Flexidb Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 07927019

Flexidb Limited

Filleted Unaudited Financial Statements

31 January 2017

Flexidb Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Statement of changes in equity	3

Notes to the financial statements	4

Flexidb Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Flexidb Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flexidb Limited for the year ended 31 January 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Flexidb Limited, as a body, in accordance with the terms of our engagement letter dated 13 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Flexidb Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flexidb Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Flexidb Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Flexidb Limited. You consider that Flexidb Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Flexidb Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CARSTON Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

15 January 2018

Flexidb Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5		185,000	185,000

Current assets

Debtors	6	7,174	52,927
Cash at bank and in hand		27,772	59,301
		--------	---------
		34,946	112,228

Creditors: amounts falling due within one year	7	415,888		56,300
		---------		---------
Net current (liabilities)/assets			( 380,942)	55,928
			---------	---------
Total assets less current liabilities			( 195,942)	240,928
			---------	---------
Net (liabilities)/assets			( 195,942)	240,928
			---------	---------

Capital and reserves

Called up share capital	691	674
Share premium account	484,812	399,829
Profit and loss account	( 681,445)	( 159,575)
	---------	---------
Shareholders (deficit)/funds	( 195,942)	240,928
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 January 2018 , and are signed on behalf of the board by:

R Hill	S Pickett
Director	Director

Company registration number: 07927019

Flexidb Limited

Statement of Changes in Equity

Year ended 31 January 2017

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 February 2015	100	–	–	100

Loss for the year			( 159,575)	( 159,575)
	----	----	---------	---------
Total comprehensive income for the year	–	–	( 159,575)	( 159,575)

Issue of shares	574	399,829	–	400,403
	----	---------	---------	---------
Total investments by and distributions to owners	574	399,829	–	400,403

At 31 January 2016	674	399,829	( 159,575)	240,928

Loss for the year			( 521,870)	( 521,870)
	----	---------	---------	---------
Total comprehensive income for the year	–	–	( 521,870)	( 521,870)

Issue of shares	17	84,983	–	85,000
	----	--------	----	--------
Total investments by and distributions to owners	17	84,983	–	85,000

	----	---------	---------	---------
At 31 January 2017	691	484,812	( 681,445)	( 195,942)
	----	---------	---------	---------

Flexidb Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Brandons House, 29 Great George Street, Bristol, BS1 5QT, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 February 2016 and 31 January 2017	185,000
	---------
Amortisation
At 1 February 2016 and 31 January 2017	–
	---------
Carrying amount
At 31 January 2017	185,000
	---------
At 31 January 2016	185,000
	---------

6. Debtors

	2017	2016
	£	£
Other debtors	7,174	52,927
	-------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Other creditors	415,888	56,300
	---------	--------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Hill	( 54,800)	( 106,788)	( 161,588)
S Pickett	200	( 5,000)	( 4,800)
E J Atherton	–	( 248,000)	( 248,000)
	--------	---------	---------
	( 54,600)	( 359,788)	( 414,388)
	--------	---------	---------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Hill	50	( 54,850)	( 54,800)
S Pickett	50	150	200
E J Atherton	–	–	–
	----	--------	--------
	100	( 54,700)	( 54,600)
	----	--------	--------

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.