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

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


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REGISTERED NUMBER: 02579576(England and Wales)















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: 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 2018

2018 2017
Notes £    £   
FIXED ASSETS
Tangible assets 5 77,654 37,913
Investment property 6 545,000 545,000
622,654 582,913

CURRENT ASSETS
Debtors 7 1,017,397 164,864
Cash at bank 1,925,668 2,269,712
2,943,065 2,434,576
CREDITORS
Amounts falling due within one year 8 (338,224 ) (378,060 )
NET CURRENT ASSETS 2,604,841 2,056,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,227,495

2,639,429

CREDITORS
Amounts falling due after more than one
year

9

(186,933

)

(192,035

)

PROVISIONS FOR LIABILITIES (82,589 ) (77,651 )
NET ASSETS 2,957,973 2,369,743

CAPITAL AND RESERVES
Called up share capital 2 2
Investment property
revaluation reserve 11 371,866 370,674
Retained earnings 11 2,586,105 1,999,067
SHAREHOLDERS' FUNDS 2,957,973 2,369,743

Adflex Limited (Registered number: 02579576)

Balance Sheet - continued
28 February 2018


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 29 November 2018and 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 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

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.

Turnover
Turnover represents amounts chargeable in respect of the sale of services to customers 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.

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 12(2017 - 10) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Improvements fittings
to and
property equipment Totals
£    £    £   
COST
At 1 March 2017 - 156,359 156,359
Additions 5,895 57,766 63,661
At 28 February 2018 5,895 214,125 220,020
DEPRECIATION
At 1 March 2017 - 118,446 118,446
Charge for year - 23,920 23,920
At 28 February 2018 - 142,366 142,366
NET BOOK VALUE
At 28 February 2018 5,895 71,759 77,654
At 28 February 2017 - 37,913 37,913

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 545,000
NET BOOK VALUE
At 28 February 2018 545,000
At 28 February 2017 545,000

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 370,009 156,224
Other debtors 1,293 3,645
Directors' current accounts 447,270 -
Tax 192,825 -
Prepayments 6,000 4,995
1,017,397 164,864

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 5,099 5,060
Trade creditors 20,031 18,080
Tax 248,011 298,798
Social security and other taxes 14,270 11,903
VAT 43,784 27,166
Other creditors 6,377 4,519
Wages and salaries control account 652 596
Directors' current accounts - 11,938
338,224 378,060

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
£    £   
Bank loans - 1-2 years 5,099 5,060
Bank loans - 2-5 years 15,296 15,182
Bank loans more 5 yr by instal 166,538 171,793
186,933 192,035

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 192,032 197,095

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 1,999,067 370,674 2,369,741
Profit for the year 699,230 699,230
Dividends (111,000 ) (111,000 )
Transfer (1,192 ) 1,192 -
At 28 February 2018 2,586,105 371,866 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
£    £   
P Bermingham
Balance outstanding at start of year (11,938 ) (51,252 )
Amounts advanced 528,463 107,070
Amounts repaid (69,256 ) (67,756 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 447,269 (11,938 )

During the period the company charged interest on the overdrawn loan accounts amounting to £6,675
(2017: £nil).