IRIS Accounts Production v23.3.0.418 08005256 Board of Directors 1.1.22 31.12.22 31.12.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure080052562021-12-31080052562022-12-31080052562022-01-012022-12-31080052562020-12-31080052562021-01-012021-12-31080052562021-12-3108005256ns16:EnglandWales2022-01-012022-12-3108005256ns15:PoundSterling2022-01-012022-12-3108005256ns11:Director12022-01-012022-12-3108005256ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3108005256ns11:SmallEntities2022-01-012022-12-3108005256ns11:AuditExempt-NoAccountantsReport2022-01-012022-12-3108005256ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3108005256ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3108005256ns11:FullAccounts2022-01-012022-12-3108005256ns11:Director22022-01-012022-12-3108005256ns11:RegisteredOffice2022-01-012022-12-3108005256ns6:CurrentFinancialInstruments2022-12-3108005256ns6:CurrentFinancialInstruments2021-12-3108005256ns6:Non-currentFinancialInstruments2022-12-3108005256ns6:Non-currentFinancialInstruments2021-12-3108005256ns6:ShareCapital2022-12-3108005256ns6:ShareCapital2021-12-3108005256ns6:RetainedEarningsAccumulatedLosses2022-12-3108005256ns6:RetainedEarningsAccumulatedLosses2021-12-3108005256ns6:LandBuildings2021-12-3108005256ns6:PlantMachinery2021-12-3108005256ns6:LandBuildings2022-01-012022-12-3108005256ns6:PlantMachinery2022-01-012022-12-3108005256ns6:LandBuildings2022-12-3108005256ns6:PlantMachinery2022-12-3108005256ns6:LandBuildings2021-12-3108005256ns6:PlantMachinery2021-12-3108005256ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-12-3108005256ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-01-012022-12-3108005256ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-12-3108005256ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-12-3108005256ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3108005256ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3108005256ns11:Director112021-12-3108005256ns11:Director112020-12-3108005256ns11:Director112022-01-012022-12-3108005256ns11:Director112021-01-012021-12-3108005256ns11:Director112022-12-3108005256ns11:Director112021-12-31
REGISTERED NUMBER: 08005256 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

FLYING SPUR LIMITED

FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FLYING SPUR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTORS: Mr C Rapley
Mr J W Rapley





REGISTERED OFFICE: Filby Hall
Main Road
Filby
Great Yarmouth
Norfolk
NR29 3HN





REGISTERED NUMBER: 08005256 (England and Wales)





ACCOUNTANTS: Berry & Warren Ltd
Chartered Accountants
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 103,119 110,515

CURRENT ASSETS
Debtors 5 301,015 190,105
Cash at bank and in hand 71,439 238,505
372,454 428,610
CREDITORS
Amounts falling due within one year 6 418,559 298,626
NET CURRENT (LIABILITIES)/ASSETS (46,105 ) 129,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,014

240,499

CREDITORS
Amounts falling due after more than one
year

7

16,733

38,934
NET ASSETS 40,281 201,565

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 40,181 201,465
SHAREHOLDERS' FUNDS 40,281 201,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

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.

FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)

BALANCE SHEET - continued
31ST DECEMBER 2022


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 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 27th September 2023 and were signed on its behalf by:





Mr C Rapley - Director


FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022

1. STATUTORY INFORMATION

Flying Spur Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable.

The following criteria must also be met before revenue is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

Depreciation is not charged on improvements to leasehold as it is expected the property will be acquired by the parent company in the near future.

The assets' residual values , useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 24 ) .

FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2022 68,943 64,244 133,187
Additions - 2,600 2,600
At 31st December 2022 68,943 66,844 135,787
DEPRECIATION
At 1st January 2022 - 22,672 22,672
Charge for year - 9,996 9,996
At 31st December 2022 - 32,668 32,668
NET BOOK VALUE
At 31st December 2022 68,943 34,176 103,119
At 31st December 2021 68,943 41,572 110,515

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st January 2022
and 31st December 2022 45,600
DEPRECIATION
At 1st January 2022 9,376
Charge for year 9,055
At 31st December 2022 18,431
NET BOOK VALUE
At 31st December 2022 27,169
At 31st December 2021 36,224

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 186,428 101,229
Other debtors 114,587 88,876
301,015 190,105

FLYING SPUR LIMITED (REGISTERED NUMBER: 08005256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 15,521 44,533
Hire purchase contracts 6,791 7,191
Trade creditors 113,871 -
Taxation and social security 98,342 137,726
Other creditors 184,034 109,176
418,559 298,626

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 15,521
Hire purchase contracts 16,733 23,413
16,733 38,934

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts 23,524 30,604

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2022 and 31st December 2021:

2022 2021
£    £   
Mr C Rapley
Balance outstanding at start of year - 74,251
Amounts repaid - (74,251 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

10. RELATED PARTY DISCLOSURES

Mr C Rapley was credited with £21,600 rent in the period for the use of trading premises. Rent of £90,000 was paid to Flying Spur Group Limited.

Mr C Rapley is owed £182,478.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr C Rapley.

Mr C Rapley controls the parent company, Flying Spur Group Limited.