2022-04-012023-03-312023-03-31false12536018FLYP LTD2024-02-22iso4217:GBPxbrli:pure125360182022-04-01125360182023-03-31125360182022-04-012023-03-31125360182021-04-01125360182022-03-31125360182021-04-012022-03-3112536018bus:SmallEntities2022-04-012023-03-3112536018bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3112536018bus:FullAccounts2022-04-012023-03-3112536018bus:PrivateLimitedCompanyLtd2022-04-012023-03-3112536018core:WithinOneYear2023-03-3112536018core:AfterOneYear2023-03-3112536018core:WithinOneYear2022-03-3112536018core:AfterOneYear2022-03-3112536018core:ShareCapital2023-03-3112536018core:SharePremium2023-03-3112536018core:RevaluationReserve2023-03-3112536018core:OtherReservesSubtotal2023-03-3112536018core:RetainedEarningsAccumulatedLosses2023-03-3112536018core:ShareCapital2022-03-3112536018core:SharePremium2022-03-3112536018core:RevaluationReserve2022-03-3112536018core:OtherReservesSubtotal2022-03-3112536018core:RetainedEarningsAccumulatedLosses2022-03-3112536018core:LandBuildings2023-03-3112536018core:PlantMachinery2023-03-3112536018core:Vehicles2023-03-3112536018core:FurnitureFittings2023-03-3112536018core:OfficeEquipment2023-03-3112536018core:NetGoodwill2023-03-3112536018core:IntangibleAssetsOtherThanGoodwill2023-03-3112536018core:ListedExchangeTraded2023-03-3112536018core:UnlistedNon-exchangeTraded2023-03-3112536018core:LandBuildings2022-03-3112536018core:PlantMachinery2022-03-3112536018core:Vehicles2022-03-3112536018core:FurnitureFittings2022-03-3112536018core:OfficeEquipment2022-03-3112536018core:NetGoodwill2022-03-3112536018core:IntangibleAssetsOtherThanGoodwill2022-03-3112536018core:ListedExchangeTraded2022-03-3112536018core:UnlistedNon-exchangeTraded2022-03-3112536018core:LandBuildings2022-04-012023-03-3112536018core:PlantMachinery2022-04-012023-03-3112536018core:Vehicles2022-04-012023-03-3112536018core:FurnitureFittings2022-04-012023-03-3112536018core:OfficeEquipment2022-04-012023-03-3112536018core:NetGoodwill2022-04-012023-03-3112536018core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3112536018core:ListedExchangeTraded2022-04-012023-03-3112536018core:UnlistedNon-exchangeTraded2022-04-012023-03-3112536018core:MoreThanFiveYears2022-04-012023-03-3112536018core:Non-currentFinancialInstruments2023-03-3112536018core:Non-currentFinancialInstruments2022-03-3112536018dpl:CostSales2022-04-012023-03-3112536018dpl:DistributionCosts2022-04-012023-03-3112536018core:LandBuildings2022-04-012023-03-3112536018core:PlantMachinery2022-04-012023-03-3112536018core:Vehicles2022-04-012023-03-3112536018core:FurnitureFittings2022-04-012023-03-3112536018core:OfficeEquipment2022-04-012023-03-3112536018dpl:AdministrativeExpenses2022-04-012023-03-3112536018core:NetGoodwill2022-04-012023-03-3112536018core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3112536018dpl:GroupUndertakings2022-04-012023-03-3112536018dpl:ParticipatingInterests2022-04-012023-03-3112536018dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3112536018core:ListedExchangeTraded2022-04-012023-03-3112536018dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3112536018core:UnlistedNon-exchangeTraded2022-04-012023-03-3112536018dpl:CostSales2021-04-012022-03-3112536018dpl:DistributionCosts2021-04-012022-03-3112536018core:LandBuildings2021-04-012022-03-3112536018core:PlantMachinery2021-04-012022-03-3112536018core:Vehicles2021-04-012022-03-3112536018core:FurnitureFittings2021-04-012022-03-3112536018core:OfficeEquipment2021-04-012022-03-3112536018dpl:AdministrativeExpenses2021-04-012022-03-3112536018core:NetGoodwill2021-04-012022-03-3112536018core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3112536018dpl:GroupUndertakings2021-04-012022-03-3112536018dpl:ParticipatingInterests2021-04-012022-03-3112536018dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3112536018core:ListedExchangeTraded2021-04-012022-03-3112536018dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3112536018core:UnlistedNon-exchangeTraded2021-04-012022-03-3112536018core:NetGoodwill2023-03-3112536018core:IntangibleAssetsOtherThanGoodwill2023-03-3112536018core:LandBuildings2023-03-3112536018core:PlantMachinery2023-03-3112536018core:Vehicles2023-03-3112536018core:FurnitureFittings2023-03-3112536018core:OfficeEquipment2023-03-3112536018core:AfterOneYear2023-03-3112536018core:WithinOneYear2023-03-3112536018core:ListedExchangeTraded2023-03-3112536018core:UnlistedNon-exchangeTraded2023-03-3112536018core:ShareCapital2023-03-3112536018core:SharePremium2023-03-3112536018core:RevaluationReserve2023-03-3112536018core:OtherReservesSubtotal2023-03-3112536018core:RetainedEarningsAccumulatedLosses2023-03-3112536018core:NetGoodwill2022-03-3112536018core:IntangibleAssetsOtherThanGoodwill2022-03-3112536018core:LandBuildings2022-03-3112536018core:PlantMachinery2022-03-3112536018core:Vehicles2022-03-3112536018core:FurnitureFittings2022-03-3112536018core:OfficeEquipment2022-03-3112536018core:AfterOneYear2022-03-3112536018core:WithinOneYear2022-03-3112536018core:ListedExchange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FLYP LTD

