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REGISTERED NUMBER: 10265173 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Flyte Estates Limited

Flyte Estates Limited (Registered number: 10265173)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Flyte Estates Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr M G Fletcher
Mrs C Fletcher





REGISTERED OFFICE: Trade Fair House
2 West Court
Enterprise Road
Maidstone
ME15 6JD





REGISTERED NUMBER: 10265173 (England and Wales)





ACCOUNTANTS: Accsys Accountants Limited
Chartered Accountants
Trade Fair House
2 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

Flyte Estates Limited (Registered number: 10265173)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,247 4,005
Investments 5 160,505 342,831
Investment property 6 875,000 885,000
1,037,752 1,231,836

CURRENT ASSETS
Debtors 7 2,306 3,332
Cash at bank 19,143 340,914
21,449 344,246
CREDITORS
Amounts falling due within one year 8 837,104 1,328,480
NET CURRENT LIABILITIES (815,655 ) (984,234 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

222,097

247,602

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 9 458 458
Other reserves 9 111,858 128,907
Retained earnings 9 109,777 118,233
222,097 247,602

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

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 10 October 2023 and were signed on its behalf by:




Mr M G Fletcher - Director


Flyte Estates Limited (Registered number: 10265173)

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

1. STATUTORY INFORMATION

Flyte Estates 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.

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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022 7,321
Disposals (1,066 )
At 31 July 2023 6,255
DEPRECIATION
At 1 August 2022 3,316
Charge for year 1,138
Eliminated on disposal (446 )
At 31 July 2023 4,008
NET BOOK VALUE
At 31 July 2023 2,247
At 31 July 2022 4,005

Flyte Estates Limited (Registered number: 10265173)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 August 2022 342,831
Revaluations (182,326 )
At 31 July 2023 160,505
NET BOOK VALUE
At 31 July 2023 160,505
At 31 July 2022 342,831

Cost or valuation at 31 July 2023 is represented by:

Other
investments
£   
Valuation in 2020 323,809
Valuation in 2021 74,093
Valuation in 2022 (55,071 )
Valuation in 2023 (182,326 )
160,505

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 885,000
Revaluations (10,000 )
At 31 July 2023 875,000
NET BOOK VALUE
At 31 July 2023 875,000
At 31 July 2022 885,000

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2020 765,000
Valuation in 2021 30,000
Valuation in 2022 90,000
Valuation in 2023 (10,000 )
875,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 1,302 -
Other debtors 1,004 3,332
2,306 3,332

Flyte Estates Limited (Registered number: 10265173)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts - 475,020
Trade creditors 529 6
Taxation and social security - 8,435
Other creditors 836,575 845,019
837,104 1,328,480

9. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 August 2022 118,233 458 128,907 247,598
Deficit for the year (25,505 ) (25,505 )
Transfer 10,000 - (10,000 ) -
Deferred tax on revaluation 7,049 - (7,049 ) -
At 31 July 2023 109,777 458 111,858 222,093