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

REGISTERED NUMBER: 01886312 (England and Wales)

FLEXTEX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Davenport

A L Tucker

R Tarn

SECRETARY:

A L Tucker

REGISTERED OFFICE:

Unit 1, Kirkham Trading Park,

Freckleton Road,

Kirkham,

Preston.

PR4 3RB

REGISTERED NUMBER:

01886312 (England and Wales)

ACCOUNTANTS:

Rushtons

Chartered Accountants

Avroe House

Avroe Crescent

Blackpool Business Park

Blackpool

Lancashire

FY4 2DP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

11,182

12,526

11,182

12,526

CURRENT ASSETS

Stocks

225,921

165,231

Debtors

2,901,066

2,855,070

Cash at bank and in hand

58,742

119,611

3,185,729

3,139,912

CREDITORS

Amounts falling due within one year

2,368,494

2,398,580

NET CURRENT ASSETS

817,235

741,332

TOTAL ASSETS LESS CURRENT LIABILITIES

828,417

753,858

CREDITORS

Amounts falling due after more than one year

-

33,500

NET ASSETS

828,417

720,358

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

720

720

Retained earnings

826,697

718,638

SHAREHOLDERS' FUNDS

828,417

720,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 29 October 2018 and were signed on its behalf by:

M Davenport - Director

1.	STATUTORY INFORMATION

Flextex 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 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. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102

Section 1A, there are no transitional adjustments. The financial statements are presented in

Sterling (£).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in May 1997

has been written off evenly over its estimated useful life of 5 years.

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.

Tangible fixed assets

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

Short leasehold

-

2.5% on cost

Plant and machinery

-

33% on cost and 10% on cost

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.

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 23 (2017 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2017

and 30 April 2018

60,000

AMORTISATION

At 1 May 2017

and 30 April 2018

60,000

NET BOOK VALUE

At 30 April 2018

-

At 30 April 2017

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2017

1,566,876

Additions

9,553

At 30 April 2018

1,576,429

DEPRECIATION

At 1 May 2017

1,554,350

Charge for year

10,897

At 30 April 2018

1,565,247

NET BOOK VALUE

At 30 April 2018

11,182

At 30 April 2017

12,526

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

30 April 2018 and 30 April 2017:

2018

2017

£

£

M Davenport

Balance outstanding at start of year

12,850

-

Amounts advanced

87,760

12,850

Amounts repaid

(46,030

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

54,580

12,850

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Flextex (Holdings) Limited.