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Registration number: 06965887

FLIGHTDATAPEOPLE.COM LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

FLIGHTDATAPEOPLE.COM LTD

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

FLIGHTDATAPEOPLE.COM LTD

Company Information

Directors

PG Clapp

PJ Harrison

Registered office

17 Wellington Business Park
Dukes Ride
Crowthorne
Berkshire
RG45 6LS

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

FLIGHTDATAPEOPLE.COM LTD

(Registration number: 06965887)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

5

8,783

4,244

Current assets

 

Receivables

6

212,733

132,241

Cash at bank and in hand

 

303,241

416,682

 

515,974

548,923

Payables: Amounts falling due within one year

7

(232,007)

(231,002)

Net current assets

 

283,967

317,921

Total assets less current liabilities

 

292,750

322,165

Provisions for liabilities

(2,195)

(806)

Net assets

 

290,555

321,359

Equity

 

Called up share capital

9

142

142

Share premium reserve

9

168

168

Retained earnings

9

290,245

321,049

Shareholders' funds

 

290,555

321,359

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:

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 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 Board on 7 February 2024 and signed on its behalf by:
 

 

FLIGHTDATAPEOPLE.COM LTD

(Registration number: 06965887)
Statement of Financial Position as at 31 July 2023 (continued)

.........................................

PJ Harrison
Director

 

FLIGHTDATAPEOPLE.COM LTD

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023

1

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.

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

53,377

37,446

UK corporation tax adjustment to prior periods

-

(26,420)

53,377

11,026

Deferred taxation

Arising from origination and reversal of timing differences

1,389

606

Tax expense in the income statement

54,766

11,632

 

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 21.01% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

254,954

217,699

Corporation tax at standard rate

53,554

41,363

Increase from effect of different UK tax rates on some earnings

436

-

Effect of expense not deductible in determining taxable profit (tax loss)

1,387

637

Decrease from effect of tax incentives

(611)

-

Decrease in UK and foreign current tax from unrecognised tax loss or credit

-

(3,948)

Decrease in UK and foreign current tax from adjustment for prior periods

-

(26,420)

Total tax charge

54,766

11,632

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Capital allowances in advance of depreciation

2,196

   

2022

Liability
£

Capital allowances in advance of depreciation

806

   
 

FLIGHTDATAPEOPLE.COM LTD

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

5

Property, plant and equipment

Furniture, fittings and equipment
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 August 2022

40,193

379

40,572

Additions

10,190

-

10,190

At 31 July 2023

50,383

379

50,762

Depreciation

At 1 August 2022

35,985

343

36,328

Charge for the year

5,638

13

5,651

At 31 July 2023

41,623

356

41,979

Carrying amount

At 31 July 2023

8,760

23

8,783

At 31 July 2022

4,208

36

4,244

6

Receivables

2023
£

2022
£

Trade receivables

169,250

86,683

Other receivables

31,209

39,288

Prepayments

12,274

6,270

212,733

132,241

 

FLIGHTDATAPEOPLE.COM LTD

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

7

Payables

Payables: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

217

1,213

Trade payable

7,432

770

Social security and other taxes

2,077

1,958

Corporation tax

45,036

(3,005)

Other payables

57,978

102,459

Accruals

119,267

127,607

232,007

231,002

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 August 2022

806

806

Additional provisions

1,389

1,389

At 31 July 2023

2,195

2,195

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

82

82

82

82

B Ordinary shares of £1 each

50

50

50

50

C Ordinary shares of £1 each

10

10

10

10

 

142

142

142

142

 

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.