Company Registration No. 09337938 (England and Wales)
Flightmove Ltd.
Filleted unaudited accounts
for the year ended 31 January 2023
Flightmove Ltd.
Filleted unaudited accounts
Contents
Flightmove Ltd.
Statement of financial position
as at 31 January 2023
Tangible assets
2,530
3,377
Cash at bank and in hand
14,299
429
Creditors: amounts falling due within one year
(11,995)
(3,670)
Net current assets
2,304
2,459
Total assets less current liabilities
4,834
5,836
Creditors: amounts falling due after more than one year
(4,133)
(5,600)
Called up share capital
200
200
Profit and loss account
501
36
Shareholders' funds
701
236
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 October 2023 and were signed on its behalf by
Kais Kassim
Director
Company Registration No. 09337938
Flightmove Ltd.
Notes to the Accounts
for the year ended 31 January 2023
Flightmove Ltd. is a private company, limited by shares, registered in England and Wales, registration number 09337938. The registered office is 28 Lawrence Avenue, New Malden, Surrey, KT3 5LY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
- 25% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates. 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.
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises 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.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.
Flightmove Ltd.
Notes to the Accounts
for the year ended 31 January 2023
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
1,467
1,600
Taxes and social security
1,627
1,620
Loans from directors
751
-
Flightmove Ltd.
Notes to the Accounts
for the year ended 31 January 2023
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Creditors: amounts falling due after more than one year
2023
2022
Included in creditors amounts falling due after more than one year is the Bounce Back Loan of £4,133 (2022: £5,600). The loan is 100% guaranteed by the government and the interest rate is fixed at 2.5% per annum.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest-free loan
2,488
-
2,488
-
9
Transactions with related parties
Included within creditors due within one year is a balance of £751 (2022: £Nil) owed to the director. This loan is interest-free and has no fixed repayment term.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).