Adflex Limited - Accounts to registrar (filleted) - small 17.3

Adflex Limited - Accounts to registrar (filleted) - small 17.3


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REGISTERED NUMBER: 02579576(England and Wales)















Adflex Limited

Unaudited Financial Statements for the Year Ended 28 February 2017






Adflex Limited (Registered number: 02579576)

Contents of the Financial Statements
for the Year Ended 28 February 2017










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Adflex Limited

Company Information
for the Year Ended 28 February 2017







DIRECTORS: P Bermingham
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
28 February 2017

2017 2016
Notes £    £   
FIXED ASSETS
Tangible assets 5 37,913 49,295
Investment property 6 545,000 545,000
582,913 594,295

CURRENT ASSETS
Debtors 7 164,864 205,433
Cash at bank 2,269,712 1,433,043
2,434,576 1,638,476
CREDITORS
Amounts falling due within one year 8 (378,060 ) (230,017 )
NET CURRENT ASSETS 2,056,516 1,408,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,639,429

2,002,754

CREDITORS
Amounts falling due after more than one
year

9

(192,035

)

(196,823

)

PROVISIONS FOR LIABILITIES (77,651 ) (81,260 )
NET ASSETS 2,369,743 1,724,671

CAPITAL AND RESERVES
Called up share capital 2 2
Investment property
revaluation reserve 11 370,674 369,264
Retained earnings 11 1,999,067 1,355,405
SHAREHOLDERS' FUNDS 2,369,743 1,724,671

Adflex Limited (Registered number: 02579576)

Balance Sheet - continued
28 February 2017


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 28 November 2017and were signed
on its behalf by:





P Bermingham- Director


Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements
for the Year Ended 28 February 2017


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 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose
related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the
year and derives from the provision of services 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.
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.

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 28 February 2017


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
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the
rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded
at the date of the transactions. All differences are taken to 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 10.

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and
equipment
£   
COST
At 1 March 2016 155,103
Additions 1,256
At 28 February 2017 156,359
DEPRECIATION
At 1 March 2016 105,808
Charge for year 12,638
At 28 February 2017 118,446
NET BOOK VALUE
At 28 February 2017 37,913
At 29 February 2016 49,295

Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2017


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2016
and 28 February 2017 545,000
NET BOOK VALUE
At 28 February 2017 545,000
At 29 February 2016 545,000

Fair value at 28 February 2017 is represented by:

£   
Valuation in 2013 261,096
Valuation in 2016 179,999
Cost 103,905
545,000

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

2017 2016
£    £   
Cost 103,905 103,906

The investment properties were valued on an open market basis basis on 28 February 2016 by the directors
.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors
and accrued income 156,224 205,433
Other debtors 3,645 -
Prepayments 4,995 -
164,864 205,433

Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2017


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 5,060 4,918
Trade creditors 18,080 12,929
Tax 298,798 107,906
Social security and other taxes 11,903 9,521
VAT 27,166 38,498
Other creditors 4,519 4,571
Wages and salaries control account 596 422
Directors' current accounts 11,938 51,252
378,060 230,017

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Bank loans - 1-2 years 5,060 4,918
Bank loans - 2-5 years 15,182 14,776
Bank loans more 5 yr by instal 171,793 177,129
192,035 196,823

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 171,793 177,129

10. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 197,095 201,741

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
0.5% above bank base rate and are repayable between a further 6.33 and 12.08 years respectively.
At current interest rates the balance of capital repayable in under five years but over one year is
estimated at £25,302 (2016 - £24,612).

Adflex Limited (Registered number: 02579576)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2017


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

At 1 March 2016 1,355,405 369,264 1,724,669
Profit for the year 754,572 754,572
Dividends (109,500 ) (109,500 )
Transfer (1,410 ) 1,410 -
At 28 February 2017 1,999,067 370,674 2,369,741

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. FIRST YEAR ADOPTION

The date of transition to FRS 102 was 1 March 2015. The transition resulted in a change to the
company's accounting policy as follows:

Investment properties

Gains or losses on investment properties are now shown within the profit and loss account for the
year and deferred tax recognised as per the requirements of FRS 102. Deferred tax assets are not
recognised.

Comparative figures were adjusted for the above change in accounting policy, as per the following
reconciliations.