Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-30true2022-05-01falseNo description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11923008 2022-05-01 2023-04-30 11923008 2021-05-01 2022-04-30 11923008 2023-04-30 11923008 2022-04-30 11923008 c:CompanySecretary1 2022-05-01 2023-04-30 11923008 c:Director1 2022-05-01 2023-04-30 11923008 c:RegisteredOffice 2022-05-01 2023-04-30 11923008 d:CurrentFinancialInstruments 2023-04-30 11923008 d:CurrentFinancialInstruments 2022-04-30 11923008 d:Non-currentFinancialInstruments 2023-04-30 11923008 d:Non-currentFinancialInstruments 2022-04-30 11923008 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 11923008 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 11923008 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 11923008 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 11923008 d:ShareCapital 2023-04-30 11923008 d:ShareCapital 2022-04-30 11923008 d:RetainedEarningsAccumulatedLosses 2023-04-30 11923008 d:RetainedEarningsAccumulatedLosses 2022-04-30 11923008 c:OrdinaryShareClass1 2022-05-01 2023-04-30 11923008 c:OrdinaryShareClass1 2023-04-30 11923008 c:OrdinaryShareClass1 2022-04-30 11923008 c:FRS102 2022-05-01 2023-04-30 11923008 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 11923008 c:FullAccounts 2022-05-01 2023-04-30 11923008 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11923008 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 11923008












HAPPY FLY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 

HAPPY FLY INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9


 

HAPPY FLY INVESTMENTS LIMITED
 
COMPANY INFORMATION


Director
Y Zhu 




Company secretary
B Han



Registered number
11923008



Registered office
Building 3. Chiswick Business Park
566 Chiswick High Road

London

W4 5YA




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:11923008
HAPPY FLY INVESTMENTS LIMITED

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
135,332
118,254

Debtors: amounts falling due within one year
 4 
6,400
32,284

Cash at bank and in hand
  
218,736
17,964

  
360,468
168,502

Creditors: amounts falling due within one year
 5 
(170,551)
(115,654)

Net current assets
  
 
 
189,917
 
 
52,848

Total assets less current liabilities
  
189,917
52,848

Creditors: amounts falling due after more than one year
 6 
(200,000)
(50,000)

  

Net (liabilities)/assets
  
(10,083)
2,848


Capital and reserves
  

Called up share capital 
 7 
200,000
200,000

Profit and loss account
  
(210,083)
(197,152)

Total (deficit)/equity
  
(10,083)
2,848


Page 2


 
REGISTERED NUMBER:11923008
HAPPY FLY INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the sole director:




Y Zhu
Director

Date: 1 March 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Happy Fly Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Building 3, Chiswick Business Park, 566 Chiswick High Road, London, W4 5YA. 
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Taxation

The tax expense for the year comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Page 5

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 


2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.

  
2.11

Share capital

Ordinary shares are classified as equity.

Page 7

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 -3).


4.


Debtors

2023
2022
£
£


Other debtors
2,252
2,284

Prepayments and accrued income
4,148
30,000

6,400
32,284



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,359
5,479

Other taxation and social security
1,055
5,440

Other creditors
160,887
102,335

Accruals and deferred income
3,250
2,400

170,551
115,654



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
200,000
50,000


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable other than by instalments
200,000
50,000

Amounts repayable more than five years after the balance sheet date are unsecured, interest free and due for repayment by 31 December 2028.

Page 8

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,000 (2022 -200,000) Ordinary shares of £1.00 each
200,000
200,000


 
Page 9