Florigin Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02061076

FLORIGIN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2022

FLORIGIN LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	6		311		463

CURRENT ASSETS

Stocks		43,361	31,568
Debtors	7	172,057	312,954
		---------	---------
		215,418	344,522

CREDITORS: amounts falling due within one year	8	125,467		147,779
		---------		---------
NET CURRENT ASSETS			89,951		196,743
			--------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			90,262		197,206

CREDITORS: amounts falling due after more than one year	9	15,457	28,706
		--------	---------
NET ASSETS		74,805	168,500
		--------	---------

CAPITAL AND RESERVES

Called up share capital	30,000	30,000
Profit and loss account	44,805	138,500
	--------	---------
SHAREHOLDERS FUNDS	74,805	168,500
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

FLORIGIN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2022

These financial statements were approved by the board of directors and authorised for issue on 27 March 2023 , and are signed on behalf of the board by:

Mr P R Angell
Director

Company registration number: 02061076

FLORIGIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Pipewell Road, Desborough, Northamptonshire, NN14 2SW.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.

Income tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website	-	10% straight line
Patents	-	over estimated life of 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicle	-	25% straight line
Office equipment	-	15% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. INTANGIBLE ASSETS

	Website	Patents	Total
	£	£	£
Cost
At 1 July 2021 and 30 June 2022	1,420	1,080	2,500
	-------	-------	-------
Amortisation
At 1 July 2021 and 30 June 2022	1,420	1,080	2,500
	-------	-------	-------
Carrying amount
At 30 June 2022	–	–	–
	-------	-------	-------
At 30 June 2021	–	–	–
	-------	-------	-------

6. TANGIBLE ASSETS

	Motor vehicle	Office Equipment	Total
	£	£	£
Cost
At 1 July 2021 and 30 June 2022	11,500	4,364	15,864
	--------	-------	--------
Depreciation
At 1 July 2021	11,500	3,901	15,401
Charge for the year	–	152	152
	--------	-------	--------
At 30 June 2022	11,500	4,053	15,553
	--------	-------	--------
Carrying amount
At 30 June 2022	–	311	311
	--------	-------	--------
At 30 June 2021	–	463	463
	--------	-------	--------

7. DEBTORS

	2022	2021
	£	£
Trade debtors	9,036	10,366
Other debtors	163,021	302,588
	---------	---------
	172,057	312,954
	---------	---------

8. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	58,919	58,957
Trade creditors	5,945	17,265
Corporation tax	–	1,887
Social security and other taxes	757	152
Other creditors	59,846	69,518
	---------	---------
	125,467	147,779
	---------	---------

The liabilities disclosed under bank loans and overdrafts falling due within one year are secured by the company.

9. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	15,457	28,706
	--------	--------

The liabilities disclosed under bank loans and overdrafts falling due after more than one year are secured by the company.

10. RELATED PARTY TRANSACTIONS

The director advanced monies to the company. At 30 June 2022 the amount due from the company was £0 (2021 - £500).