Company Registration No. 08940079 (England and Wales)
FLYHIGH.BUZZ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
FLYHIGH.BUZZ LIMITED
COMPANY INFORMATION
Director
Mr J M Farrant
Company number
08940079
Registered office
Dunkeswell Airfield
Dunkeswell
EX14 4LG
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
FLYHIGH.BUZZ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
FLYHIGH.BUZZ LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,322
5,714
Investments
4
199,251
199,251
203,573
204,965
Current assets
Debtors
5
717,303
567,092
Cash at bank and in hand
10,359
12,539
727,662
579,631
Creditors: amounts falling due within one year
6
(607,114)
(443,482)
Net current assets
120,548
136,149
Total assets less current liabilities
324,121
341,114
Creditors: amounts falling due after more than one year
7
(63,771)
(148,543)
Net assets
260,350
192,571
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
260,349
192,570
Total equity
260,350
192,571
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 14 November 2023
Mr J M Farrant
Director
FLYHIGH.BUZZ LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
Company Registration No. 08940079
FLYHIGH.BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Flyhigh.Buzz Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value of sales made during the year.
Revenue from the provision of services is recognised at point of registration.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
FLYHIGH.BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
3,000
1,713
13,500
18,213
Depreciation and impairment
At 1 March 2022
2,599
988
8,912
12,499
Depreciation charged in the year
100
145
1,147
1,392
At 28 February 2023
2,699
1,133
10,059
13,891
Carrying amount
At 28 February 2023
301
580
3,441
4,322
At 28 February 2022
401
725
4,588
5,714
4
Fixed asset investments
2023
2022
£
£
Investments
199,251
199,251
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2022 & 28 February 2023
199,251
Carrying amount
At 28 February 2023
199,251
At 28 February 2022
199,251
FLYHIGH.BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,930
7,470
Unpaid share capital
1
1
Other debtors
708,082
559,621
Prepayments and accrued income
290
717,303
567,092
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
143,242
122,775
Trade creditors
17,441
204
Gross amounts due to contract customers
45,830
Other creditors
369,131
319,603
Accruals and deferred income
31,470
900
607,114
443,482
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
63,771
148,543
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued
1 Ordinary share of £1 each
1
1