Registered Number
12536018
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

FLYP LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

N L K Brigly
J H Fabricant

Registered Address

Flat 4 88 Kensington Park Road
London
W11 2PL

Registered Number

12536018 (England and Wales)
FLYP LTD
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets85,0003,723
5,0003,723
Current assets
Debtors10354,728-
Cash at bank and on hand421,461983,401
776,189983,401
Creditors amounts falling due within one year117,7003,893
Net current assets (liabilities)768,489979,508
Total assets less current liabilities773,489983,231
Net assets773,489983,231
Capital and reserves
Called up share capital464453
Share premium1,291,3811,116,392
Profit and loss account(518,356)(133,614)
Shareholders' funds773,489983,231
The financial statements were approved and authorised for issue by the Board of Directors on 22 February 2024, and are signed on its behalf by:
N L K Brigly
Director
Registered Company No. 12536018
FLYP LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
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.
3.Principal activities
The principal activity of the company for the year continued to be of providing an online platform to sell homes faster.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax, and other sales taxes.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Reducing balance (%)
Plant and machinery25
Office Equipment25
Revenue recognition policy
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.
Taxation policy
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current 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 statement of financial position date.
Deferred tax policy
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.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, and investments in nonputtable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount is reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on a going-concern basis. The company incurred losses during the year, however the directors believe the company has sufficient reserves to meet its obligations, if and when they become due. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements.
6.Critical estimates and judgements
There are no critical estimates involved in the preparation of the numbers contained within these financial statements.
7.Employee information

20232022
Average number of employees during the year22
8.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 221,0054,1965,201
Additions2,0008912,891
At 31 March 233,0055,0878,092
Depreciation and impairment
At 01 April 224291,0491,478
Charge for year6829321,614
At 31 March 231,1111,9813,092
Net book value
At 31 March 231,8943,1065,000
At 31 March 225763,1473,723
9.Description of nature of transactions and balances with related parties
During the year the company made advances to the directors totalling £350,000 (2022: £nil). At the statement of financial position date the directors owed the company £350,000 (2022: £nil). The loans are unsecured, repayable on demand and do not bear interest.
10.Debtors

2023

2022

££
Other debtors354,728-
Total354,728-
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables3,900-
Taxation and social security3,5963,293
Other creditors204-
Accrued liabilities and deferred income-600
Total7,7003,893