BURNING FLAG LIMITED - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08429128 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 MARCH 2023

FOR

BURNING FLAG LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G D Hardes

J R Proud

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

08429128 (England and Wales)

ACCOUNTANTS:

Segrave & Partners LLP

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

FIXED ASSETS

Intangible assets

4

-

2,000

Tangible assets

5

104,359

28,856

104,359

30,856

CURRENT ASSETS

Work in progress

71,536

40,993

Debtors

6

35,864

5,205

Cash at bank

172,892

94,799

280,292

140,997

CREDITORS

Amounts falling due within one year

7

162,437

102,621

NET CURRENT ASSETS

117,855

38,376

TOTAL ASSETS LESS CURRENT LIABILITIES

222,214

69,232

CREDITORS

Amounts falling due after more than one year

8

21,145

27,333

NET ASSETS

201,069

41,899

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

9

201,067

41,897

SHAREHOLDERS' FUNDS

201,069

41,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:

G D Hardes - Director

J R Proud - Director

1.	STATUTORY INFORMATION

Burning Flag 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

10% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work in progress to their present location and condition.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 28 March 2022

and 27 March 2023

20,000

AMORTISATION

At 28 March 2022

18,000

Charge for year

2,000

At 27 March 2023

20,000

NET BOOK VALUE

At 27 March 2023

-

At 27 March 2022

2,000

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 28 March 2022

93,655

Additions

87,101

At 27 March 2023

180,756

DEPRECIATION

At 28 March 2022

64,799

Charge for year

11,598

At 27 March 2023

76,397

NET BOOK VALUE

At 27 March 2023

104,359

At 27 March 2022

28,856

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

11,452

1,726

Other debtors

3,479

3,479

VAT

20,933

-

35,864

5,205

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

6,189

8,000

Trade creditors

109,437

5,981

Tax

21,558

11,563

Social security and other taxes

607

584

VAT

-

22,189

Directors' current accounts

22,746

52,504

Accrued expenses

1,900

1,800

162,437

102,621

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loan

21,145

27,333

9.

RESERVES

Retained

earnings

£

At 28 March 2022

41,897

Profit for the year

184,170

Dividends

(25,000

)

At 27 March 2023

201,067