Flymax Luggage Ltd
Registered number: 08044012
Balance Sheet
as at 30 September 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 411 548
Current assets
Stocks 60,000 60,000
Debtors 4 104,292 45,676
Investments held as current assets 5 15,001 -
Cash at bank and in hand 560,064 38,938
739,357 144,614
Creditors: amounts falling due within one year 6 (480,845) (132,639)
Net current assets 258,512 11,975
Total assets less current liabilities 258,923 12,523
Creditors: amounts falling due after more than one year 7 (287,363) (47,222)
Net liabilities (28,440) (34,699)
Capital and reserves
Called up share capital 3 3
Profit and loss account (28,443) (34,702)
Shareholder's funds (28,440) (34,699)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 A Kassim
Director
Approved by the board on 15 December 2023
Flymax Luggage Ltd
Notes to the Accounts
for the year ended 30 September 2022
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.
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2021 6,300
At 30 September 2022 6,300
Depreciation
At 1 October 2021 5,752
Charge for the year 137
At 30 September 2022 5,889
Net book value
At 30 September 2022 411
At 30 September 2021 548
4 Debtors 2022 2021
£ £
Other debtors 104,292 45,676
Other debtors of £104,292 consist entirely of a directors loan made to Mr K Arif, this was the maximum amount outstanding and has been repaid in full after the year end.
5 Investments held as current assets 2022 2021
£ £
Fair value
Listed investments 15,001 -
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 6,618 2,778
Trade creditors 126,395 33,689
Taxation and social security costs 341,802 93,086
Other creditors 6,030 3,086
480,845 132,639
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank and other long term loans 287,363 47,222
8 Other information
Flymax Luggage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit A4
Springhead Road
Gravesend
Kent
DA11 8HB
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