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Registration number: 09549090

Flybell Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Flybell Limited

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Notes to the Unaudited Financial Statements

8 to 15

 

Flybell Limited

Company Information

Director

Mr RW Angood

Registered office

G019 Albert Embankment
Albert Embankment
London
SE1 7SP

Accountants

F9 Consulting Ltd
Chartered Certified
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

 

Flybell Limited

Director's Report for the Year Ended 30 April 2023

The director presents his report and the financial statements for the year ended 30 April 2023.

Director of the company

The director who held office during the year was as follows:

Mr RW Angood

Principal activity

The principal activity of the company is Other Information Service Activities Not

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 February 2024
 

.........................................
Mr RW Angood
Director

 

Flybell Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Flybell Limited

Profit and Loss Account for the Year Ended 30 April 2023

Note

2023
£

2022
£

Turnover

 

2,046,413

1,736,718

Cost of sales

 

(1,389,154)

(1,215,435)

Gross profit

 

657,259

521,283

Administrative expenses

 

(366,098)

(209,233)

Other operating income

 

-

3,879

Operating profit

 

291,161

315,929

Interest payable and similar expenses

 

(2,346)

(1,094)

Profit before tax

4

288,815

314,835

Tax on profit

 

(80,904)

(61,552)

Profit for the financial year

 

207,911

253,283

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Flybell Limited

Statement of Comprehensive Income for the Year Ended 30 April 2023

2023
£

2022
£

Profit for the year

207,911

253,283

Total comprehensive income for the year

207,911

253,283

 

Flybell Limited

(Registration number: 09549090)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,540

2,456

Current assets

 

Debtors

6

220,814

275,093

Cash at bank and in hand

 

218,344

141,943

 

439,158

417,036

Creditors: Amounts falling due within one year

7

(168,290)

(208,077)

Net current assets

 

270,868

208,959

Total assets less current liabilities

 

273,408

211,415

Creditors: Amounts falling due after more than one year

7

(116,665)

(34,911)

Net assets

 

156,743

176,504

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

156,741

176,502

Shareholders' funds

 

156,743

176,504

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 February 2024
 

 

Flybell Limited

(Registration number: 09549090)
Balance Sheet as at 30 April 2023 (continued)

.........................................
Mr RW Angood
Director

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
G019 Albert Embankment
Albert Embankment
London
SE1 7SP

These financial statements were authorised for issue by the director on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2022 - 18).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,120

1,419

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

4,131

1,800

5,931

Additions

348

-

348

At 30 April 2023

4,479

1,800

6,279

Depreciation

At 1 May 2022

819

1,800

2,619

Charge for the year

1,120

-

1,120

At 30 April 2023

1,939

1,800

3,739

Carrying amount

At 30 April 2023

2,540

-

2,540

At 30 April 2022

2,456

-

2,456

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

57,108

36,999

Amounts owed by related parties

10

130,706

120,440

Other debtors

 

33,000

117,654

   

220,814

275,093

7

Creditors

Creditors: amounts falling due within one year

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

7,500

Trade creditors

 

7,824

7,080

Taxation and social security

 

141,140

184,087

Accruals and deferred income

 

10,200

6,500

Other creditors

 

(874)

2,910

 

168,290

208,077

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

116,665

34,911

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,438

34,911

Other borrowings

93,227

-

116,665

34,911

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

7,500

10

Related party transactions

 

Flybell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

10

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

74,642

46,333