Company Registration No. 07057240 (England and Wales)
FLEXBAY PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
FLEXBAY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
E E Townend
M A Townend
Company number
07057240
Registered office
c/o Martin & Co
52 Peach Street
Wokingham
RG40 1XG
Accountants
Harwood Hutton (London) LLP
4 Devonshire Street
London
W1W 5DT
FLEXBAY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FLEXBAY PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
590
787
Investment properties
3
332,500
332,500
333,090
333,287
Current assets
Stocks
260,700
289,667
Debtors
4
50,620
110,805
Cash at bank and in hand
7,166
4,128
318,486
404,600
Creditors: amounts falling due within one year
5
(292,930)
(310,924)
Net current assets
25,556
93,676
Total assets less current liabilities
358,646
426,963
Capital and reserves
Called up share capital
6
3
3
Non-distributable profits reserve
7
5,475
5,475
Distributable profit and loss reserves
8
353,168
421,485
Total equity
358,646
426,963
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2020 and are signed on its behalf by:
E E Townend
Director
Company Registration No. 07057240
FLEXBAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Flexbay Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Martin & Co, 52 Peach Street, Wokingham, RG40 1XG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover represents amounts receivable for rent and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
FLEXBAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Derivatives
Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently measured at fair value at each reporting date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
FLEXBAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
2
Tangible fixed assets
Fixtures, fittings & equipments
£
Cost
At 1 January 2019 and 31 December 2019
1,520
Depreciation and impairment
At 1 January 2019
733
Depreciation charged in the year
197
At 31 December 2019
930
Carrying amount
At 31 December 2019
590
At 31 December 2018
787
3
Investment property
2019
£
Fair value
At 1 January 2019 and 31 December 2019
332,500
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
50,620
110,805
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
34,264
Taxation and social security
755
755
Other creditors
292,175
275,905
292,930
310,924
FLEXBAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
7
Non-distributable profits reserve
2019
2018
£
£
At the beginning of the year
5,475
-
Non distributable profits in the year
-
2,650
Transfer of non-distributable profits relating to prior periods
-
2,825
At the end of the year
5,475
5,475
8
Profit and loss reserves
2019
2018
£
£
At the beginning of the year
421,485
477,653
Loss for the year
(41,617)
(42,368)
Current year profits transferred to non-distributable reserve
-
(2,650)
Dividends declared and paid in the year
(3,500)
(8,500)
Other - equity distribution
(5,425)
(2,650)
At the end of the year
370,943
421,485