Adflex Limited - Accounts to registrar (filleted) - small 18.2

Adflex Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 02579576(England and Wales)















Adflex Limited

Unaudited Financial Statements for the Year Ended 29 February 2020






Adflex Limited (Registered number: 02579576)

Contents of the Financial Statements
for the Year Ended 29 February 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Adflex Limited

Company Information
for the Year Ended 29 February 2020







DIRECTORS: P Bermingham
D Hughes





SECRETARY: D Hughes





REGISTERED OFFICE: Burntwood House
7 Shenfield Road
Brentwood
Essex
CM15 8AG





REGISTERED NUMBER: 02579576(England and Wales)





ACCOUNTANTS: Haines Watts Exeter LLP
1A Parliament Square
Parliament Street
Crediton
Devon
EX17 2AW

Adflex Limited (Registered number: 02579576)

Balance Sheet
29 February 2020

2020 2019
Notes £    £   
FIXED ASSETS
Tangible assets 5 52,607 67,450
Investment property 6 751,000 545,000
803,607 612,450

CURRENT ASSETS
Debtors 7 948,369 1,463,215
Cash at bank 2,589,449 1,926,498
3,537,818 3,389,713
CREDITORS
Amounts falling due within one year 8 (176,022 ) (297,742 )
NET CURRENT ASSETS 3,361,796 3,091,971
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,165,403

3,704,421

CREDITORS
Amounts falling due after more than one
year

9

(176,455

)

(181,551

)

PROVISIONS FOR LIABILITIES (116,499 ) (79,578 )
NET ASSETS 3,872,449 3,443,292

CAPITAL AND RESERVES
Called up share capital 2 2
Investment property
revaluation reserve 11 538,726 371,866
Retained earnings 11 3,333,721 3,071,424
SHAREHOLDERS' FUNDS 3,872,449 3,443,292

Adflex Limited (Registered number: 02579576)

Balance Sheet - continued
29 February 2020


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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 27 November 2020and were signed on its behalf by:





P Bermingham- Director


Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements
for the Year Ended 29 February 2020


1. STATUTORY INFORMATION

Adflex 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts chargeable in respect of the sale of services to customers falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% reducing balance
Fixtures, fittings and equipment - 25% reducing balance

Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.


Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2020


3. ACCOUNTING POLICIES - continued
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
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13(2019 - 13) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Improvements fittings
to and
property equipment Totals
£    £    £   
COST
At 1 March 2019 11,795 216,573 228,368
Additions - 2,693 2,693
At 29 February 2020 11,795 219,266 231,061
DEPRECIATION
At 1 March 2019 - 160,918 160,918
Charge for year 2,949 14,587 17,536
At 29 February 2020 2,949 175,505 178,454
NET BOOK VALUE
At 29 February 2020 8,846 43,761 52,607
At 28 February 2019 11,795 55,655 67,450

Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2020


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2019 545,000
Revaluations 206,000
At 29 February 2020 751,000
NET BOOK VALUE
At 29 February 2020 751,000
At 28 February 2019 545,000

Fair value at 29 February 2020 is represented by:

£   
Valuation in 2013 261,096
Valuation in 2016 179,999
Valuation in 2020 206,000
Cost 103,905
751,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2020 2019
£    £   
Cost 103,905 103,905

The investment properties were valued on an open market basis basis on 28 February 2020 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors
and accrued income 97,332 358,377
Directors' current accounts 640,680 893,352
Tax 208,221 204,986
Prepayments 2,136 6,500
948,369 1,463,215

Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2020


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 5,130 5,110
Trade creditors 13,081 22,084
Tax 96,119 204,140
Social security and other taxes 31,886 14,305
VAT 24,299 46,869
Other creditors 3,364 4,007
Wages and salaries control account 2,143 1,227
176,022 297,742

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Bank loans - 1-2 years 5,130 5,110
Bank loans - 2-5 years 15,388 16,294
Bank loans more 5 yr by instal 155,937 160,147
176,455 181,551

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 155,937 160,147

10. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 181,585 186,661

The bank loans are secured on the individual properties known as 1 Camms Terrace, Cambey Road, Dagenham, Essex and 19 Goldsmiths Road, Dagenham, Essex. The loans attract interest at a rate of 1% above bank base rate and are repayable between a further 3.42 and 9.17 years respectively. At current interest rates the balance of capital repayable in under five years but over one year is estimated at £25,648 (2019 - £26,514).

Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2020


11. RESERVES
Investment
property
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 March 2019 3,071,424 371,866 3,443,290
Profit for the year 395,547 395,547
Dividends (133,250 ) (133,250 )
Transfer - 166,860 166,860
At 29 February 2020 3,333,721 538,726 3,872,447

Gains and losses on investment properties are now shown within the profit or loss for the year and deferred tax recognised as per the requirements of FRS 102. We have disclosed the cumulative effect of these net unrealised gains as a separate component of shareholders' funds, the Investment property revaluation reserve to clearly distinguish between distributable and non-distributable reserves.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2020 and 28 February 2019:

2020 2019
£    £   
P Bermingham
Balance outstanding at start of year 893,352 447,269
Amounts advanced 87,778 515,339
Amounts repaid (340,451 ) (69,256 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 640,679 893,352

During the period the company charged interest on the overdrawn loan accounts amounting to £19,523 (2019: £21,272).