FLOM Limited - Period Ending 2014-12-31

Registration number: 07287683

FLOM Limited

Unaudited Abbreviated Accounts

Year Ended 31 December 2014
 

FLOM Limited
Contents
Year Ended 31 December 2014

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

FLOM Limited
(Registration number: 07287683)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets		2			713,086			1,634,990
Current assets
Debtors					33,296			2,040,523
Creditors: Amounts falling due within one year		3			(880,556)			(5,338,596)
Net current liabilities					(847,260)			(3,298,073)
Total assets less current liabilities					(134,174)			(1,663,083)
Creditors: Amounts falling due after more than one year		3			-			(6,500,000)
Net liabilities					(134,174)			(8,163,083)
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					(134,176)			(8,163,085)
Shareholders' deficit					(134,174)			(8,163,083)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board on 29 September 2015 and signed on its behalf by:

.........................................
RJL Wurfbain
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

FLOM Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis. The company had net current liabilities of £847,260 at the year end and is dependent on its creditors not to call in amounts due to them until such time that the company has further resources to settle its liabilities.The financial statements do not included the adjustments that would be necessary if the company was unable to continue as a going concern.

Turnover

Income from partnerships is recognised in the period in which profits from partnerships are declared.

Goodwill

Goodwill represents the excess cost of acquisition over the fair value of the separable net assets of businesses acquired.

Amortisation

Goodwill is amortised through the profit and loss account in equal instalments over its estimated useful life, commencing in the first period in which benefits attached to the goodwill arise. If the net book value of goodwill is considered not to be recoverable in full at the balance sheet date, the net book value is written down to the estimated recoverable amount being the higher of net realisable value and value in use. Value in use is calculated as the present value of future cashflows obtainable as a result of the goodwill's continued use, or a reasonable estimate thereof. The written down recoverable amount is then written off over the remaining useful economic life of the goodwill. The original useful economic life of 12.5 years was re-assessed and at the start of the year, the revised remaining useful economic life was expected to be 4 years.

Asset class	Amortisation method and rate
Purchased goodwill	Straight line over 4 years (originally 12.5 years)

Page 2

FLOM Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2014

Deferred tax

Deferred taxation is provided in respect of all timing differences, to the extent that it is probable that a libaility or asset will crystallise in the forseeable future, at rates of tax expected to apply when the timing differences reverse. A tax liability is recognised in the balance sheet in respect of income from partnerships once the profit allocated for a particluar period has been made. A corresponding deferred tax asset is recognised to the extent that income from partnerhships is recognised in a subsequent period.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

End of note

2	Fixed assets

		Intangible assets £			Total £
Cost
At 1 January 2014		12,200,000			12,200,000
At 31 December 2014		12,200,000			12,200,000
Depreciation
At 1 January 2014		10,565,010			10,565,010
Charge for the year		408,478			408,478
Writedown to recoverable amount		513,426			513,426
At 31 December 2014		11,486,914			11,486,914
Net book value
At 31 December 2014		713,086			713,086
At 31 December 2013		1,634,990			1,634,990

End of note

Page 3

FLOM Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2014

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years not by instalments		-			2,500,000

End of note

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

End of note

Page 4