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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Flextime Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Flextime Limited |
Flextime Limited (Registered number: 07383704) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Flextime Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Flextime Limited (Registered number: 07383704) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Flextime Limited (Registered number: 07383704) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Flextime 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. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to |
the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Flextime Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is recognised when the right to consideration in respect of performance of contractual obligations is |
met. Turnover excludes value added tax. |
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Goodwill |
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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. |
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Tangible fixed assets |
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Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated |
in the financial statements that arise from the inclusion of income and expense in tax assessments in periods |
different from those in which they are recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date that are expected to apply to the reversal of timing differences. |
Flextime Limited (Registered number: 07383704) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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. |
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Debtors and creditors receivable/payable |
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any |
losses arising from impairment are recognised in the income statement in other administrative expenses. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is |
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Flextime Limited (Registered number: 07383704) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Russel House, Mill Road, Langley Moor, Durham DH7 8HJ |
Nature of business:
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Class of shares: | holding |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by related parties | 4,107,221 | 3,705,176 |
Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to related parties | 42,000 | 200,176 |
Taxation |
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Social security and other taxes |
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VAT | 65,330 | 55,922 |
Other creditors |
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Directors' current accounts | 849,626 | 630,653 |
Accrued expenses |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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Payments made during the year on the above operating lease contracts have been met by the company's |
subsidiary. |
Flextime Limited (Registered number: 07383704) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |