Registration number:
FLIGHTDATAPEOPLE.COM LTD
for the Year Ended 31 July 2023
FLIGHTDATAPEOPLE.COM LTD
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
FLIGHTDATAPEOPLE.COM LTD
Company Information
Directors |
PG Clapp PJ Harrison |
Registered office |
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Accountants |
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FLIGHTDATAPEOPLE.COM LTD
(Registration number: 06965887)
Statement of Financial Position as at 31 July 2023
Note |
2023 |
2022 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
The financial statements of FLIGHTDATAPEOPLE.COM LTD were approved and authorised for issue by the
FLIGHTDATAPEOPLE.COM LTD
(Registration number: 06965887)
Statement of Financial Position as at 31 July 2023 (continued)
.........................................
Director
FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023
General information |
FLIGHTDATAPEOPLE.COM LTD (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue 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.
FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% on cost |
Fixtures and fittings |
20% on cost |
Computer equipment |
33% on cost |
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.
Receivables
Receivables are amounts due from customers services performed in the ordinary course of business.
Receivables 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 receivables 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.
FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Payables
Payables are obligations to pay for 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.
Payables 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 income statement 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.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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.
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.
FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
- |
( |
53,377 |
11,026 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
4 |
Taxation (continued) |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
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Profit before tax |
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Corporation tax at standard rate |
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Increase from effect of different UK tax rates on some earnings |
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- |
Effect of expense not deductible in determining taxable profit (tax loss) |
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Decrease from effect of tax incentives |
( |
- |
Decrease in UK and foreign current tax from unrecognised tax loss or credit |
- |
( |
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Total tax charge |
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Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Capital allowances in advance of depreciation |
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2022 |
Liability |
Capital allowances in advance of depreciation |
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FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
Property, plant and equipment |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 August 2022 |
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Additions |
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- |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Receivables |
2023 |
2022 |
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Trade receivables |
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Other receivables |
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Prepayments |
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FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
Payables |
Payables: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade payable |
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Social security and other taxes |
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Corporation tax |
45,036 |
(3,005) |
Other payables |
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Accruals |
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Provisions for liabilities |
Deferred tax |
Total |
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At 1 August 2022 |
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Additional provisions |
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At 31 July 2023 |
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Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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82 |
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82 |
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50 |
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50 |
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10 |
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10 |
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FLIGHTDATAPEOPLE.COM LTD
Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)
9 |
Share capital and reserves (continued) |
The company has three classes of share capital which rank pari passu.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.