Adflex Limited - Accounts to registrar (filleted) - small 18.2
Adflex Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Adflex Limited |
| Unaudited Financial Statements for the Year Ended 28 February 2018 |
| Adflex Limited (Registered number: 02579576) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Adflex Limited |
| Company Information |
| for the Year Ended 28 February 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1A Parliament Square |
| Parliament Street |
| Crediton |
| Devon |
| EX17 2AW |
| Adflex Limited (Registered number: 02579576) |
| Balance Sheet |
| 28 February 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Investment property |
| revaluation reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| Adflex Limited (Registered number: 02579576) |
| Balance Sheet - continued |
| 28 February 2018 |
| 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. |
| 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 on its behalf by: |
| Adflex Limited (Registered number: 02579576) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2018 |
| 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 |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts chargeable in respect of the sale of services to customers falling within |
| the company's ordinary activities. |
| Tangible fixed assets |
| Fixtures, fittings and equipment | - |
| 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. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual |
| arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is |
| any contract that evidences a residual interest in the assets of the company after deducting all of its |
| liabilities. |
| 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 2018 |
| 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 |
| Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the |
| transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the |
| closing rates at the balance sheet date. All exchange differences are included in 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 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| Improvements | fittings |
| to | and |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2017 |
| Additions |
| At 28 February 2018 |
| DEPRECIATION |
| At 1 March 2017 |
| Charge for year |
| At 28 February 2018 |
| NET BOOK VALUE |
| At 28 February 2018 |
| At 28 February 2017 |
| Adflex Limited (Registered number: 02579576) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2018 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2017 |
| and 28 February 2018 |
| NET BOOK VALUE |
| At 28 February 2018 |
| At 28 February 2017 |
| Fair value at 28 February 2018 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: |
| 2018 | 2017 |
| £ | £ |
| Cost | 103,905 | 103,905 |
| 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 |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| and accrued income |
| Other debtors |
| Directors' current accounts | 447,270 | - |
| Tax |
| Prepayments |
| Adflex Limited (Registered number: 02579576) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2018 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 43,784 | 27,166 |
| Other creditors |
| Wages and salaries control account | 652 | 596 |
| Directors' current accounts | - | 11,938 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 166,538 | 171,793 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| 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 5.42 and 11.17 years respectively. |
| At current interest rates the balance of capital repayable in under five years but over one year is |
| estimated at £25,494 (2017 - £25,032). |
| Adflex Limited (Registered number: 02579576) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2018 |
| 11. | RESERVES |
| Investment |
| property |
| Retained | revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 March 2017 | 2,369,741 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfer | (1,192 | ) | 1,192 | - |
| At 28 February 2018 | 2,957,971 |
| 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. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 28 February 2018 |
| and 28 February 2017: |
| 2018 | 2017 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| During the period the company charged interest on the overdrawn loan accounts amounting to £6,675 |
| (2017: £nil). |