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REGISTERED NUMBER: 07575776 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Pangaea Flight Services Ltd

Pangaea Flight Services Ltd (Registered number: 07575776)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pangaea Flight Services Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr J Richards





REGISTERED OFFICE: 2 Appleton Avenue
The Reddings
Cheltenham
Gloucestershire
GL51 6TS





REGISTERED NUMBER: 07575776 (England and Wales)





ACCOUNTANTS: Francis & Co
Second Floor
123 Promenade
Cheltenham
Gloucestershire
GL50 1NW

Pangaea Flight Services Ltd (Registered number: 07575776)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 360 480
360 480

CURRENT ASSETS
Debtors 6 5,303 4,438
Cash at bank 3,355 4,584
8,658 9,022
CREDITORS
Amounts falling due within one year 7 2,249 2,972
NET CURRENT ASSETS 6,409 6,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,769

6,530

CREDITORS
Amounts falling due after more than one
year

8

1,379

1,995
NET ASSETS 5,390 4,535

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 5,290 4,435
SHAREHOLDERS' FUNDS 5,390 4,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Pangaea Flight Services Ltd (Registered number: 07575776)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 August 2023 and were signed by:





Mr J Richards - Director


Pangaea Flight Services Ltd (Registered number: 07575776)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Pangaea Flight Services Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 5,000
AMORTISATION
At 1 April 2022
and 31 March 2023 5,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Pangaea Flight Services Ltd (Registered number: 07575776)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 4,411
DEPRECIATION
At 1 April 2022 3,931
Charge for year 120
At 31 March 2023 4,051
NET BOOK VALUE
At 31 March 2023 360
At 31 March 2022 480

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,750 730
Other debtors 3,553 3,708
5,303 4,438

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 630 630
Taxation and social security 1,194 1,917
Other creditors 425 425
2,249 2,972

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 1,379 1,995

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J Richards.