Flawless Money Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04116726 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Flawless Money Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr T Sabri

Dr Q W Z Jalisi

SECRETARY:

Ms M Ortiz

REGISTERED OFFICE:

5 The Crescent

Surbiton

Surrey

KT6 4BN

REGISTERED NUMBER:

04116726 (England and Wales)

ACCOUNTANTS:

Braywood Ltd

35 Station Approach

West Byfleet

Surrey

KT14 6NF

FIXED ASSETS

Tangible assets

4

1,697,170

1,719,003

Investments

5

1,000

1,000

1,698,170

1,720,003

CURRENT ASSETS

Debtors

6

475,127

160,767

Cash at bank and in hand

96,057

755

571,184

161,522

CREDITORS

Amounts falling due within one year

7

581,683

489,894

NET CURRENT LIABILITIES

(10,499

)

(328,372

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,687,671

1,391,631

CREDITORS

Amounts falling due after more than one year

8

(1,078,499

)

(1,174,137

)

PROVISIONS FOR LIABILITIES

(5,734

)

(5,376

)

NET ASSETS

603,438

212,118

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

603,437

212,117

SHAREHOLDERS' FUNDS

603,438

212,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 December 2018 and were signed on its behalf by:

Dr T Sabri - Director

1.	STATUTORY INFORMATION

Flawless Money 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors expects that trading over the next twelve months will generate positive cash flows and they have

therefore continued to adopt the going concern basis of preparing the financial statements.

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

50% on cost, 25% on cost and 10% on cost

Freehold land is not depreciated.This treatment is a departure from the requirements of the Companies Act

concerning depreciation of fixed assets. However, the accounting policy adopted is considered necessary for the

accounts to give a true and fair view.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 11 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

1,878,959

317,428

2,196,387

Additions

-

16,689

16,689

At 31 March 2018

1,878,959

334,117

2,213,076

DEPRECIATION

At 1 April 2017

200,408

276,976

477,384

Charge for year

21,528

16,994

38,522

At 31 March 2018

221,936

293,970

515,906

NET BOOK VALUE

At 31 March 2018

1,657,023

40,147

1,697,170

At 31 March 2017

1,678,551

40,452

1,719,003

Included in cost of land and buildings is freehold land of £ 924,284 (2017 - £ 924,284 ) which is not depreciated.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2017

and 31 March 2018

1,000

NET BOOK VALUE

At 31 March 2018

1,000

At 31 March 2017

1,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

344,253

75,435

Other debtors

130,874

85,332

475,127

160,767

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

95,760

88,045

Trade creditors

35,576

118,970

Taxation and social security

302,144

169,684

Other creditors

148,203

113,195

581,683

489,894

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

922,362

1,021,838

Other creditors

156,137

152,299

1,078,499

1,174,137

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

537,840

657,601

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdrafts

10,133

7,044

Bank loans

1,007,989

1,102,839

1,018,122

1,109,883

The bank loan and overdraft is secured by way of a debenture dated 21 November 2007 in favour of the Bank of

Scotland, containing fixed and floating charges and a legal charge over the assets of the company.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £440,000 (2017 - £220,000) were paid to the directors .

During the year the company paid rent of £12,000 (2017: £10,700) to T Z Sabri a director of the company.

The company received management fees of £81,750 (2017: £80,146) from FM Legal Ltd during the year. FM

Legal Ltd made sales totalling £115,000 (2017: £60,000) to the company during the year. FM Legal Ltd is

controlled by T Z Sabri a director of the company.

At the year end the company owed T Z Sabri £156,137 (2017: £152,299).

11.	ULTIMATE CONTROLLING PARTY

Throughout the year and the proceeding year the company was under the control of Dr T Sabri, a director and

sole shareholder.