Registered number
11540321
Fly Elite Limited
Filleted Accounts
31 October 2022
Fly Elite Limited
Registered number: 11540321
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £
Current assets
Debtors 3 62,392 52,168
Cash at bank and in hand 758 11,729
63,150 63,897
Creditors: amounts falling due within one year 4 (10,169) (14,554)
Net current assets 52,981 49,343
Total assets less current liabilities 52,981 49,343
Creditors: amounts falling due after more than one year 5 (50,553) (46,574)
Net assets 2,428 2,769
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,427 2,768
Shareholder's funds 2,428 2,769
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J. Hartman
Director
Approved by the board on 11 October 2023
Fly Elite Limited
Notes to the Accounts
for the year ended 31 October 2022
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2022 2021
£ £
Other debtors 62,392 52,168
4 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 7,287
Taxation and social security costs 82 299
Other creditors 10,087 6,968
10,169 14,554
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 41,552 46,573
Other creditors 9,001 1
50,553 46,574
6 Other information
Fly Elite Limited is a private company limited by shares and incorporated in England. Its registered office is:
158 Cromwell Road
Salford
M6 6DE
Fly Elite Limited 11540321 false 2021-11-01 2022-10-31 2022-10-31 VT Final Accounts April 2022 Mr J. Hartman No description of principal activity 11540321 2020-09-01 2021-10-31 11540321 core:WithinOneYear 2021-10-31 11540321 core:AfterOneYear 2021-10-31 11540321 core:ShareCapital 2021-10-31 11540321 core:RetainedEarningsAccumulatedLosses 2021-10-31 11540321 2021-11-01 2022-10-31 11540321 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 11540321 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-31 11540321 bus:Director40 2021-11-01 2022-10-31 11540321 1 2021-11-01 2022-10-31 11540321 2 2021-11-01 2022-10-31 11540321 countries:England 2021-11-01 2022-10-31 11540321 bus:FRS102 2021-11-01 2022-10-31 11540321 bus:FullAccounts 2021-11-01 2022-10-31 11540321 2022-10-31 11540321 core:WithinOneYear 2022-10-31 11540321 core:AfterOneYear 2022-10-31 11540321 core:ShareCapital 2022-10-31 11540321 core:RetainedEarningsAccumulatedLosses 2022-10-31 11540321 2021-10-31 iso4217:GBP xbrli:pure