bank

176

23,987

24,163

176

23,987

24,163

Total

176

23,987

24,163

1.	STATUTORY INFORMATION

Flexiglobal (UK) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company ceased trading as at 31 December 2018 and is no longer a going concern. However, no adjustments to the accounts are required in this respect.

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.

3.	EMPLOYEES AND DIRECTORS

31.3.21

31.3.20

£

£

Wages and salaries

593

-

The average number of employees during the year was NIL (2020 - NIL).

31.3.21

31.3.20

£

£

Directors' remuneration

-

-

4.	LOSS BEFORE TAXATION

The loss is stated after charging:

31.3.21

31.3.20

£

£

Auditors' remuneration

1,800

1,500

Foreign exchange differences

705

169

5.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.3.21

31.3.20

£

£

Current tax:

(Over)/under provision in previous year

-

(2,038

)

Tax on loss

-

(2,038

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.21

31.3.20

£

£

Loss before tax

(6,569

)

(27,542

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

(1,248

)

(5,233

)

Effects of:

Losses unrelieved

1,248

5,233

Adjustment re previous year

-

(2,038

)

Total tax credit

-

(2,038

)

6.

DEBTORS

31.3.21

31.3.20

£

£

Amounts falling due within one year:

Amounts owed by group companies

51,698

43,128

Other debtors

67,677

70,720

VAT

-

182

119,375

114,030

31.3.21

31.3.20

£

£

Amounts falling due after more than one year:

Other debtors

87,269

123,270

Aggregate amounts

206,644

237,300

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

70,421

70,421

Accruals and deferred income

2,388

2,488

72,809

72,909

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

100,000

Ordinary

£1

100,000

100,000

9.

RESERVES

Retained

earnings

£

At 1 April 2020

64,567

Deficit for the year

(6,569

)

At 31 March 2021

57,998

10.	RELATED PARTY DISCLOSURES

Entities that provide key management personnel services to the entity

31.3.21

31.3.20

£

£

Amount due from related party

139,269

171,269

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Flexiglobal Holdings Limited, a company incorporated in Cyprus.

The ultimate controlling party is Flexituff Ventures InternationalLtd,a company incorporated in India.