REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Flameskill Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Flameskill Limited |
Flameskill Limited (Registered number: 03226935) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Flameskill Limited (Registered number: 03226935) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Prepayments and accrued income |
Cash at bank and in hand |
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 |
Flameskill Limited (Registered number: 03226935) |
Balance Sheet - continued |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Capital and reserves |
Called up share capital |
Share premium |
Revaluation reserve | 10 |
Capital redemption reserve |
Retained earnings | 1,168,360 | 1,049,746 |
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 Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Flameskill Limited (Registered number: 03226935) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | Statutory information |
Flameskill Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabillities and investment properties measured at fair value through profit or loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Flameskill Limited (Registered number: 03226935) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
3. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold property - 2% straight line |
Long leasehold property - 2% straight line |
Plant and machinery - 20% straight line |
Office equipment - 33% straight line |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset if deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Flameskill Limited (Registered number: 03226935) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
3. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Flameskill Limited (Registered number: 03226935) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
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. |
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. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a libaility in the balance sheet and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was orginially recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight line basis. The aggrregated benefit of the lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis. |
4. | Employees and directors |
The average number of employees during the year was |
Flameskill Limited (Registered number: 03226935) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | Tangible fixed assets |
Freehold | Long | Plant and | Computer |
property | leasehold | machinery | equipment | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 September 2022 |
Additions |
Revaluations |
At 31 August 2023 |
Depreciation |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
Cost or valuation at 31 August 2023 is represented by: |
Freehold | Long | Plant and | Computer |
property | leasehold | machinery | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 195,945 | 2,846 | 248,941 | 115,560 | 563,292 |
The freehold land and buildings was valued in March 2023 by an independent RICS surveyor, using their knowledge of commercial properties within the local area. |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 September 2022 |
and 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
Flameskill Limited (Registered number: 03226935) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The bank loan is secured by a debenture and charge over the freehold property. |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
The bank loan is secured by a debenture and charge over the freehold property. Other creditors due in more than one year relates to a deferred government grant. |
10. | Reserves |
Revaluation |
reserve |
£ |
Revaluation of property | 116,000 |
Transfer | (477 | ) |
At 31 August 2023 |
Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |