ACCOUNTS - Final Accounts preparation

FLAGSHIP SECURITIES LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-03-312021-03-313false2020-04-01falseNo description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05517661 2020-04-01 2021-03-31 05517661 2019-04-01 2020-03-31 05517661 2021-03-31 05517661 2020-03-31 05517661 c:Director2 2020-04-01 2021-03-31 05517661 d:CurrentFinancialInstruments 2021-03-31 05517661 d:CurrentFinancialInstruments 2020-03-31 05517661 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 05517661 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 05517661 d:ShareCapital 2021-03-31 05517661 d:ShareCapital 2020-03-31 05517661 d:RetainedEarningsAccumulatedLosses 2021-03-31 05517661 d:RetainedEarningsAccumulatedLosses 2020-03-31 05517661 c:FRS102 2020-04-01 2021-03-31 05517661 c:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 05517661 c:FullAccounts 2020-04-01 2021-03-31 05517661 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 05517661

FLAGSHIP SECURITIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

FLAGSHIP SECURITIES LIMITED

REGISTERED NUMBER: 05517661

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£



Creditors: amounts falling due within one year	4	(1,318,127)		(1,245,066)
Net current liabilities			(1,318,127)		(1,245,066)
Total assets less current liabilities			(1,318,127)		(1,245,066)

Net liabilities			(1,318,127)		(1,245,066)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(1,318,227)	(1,245,166)
	(1,318,127)	(1,245,066)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 March 2022.

................................................

Hasan Sharif

Director

The notes on pages 2 to 3 form part of these financial statements.

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FLAGSHIP SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

The company is a private company limited by shares and was incorporated on 25 July 2005 and is registered in England and Wales. Its registered office is 120 Baker Street, London, W1U 6TU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency is pounds sterling.

2.2

Going concern

The accounts have been prepared on the going concern basis. Due to the financial position of the company, the validity of this basis is conditional upon the continued support of the director and sole shareholder of the company.
The director of the company has confirmed that he will not demand payment of any amount due to him or payment of any amounts due to the related companies, of which he is also a director, for at least the next 12 months from the date of approval of these accounts. The director is not, however, legally bound by these assurances.
Should the company be unable to continue trading as a result of the withdrawal of support from the director, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for any further liability which might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.5

Creditors

Short term creditors are measured at the transaction price.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

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FLAGSHIP SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.6

Financial instruments (continued)

third parties and loans to related parties.

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

4.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	1,265,861	1,242,005
Corporation tax	121	121
Other taxation and social security	592	-
Other creditors	51,553	2,940
	1,318,127	1,245,066

Related party transactions

Included in creditors due within one year is an amount of £1,265,861 (2020: £1,242,005) due to Flagship Investments Limited, the parent company.
Included in administration expenses is a credit of £29,000 (2020: £29,000) relating to the recharge of staff and office costs between the parent company £23,000 (2020: £23,000) and companies under common ownership, Quint Gloucester Place Limited £3,000 (2020: £3,000) and Quint Paddington Limited £3,000 (2020: £3,000).
Included in administration expenses is a charge of £35,000 (2020: £35,000) relating to the recharge of office costs from the parent company.

6.	Controlling party

The ultimate parent company is Flagship Investments Limited, a company registered in England and Wales.
The ultimate controlling party is H N Sharif by virtue of his 100% holding in the parent company.

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