Registered number
05568464
FLIGHT EXPRESS TRAVEL LTD
Report and Accounts
31 March 2023
FLIGHT EXPRESS TRAVEL LTD
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of FLIGHT EXPRESS TRAVEL LTD for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FLIGHT EXPRESS TRAVEL LTD for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of FLIGHT EXPRESS TRAVEL LTD, as a body, in accordance with the terms of our engagement . Our work has been undertaken solely to prepare for your approval the accounts of FLIGHT EXPRESS TRAVEL LTD and state those matters that we have agreed to state to the Board of Directors of FLIGHT EXPRESS TRAVEL LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FLIGHT EXPRESS TRAVEL LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that FLIGHT EXPRESS TRAVEL LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FLIGHT EXPRESS TRAVEL LTD. You consider that FLIGHT EXPRESS TRAVEL LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of FLIGHT EXPRESS TRAVEL LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
CRYSTAL BUSINESS SERVICES LTD
Chartered Accountants
264 STONEY STANTON ROAD
COVENTRY
CV1 4FP
21 September 2023
FLIGHT EXPRESS TRAVEL LTD
Registered number: 05568464
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 158,325 159,075
158,326 159,076
Current assets
Debtors 5 73,189 82,303
Investments held as current assets 6 57,885 57,885
Cash at bank and in hand 14,428 40,196
145,502 180,384
Creditors: amounts falling due within one year 7 (169,620) (178,818)
Net current (liabilities)/assets (24,118) 1,566
Total assets less current liabilities 134,208 160,642
Creditors: amounts falling due after more than one year 8 (106,297) (149,335)
Net assets 27,911 11,307
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account (72,089) (88,693)
Shareholders' funds 27,911 11,307
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 M PATEL
Director
Approved by the board on 21 September 2023
FLIGHT EXPRESS TRAVEL LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil provided
Fixtures, fittings, office eqpt. 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 30,000
At 31 March 2023 30,000
Amortisation
At 1 April 2022 29,999
At 31 March 2023 29,999
Net book value
At 31 March 2023 1
At 31 March 2022 1
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 148,855 53,437 202,292
Additions - 2,406 2,406
At 31 March 2023 148,855 55,843 204,698
Depreciation
At 1 April 2022 - 43,217 43,217
Charge for the year - 3,156 3,156
At 31 March 2023 - 46,373 46,373
Net book value
At 31 March 2023 148,855 9,470 158,325
At 31 March 2022 148,855 10,220 159,075
5 Debtors 2023 2022
£ £
Trade debtors 18,189 27,303
Other debtors 55,000 55,000
73,189 82,303
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 57,885 57,885
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 58,196 52,010
Trade creditors 96,263 79,938
Taxation and social security costs 19,765 16,155
Other creditors (4,604) 30,715
169,620 178,818
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 53,297 114,335
Other creditors (directors' sub-ordinated loan) 53,000 35,000
106,297 149,335
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 120,524 120,524
The Funding Circle Loan is secured by personal guarantee.
10 Controlling party
The company is controlled by the directors by virtue of holding all of the ordinary issued share capital,
11 Other information
FLIGHT EXPRESS TRAVEL LTD is a private company limited by shares and incorporated in England. Its registered office is:
19 Blackstock Road
Finsbury Park
London
N4 2JF
FLIGHT EXPRESS TRAVEL LTD 05568464 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 MR M PATEL No description of principal activity 05568464 2021-04-01 2022-03-31 05568464 core:WithinOneYear 2022-03-31 05568464 core:AfterOneYear 2022-03-31 05568464 core:ShareCapital 2022-03-31 05568464 core:RetainedEarningsAccumulatedLosses 2022-03-31 05568464 2022-04-01 2023-03-31 05568464 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05568464 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05568464 bus:Director40 2022-04-01 2023-03-31 05568464 1 2022-04-01 2023-03-31 05568464 2 2022-04-01 2023-03-31 05568464 core:LandBuildings 2022-04-01 2023-03-31 05568464 core:PlantMachinery 2022-04-01 2023-03-31 05568464 countries:England 2022-04-01 2023-03-31 05568464 bus:FRS102 2022-04-01 2023-03-31 05568464 bus:FullAccounts 2022-04-01 2023-03-31 05568464 2023-03-31 05568464 core:WithinOneYear 2023-03-31 05568464 core:AfterOneYear 2023-03-31 05568464 core:ShareCapital 2023-03-31 05568464 core:RetainedEarningsAccumulatedLosses 2023-03-31 05568464 core:Goodwill 2023-03-31 05568464 core:LandBuildings 2023-03-31 05568464 core:PlantMachinery 2023-03-31 05568464 2022-03-31 05568464 core:Goodwill 2022-03-31 05568464 core:LandBuildings 2022-03-31 05568464 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure