Flexys Solutions Ltd - Period Ending 2023-03-31
Flexys Solutions Ltd - Period Ending 2023-03-31
Registration number:
Flexys Solutions Ltd
for the Year Ended 31 March 2023
Pages for filing with Registrar
Flexys Solutions Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Flexys Solutions Ltd
Company Information
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Directors |
J Hickman B J Dewis B M Smith E S Abbott-Stratford J A J Hill |
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Registered office |
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Registered number |
10536443 |
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Accountants |
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Flexys Solutions Ltd
(Registration number: 10536443)
Balance Sheet as at 31 March 2023
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Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
7 |
7 |
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Share premium reserve |
4,300,440 |
4,300,440 |
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Other reserves |
28,357 |
16,774 |
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Profit and loss account |
(2,300,287) |
(1,593,093) |
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Total equity |
2,028,517 |
2,724,128 |
Flexys Solutions Ltd
(Registration number: 10536443)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
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Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company's continued investment in developing the product has resulted in a loss for the year in line with the forecasts for the period. The directors are confident that through a combination of increased future revenues, careful cost control, the continued support of existing investors and securing external funding to increase the growth of the business, the company will continue in operational existence for the foreseeable future. The commpany therefore continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tax
The tax expense or credit for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Office equipment |
33% on cost |
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Computer equipment |
33% on cost |
Intangible fixed assets
Development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried as cost less any accumulated amortisation and accumulated impairment losses.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Development costs |
10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price.
Compound financial instruments
Compound financial instruments consist of convertible loans that can be converted to share capital at the option of the holder.
The liability component of a compound financial instrument is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method, and interest expense included within interest payable and similar charges. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit and loss account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible fixed assets |
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Internally generated software development costs |
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Cost |
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At 1 April 2022 |
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Additions internally developed |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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Tangible fixed assets |
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Office equipment |
Computer equipment |
Total |
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Cost |
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At 1 April 2022 |
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Additions |
- |
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Disposals |
( |
( |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Debtors: amounts falling due within one year |
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2023 |
2022 |
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Trade debtors |
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Other debtors |
13,917 |
3,698 |
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Prepayments and accrued income |
75,368 |
225,653 |
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Corporation tax |
378,713 |
346,428 |
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Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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Creditors: Amounts falling due within one year |
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Note |
2023 |
2022 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
21,229 |
24,953 |
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Accruals and deferred income |
1,138,849 |
960,667 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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- |
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727,110 |
141,343 |
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Loans and borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank loan |
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Other loan |
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- |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank loan |
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Convertible loan |
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Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Loans and borrowings falling due within one year include £12,500 (2022 - £Nil) advanced against debts subject to financing agreements.
The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 6 years, charged at 2.5% interest.
The convertible loan represents a £100,000 convertible loan note which bears interest at a rate of 12% per annum.
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Share capital |
Allotted, called up and fully paid shares
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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7.29 |
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7.29 |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
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2023 |
2022 |
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Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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Share-based payments |
Scheme details and movements
The terms of the options are 10 years from the date of grant.
The movements in the number of share options during the year were as follows:
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2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
- |
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Outstanding, end of period |
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Exercisable, end of period |
- |
- |
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The movements in the weighted average exercise price of share options during the year were as follows:
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2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
- |
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Outstanding, end of period |
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Exercisable, end of period |
- |
- |
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Flexys Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Scheme details and movements
The term of the options are 10 years from the date of grant.
The movements in the number of share options during the year were as follows:
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2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
- |
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Forfeited during the period |
( |
( |
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Outstanding, end of period |
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Exercisable, end of period |
- |
- |
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The movements in the weighted average exercise price of share options during the year were as follows:
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2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
- |
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Forfeited during the period |
( |
( |
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Outstanding, end of period |
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Exercisable, end of period |
- |
- |
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