De Flow Limited - Period Ending 2016-09-30

Registration number: 02924516

De Flow Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Oxlade & Bond Limited
Chartered Certified Accountants
The Blue Farmhouse
86-90 Cumberland Street
Woodbridge
Suffolk
IP12 4AE

De Flow Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
De Flow Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of De Flow Limited for the year ended 30 September 2016 which comprise of the Profit and Loss Account, the Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of De Flow Limited, as a body, in accordance with the terms of our engagement letter dated 3 September 2009. Our work has been undertaken solely to prepare for your approval the accounts of De Flow Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than De Flow Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that De Flow Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of De Flow Limited. You consider that De Flow Limited 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 accounts of De Flow Limited. 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 accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
The Blue Farmhouse
86-90 Cumberland Street
Woodbridge
Suffolk
IP12 4AE

13 June 2017

Page 1

De Flow Limited
(Registration number: 02924516)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			45,482			45,655
Current assets
Debtors					-			30,771
Cash at bank and in hand					25,038			46,804
					25,038			77,575
Creditors: Amounts falling due within one year					(3,225)			(43,391)
Net current assets					21,813			34,184
Total assets less current liabilities					67,295			79,839
Provisions for liabilities					(105)			(140)
Net assets					67,190			79,699
Capital and reserves
Called up share capital		3			20			20
Profit and loss account					67,170			79,679
Shareholders' funds					67,190			79,699

For the year ending 30 September 2016 the company was entitled to exemption from audit 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.

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

Approved by the Board on 13 June 2017 and signed on its behalf by:

.........................................
Mr D Whittingham
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

De Flow Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

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 January 2015).

Departures from Companies Act requirements

No depreciation is provided on the freehold property owned by the company since it is the company's policy to maintain this asset in a continual state of sound repair. Accordingly the directors consider that the life of this asset is so long and the residual value is so high that its depreciation would be immaterial. Any permanent diminution in the value of the property would be charged to the trading and profit and loss account.

Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration, which represents amounts chargeable to clients, including expenses and rechargeables but excluding value added tax. It includes income derived from both services provided by the company and products sold by the company. For services provided revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in trade debtors as accrued income. For goods sold turnover is recognised based on the date of sale to the customer for the particular item sold.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance basis
Freehold property	no depreciation is provided

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

De Flow Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

Foreign currency

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. The company also operates bank accounts denominated in United States dollars and in Euros. The transactions involving these accounts are translated into sterling as above. The bank balances at the year end are translated into sterling using the exchange rate at the balance sheet date

Pensions

The company operates a defined contribution (money purchase) pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		59,887			59,887
At 30 September 2016		59,887			59,887
Depreciation
At 1 October 2015		14,232			14,232
Charge for the year		173			173
At 30 September 2016		14,405			14,405
Net book value
At 30 September 2016		45,482			45,482
At 30 September 2015		45,655			45,655

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		20			20			20			20

Page 4