Registered number
11649030
BA Flight Simulations Ltd
Filleted Accounts
31 October 2023
BA Flight Simulations Ltd
Registered number: 11649030
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 49,622 54,802
49,622 54,802
Current assets
Debtors 4 20,662 10,855
Cash at bank and in hand 1,867 641
22,529 11,496
Creditors: amounts falling due within one year 5 (83,188) (55,994)
Net current assets (60,659) (44,498)
Total assets less current liabilities (11,037) 10,304
Creditors: amounts falling due after more than one year 6 (3,866) (9,117)
Provisions for liabilities - -
Net assets (14,903) 1,187
Capital and reserves
Called up share capital 1 1
Profit and loss account (14,904) 1,186
Shareholders' funds (14,903) 1,187
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lee Alan Johnston
Director
Approved by the board on 30 July 2024
BA Flight Simulations Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 18%
Fixtures and fittings 18%
Computer Equipment 18%
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Land and buildings Plant & Machinery and Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
At 1 November 2022 31,650 47,327 5,316 84,293
Additions 600 1,036 7,363 8,999
Disposals - - - -
At 31 October 2023 32,250 48,363 12,679 93,292
Depreciation
At 1 November 2022 6,330 21,882 1,279 29,491
Charge for the year 6,480 4,766 2,933 14,179
On disposals - - - -
At 31 October 2023 12,810 26,648 4,212 43,670
Net book value
At 31 October 2023 19,440 21,715 8,467 49,622
At 31 October 2022 25,320 25,445 4,037 54,802
4 Debtors 2023 2022
£ £
Other debtors 20,662 10,855
20,662 10,855
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,935 4,030
Trade creditors 17,237 501
Taxation and social security costs 815 290
Other creditors 60,201 51,173
83,188 55,994
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 3,866 9,117
3,866 9,117
7 Related party transaction
Creditors falling due within one year includes an amount owing to Wildcard UK Limited, a
company in which the director is a related party. Amount owed is £41,623.
There are no formal terms for its repayment and no interest is payable.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 50,860 64,860
9 Other information
BA Flight Simulations Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Reliance House
Skinnerburn Road
Newcastle upon Tyne
NE4 7AN
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