Flettner Ventilator Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00256246 (England and Wales)

FLETTNER VENTILATOR LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

W Stern

Ms L F Stern

Ms B A Stern

Dr R F Stern-Kluckner

SECRETARY:

Ms B A Stern

REGISTERED OFFICE:

Suite 38 MKBC

Foxhunter Drive

Linford Wood

Milton Keynes

Buckinghamshire

MK14 6GD

REGISTERED NUMBER:

00256246 (England and Wales)

ACCOUNTANTS:

CUTTER & CO LTD

CHARTERED ACCOUNTANTS

3 Lyttleton Court

Birmingham Street

Halesowen

West Midlands

B63 3HN

FIXED ASSETS

Intangible assets

4

32,431

11,245

Tangible assets

5

7,027

8,199

39,458

19,444

CURRENT ASSETS

Stocks

36,142

46,471

Debtors

6

279,217

518,664

Cash at bank and in hand

2,440,125

2,020,630

2,755,484

2,585,765

CREDITORS

Amounts falling due within one year

7

177,834

162,123

NET CURRENT ASSETS

2,577,650

2,423,642

TOTAL ASSETS LESS CURRENT LIABILITIES

2,617,108

2,443,086

PROVISIONS FOR LIABILITIES

8

9,502

-

NET ASSETS

2,607,606

2,443,086

CAPITAL AND RESERVES

Called up share capital

844

844

Retained earnings

2,606,762

2,442,242

2,607,606

2,443,086

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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 7th August 2023 and were signed on its behalf by:

Ms L F Stern - Director

1.	STATUTORY INFORMATION

Flettner Ventilator 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 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is reduced for any estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Turnover from rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 7 (2022 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st April 2022

158,521

Additions

26,896

At 31st March 2023

185,417

AMORTISATION

At 1st April 2022

147,276

Charge for year

5,710

At 31st March 2023

152,986

NET BOOK VALUE

At 31st March 2023

32,431

At 31st March 2022

11,245

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2022

and 31st March 2023

263,019

DEPRECIATION

At 1st April 2022

254,820

Charge for year

1,172

At 31st March 2023

255,992

NET BOOK VALUE

At 31st March 2023

7,027

At 31st March 2022

8,199

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

219,270

442,012

Other debtors

59,947

76,652

279,217

518,664

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

100,868

129,535

Taxation and social security

33,946

5,200

Other creditors

43,020

27,388

177,834

162,123

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

1,757

-

Other timing differences

7,745

-

9,502

-

Deferred

tax

£

Accelerated capital allowances

1,757

Capitalised revenue spend

7,745

Balance at 31st March 2023

9,502