Flow Right Services (NW) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10572648 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

FLOW RIGHT SERVICES (NW) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

Mr L Davies

REGISTERED OFFICE:

Unit 17

Willows Activity Farm

Coursers Road

AL4 0PF

REGISTERED NUMBER:

10572648 (England and Wales)

ACCOUNTANTS:

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

FIXED ASSETS

Intangible assets

4

85,455

106,819

Tangible assets

5

175,130

163,714

260,585

270,533

CURRENT ASSETS

Debtors

6

130,240

110,072

CREDITORS

Amounts falling due within one year

7

233,113

224,413

NET CURRENT LIABILITIES

(102,873

)

(114,341

)

TOTAL ASSETS LESS CURRENT LIABILITIES

157,712

156,192

CREDITORS

Amounts falling due after more than one year

8

155,873

155,829

NET ASSETS

1,839

363

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

1,739

263

SHAREHOLDERS' FUNDS

1,839

363

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 23 October 2023 and were signed by:

Mr L Davies - Director

1.	STATUTORY INFORMATION

Flow Right Services (NW) Ltd is a private company limited by shares, registered in England and Wales. The company's registered number is 10572648 and registered office address is Office 10, Berkeley House Barnet Road, London Colney, St. Albans, England, AL2 1BG.

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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill , being the amount paid in connection with the acquisition of the franchise in 2018 is been written off evenly over the remaining estimated useful life not exceeding 10 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Revenue recognition

Amounts due under contracts-not yet invoiced (work in progress) are valued in at the recoverable standard value of time charged by all personnel engaged in the provision of engineering services. Revenue is recognised as the contracts progress to reflect the partial performance of the contractual obligation. The amount of revenue recognised reflects the accrual of the right for consideration as contract activity progresses by reference to the value of work performed.

Going concern

As with most businesses the Company has been affected by the ongoing impact of Covid-19, the exit from the European Union and the high level of inflation in the UK economy These have had an impact on the operations, customers, suppliers and staff. The Company is taking all the steps it can to protect the future of the business. Although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2022

and 31 January 2023

213,638

AMORTISATION

At 1 February 2022

106,819

Charge for year

21,364

At 31 January 2023

128,183

NET BOOK VALUE

At 31 January 2023

85,455

At 31 January 2022

106,819

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

282,423

Additions

61,558

Disposals

(19,413

)

At 31 January 2023

324,568

DEPRECIATION

At 1 February 2022

118,709

Charge for year

43,781

Eliminated on disposal

(13,052

)

At 31 January 2023

149,438

NET BOOK VALUE

At 31 January 2023

175,130

At 31 January 2022

163,714

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2022

171,877

Additions

36,301

Transfer to ownership

(14,450

)

At 31 January 2023

193,728

DEPRECIATION

At 1 February 2022

39,464

Charge for year

31,837

Transfer to ownership

(9,715

)

At 31 January 2023

61,586

NET BOOK VALUE

At 31 January 2023

132,142

At 31 January 2022

132,413

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

117,040

97,372

Amounts recoverable on contract

12,000

11,500

Prepayments

1,200

1,200

130,240

110,072

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts

49,967

73,194

Hire purchase contracts

15,799

18,177

Trade creditors

6,840

(1

)

Tax

49,253

45,335

Social security and other taxes

6,148

19,346

VAT

78,892

44,341

Other creditors - Net Wages

20,325

18,710

Pension contributions

1,016

1,138

Directors' current accounts

873

173

Accrued expenses

4,000

4,000

233,113

224,413

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans - 1-2 years

-

10,500

Bank loans 2 - 1-2 years

6,213

6,213

Bank loans 2 - 2-5 years

19,981

18,817

Bank loans more 5 yr by instal

9,099

15,312

Hire purchase contracts

120,580

104,987

155,873

155,829

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

9,099

15,312

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.23

31.1.22

£

£

Bank overdrafts

29,754

24,981

Bank loans

55,506

99,055

85,260

124,036

The Bank has a fixed and floating charge over all of the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.23

31.1.22

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Retained

earnings

£

At 1 February 2022

263

Profit for the year

26,476

Dividends

(25,000

)

At 31 January 2023

1,739

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company directors have provided personal guarantees, in relation to the bank loan and overdrafts.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £25,000 (2022 - £61,000) were paid to the directors .

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flow Right Services (NW) Ltd for the year ended 31 January 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Flow Right Services (NW) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Flow Right Services (NW) Ltd and state those matters that we have agreed to state to the director of Flow Right Services (NW) Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flow Right Services (NW) Ltd and its director for our work or for this report.

It is your duty to ensure that Flow Right Services (NW) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flow Right Services (NW) Ltd. You consider that Flow Right Services (NW) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Flow Right Services (NW) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

23 October 2023