Registration number:
Flexygen Limited
for the Year Ended 31 October 2018
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
Flexygen Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Flexygen Limited
Company Information
Directors |
Mr A Satta Mr AJ Fromberg |
Registered office |
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Accountants |
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Page 1 |
Flexygen Limited
(Registration number: 10428028)
Balance Sheet as at 31 October 2018
Note |
2018 |
(As restated) |
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£ |
£ |
£ |
£ |
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Current assets |
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Debtors |
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Investments |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
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Flexygen Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in £ sterling. The level of rounding is to the nearest £1.
Going concern
The company's balance sheet shows a deficit at 31 October 2018. The company's directors have confirmed they will arrange adequate funding to finance the company's activities, and to enable it to settle its liabilities as and when they fall due for payment, for a period exceeding one year from the date of signing the company's accounts. Accordingly, the directors consider that the company is a going concern and that its accounts are properly prepared on that basis.
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Flexygen Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Prior period adjustments
The prior year adjustment of £38,382 relates to the late posting of transactions arising in 2017, which were discovered after the 31st October 2017 financial statements were prepared.
After completing the 31 October 2017 accounts, the directors determined that the non-current trade debtor of £2,962,179 and non-current trade creditor of £2,962,179 should not have been reflected in the 31 October 2017 accounts. The correcting entries have a nil effect on the profit and loss account.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Flexygen Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Debtors |
2018 |
(As restated) |
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Trade debtors |
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- |
Other debtors |
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Current asset investments |
2018 |
(As restated) |
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Other investments |
- |
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Creditors |
2018 |
(As restated) |
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Due within one year |
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Trade creditors |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
- |
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Related party transactions |
Other transactions with directors |
As at the balance sheet the directors owed the company £24,877 (2017:(£497)). The loans are repayable on demand and interest has been charged of 2.5%.
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