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Flymast Trading Co Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 00968172

 

Flymast Trading Co Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Flymast Trading Co Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,949

5,235

Current assets

 

Stocks

5

44,550

44,550

Debtors

6

3,124

3,245

Cash at bank and in hand

 

321,107

349,142

 

368,781

396,937

Creditors: Amounts falling due within one year

7

(8,013)

(9,103)

Net current assets

 

360,768

387,834

Net assets

 

364,717

393,069

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

364,617

392,969

Shareholders' funds

 

364,717

393,069

 

Flymast Trading Co Limited

Balance Sheet

30 June 2023

For the financial 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 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 and delivered 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 Board on 22 April 2024 and signed on its behalf by:
 

.........................................
B E Preston
Director

   
     

Company Registration Number: 00968172

 

Flymast Trading Co Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 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:
Ashton House
4 Justin Gardens
Bournemouth
Dorset
BH10 6LN

These financial statements were authorised for issue by the Board on 22 April 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 - '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.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Fixtures and fittings

20% reducing balance basis

 

Flymast Trading Co Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Tax

The current corporation 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2.

 

Flymast Trading Co Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

3,680

16,750

20,430

At 30 June 2023

3,680

16,750

20,430

Depreciation

At 1 July 2022

3,195

12,000

15,195

Charge for the year

96

1,190

1,286

At 30 June 2023

3,291

13,190

16,481

Carrying amount

At 30 June 2023

389

3,560

3,949

At 30 June 2022

485

4,750

5,235

5

Stocks

2023
£

2022
£

Work in progress

44,550

44,550

6

Debtors

2023
£

2022
£

Prepayments

539

621

Other debtors

2,585

2,624

3,124

3,245

 

Flymast Trading Co Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

-

2,972

Other creditors

4,996

2,884

Accruals and deferred income

3,017

3,247

8,013

9,103

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

100 Ordinary shares of £1 each

100

100

100

100