Registered number
04257298
Flynow.com Limited
Unaudited Filleted Accounts
31 May 2024
Flynow.com Limited
Registered number: 04257298
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 29,838 9,897
Tangible assets 4 12,781 4,936
42,619 14,833
Current assets
Debtors 5 239,110 87,837
Cash at bank and in hand 1,295,701 679,483
1,534,811 767,320
Creditors: amounts falling due within one year 6 (588,692) (294,532)
Net current assets 946,119 472,788
Net assets 988,738 487,621
Capital and reserves
Called up share capital 20,002 20,002
Profit and loss account 968,736 467,619
Shareholders' funds 988,738 487,621
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.
K Voutiras
Director
Approved by the board on 15 August 2024
Flynow.com Limited
Notes to the Accounts
for the year ended 31 May 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% reducing balance basis
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Software development:
Cost
At 1 June 2023 61,143
Additions 30,250
At 31 May 2024 91,393
Amortisation
At 1 June 2023 51,246
Provided during the year 10,309
At 31 May 2024 61,555
Net book value
At 31 May 2024 29,838
At 31 May 2023 9,897
Amortisation is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 18,258
Additions 9,210
At 31 May 2024 27,468
Depreciation
At 1 June 2023 13,322
Charge for the year 1,365
At 31 May 2024 14,687
Net book value
At 31 May 2024 12,781
At 31 May 2023 4,936
5 Debtors 2024 2023
£ £
Trade debtors 119,714 12,504
Other debtors 119,396 75,333
239,110 87,837
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 188,642 75,140
Other creditors 400,050 219,392
588,692 294,532
7 Related party transactions
Included within other debtors is an amount of £100,000 related to a loan to JMC Voutiras Investments Limited, which was settled after the year end. Kostandinos Voutiras is a director of both entities.
8 Other information
Flynow.com Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor
Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
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