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COMPANY REGISTRATION NUMBER: 05644167
PRESSED FLIGHTS (HOLDINGS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
PRESSED FLIGHTS (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
PRESSED FLIGHTS (HOLDINGS) LIMITED
BALANCE SHEET
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
415,305
426,021
Investments
7
100
100
------------
------------
415,405
426,121
Current assets
Debtors
8
465,946
409,148
Creditors: amounts falling due within one year
9
15,187
13,193
------------
------------
Net current assets
450,759
395,955
------------
------------
Total assets less current liabilities
866,164
822,076
Provisions
Taxation including deferred tax
10
4,716
5,175
------------
------------
Net assets
861,448
816,901
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
861,348
816,801
------------
------------
Shareholders funds
861,448
816,901
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PRESSED FLIGHTS (HOLDINGS) LIMITED
BALANCE SHEET (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 6 December 2023 , and are signed on behalf of the board by:
A G Taylor
Director
Company registration number: 05644167
PRESSED FLIGHTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 05644167 . The address of the registered office is Unit 6, Python Industrial Estate, Todmorden Road, Littleborough, OL15 9EG, Lancashire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2022: 2).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
13,987
11,993
Adjustments in respect of prior periods
201
------------
------------
Total current tax
13,987
12,194
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 459)
865
------------
------------
Tax on profit
13,528
13,059
------------
------------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
514,442
108,412
8,232
6,970
638,056
------------
------------
------------
------------
------------
Depreciation
At 1 July 2022
112,175
86,362
6,598
6,900
212,035
Charge for the year
8,330
2,205
163
18
10,716
------------
------------
------------
------------
------------
At 30 June 2023
120,505
88,567
6,761
6,918
222,751
------------
------------
------------
------------
------------
Carrying amount
At 30 June 2023
393,937
19,845
1,471
52
415,305
------------
------------
------------
------------
------------
At 30 June 2022
402,267
22,050
1,634
70
426,021
------------
------------
------------
------------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
100
------------
Impairment
At 1 July 2022 and 30 June 2023
------------
Carrying amount
At 30 June 2023
100
------------
At 30 June 2022
100
------------
The company owns 100% of the issued share capital of Pressed Flights Limited, a company incorporated in England and Wales.
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings
465,946
409,148
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,200
1,200
Corporation tax
13,987
11,993
------------
------------
15,187
13,193
------------
------------
10. Provisions
Deferred tax (note 11)
£
At 1 July 2022
5,175
Charge against provision
( 459)
------------
At 30 June 2023
4,716
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 10)
4,716
5,175
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
4,716
5,175
------------
------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
13. Related party transactions
The company has traded on normal commercial terms with other group companies during the year. Included in debtors and creditors are balances with group companies which are unsecured, repayable on demand and currently interest free. The company is a member of a group VAT registration with Pressed Flights Limited. The group VAT liability at 30 June 2023 was £30,651 (2022: £77,130).
14. Controlling party
From 30 June 2022 the parent company was Pressed Flights Group Limited, a company registered in England and Wales . The group qualifies as small so no consolidated accounts are required.
15. Ultimate controlling party
The ultimate controlling party is director A G Taylor .