Company Registration No. SC374446 (Scotland)
FLEXLAW LTD.
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
FLEXLAW LTD.
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
FLEXLAW LTD.
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
80,500
86,250
Tangible assets
2
13,199
184
93,699
86,434
Current assets
Stocks
15,828
45,153
Debtors
20,859
21,670
Cash at bank and in hand
54,011
57,335
90,698
124,158
Creditors: amounts falling due within one year
(47,923)
(52,495)
Net current assets
42,775
71,663
Total assets less current liabilities
136,474
158,097
Creditors: amounts falling due after more than one year
(130,000)
(130,000)
Provisions for liabilities
(85)
(37)
6,389
28,060
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
6,289
27,960
Shareholders' funds
6,389
28,060
FLEXLAW LTD.
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 December 2016
Mr M Harrison
Director
Company Registration No. SC374446
FLEXLAW LTD.
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax .net invoiced sales of services, excluding value added tax.
1.4
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years ..
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
10% Straight Line
Plant and machinery
33% on cost
1.6
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
FLEXLAW LTD.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
115,000
3,051
118,051
Additions
-
14,710
14,710
At 31 March 2016
115,000
17,761
132,761
Depreciation
At 1 April 2015
28,750
2,867
31,617
Charge for the year
5,750
1,695
7,445
At 31 March 2016
34,500
4,562
39,062
Net book value
At 31 March 2016
80,500
13,199
93,699
At 31 March 2015
86,250
184
86,434
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100