Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Andrew James Bentinck 05/02/1996 06 September 2024 The principal activity of the Company during the financial year was that of of the supplier of software development and IT consultancy services. 03155221 2023-12-31 03155221 bus:Director1 2023-12-31 03155221 2022-12-31 03155221 core:CurrentFinancialInstruments 2023-12-31 03155221 core:CurrentFinancialInstruments 2022-12-31 03155221 core:Non-currentFinancialInstruments 2023-12-31 03155221 core:Non-currentFinancialInstruments 2022-12-31 03155221 core:ShareCapital 2023-12-31 03155221 core:ShareCapital 2022-12-31 03155221 core:SharePremium 2023-12-31 03155221 core:SharePremium 2022-12-31 03155221 core:RetainedEarningsAccumulatedLosses 2023-12-31 03155221 core:RetainedEarningsAccumulatedLosses 2022-12-31 03155221 core:OtherResidualIntangibleAssets 2022-12-31 03155221 core:OtherResidualIntangibleAssets 2023-12-31 03155221 core:LandBuildings 2022-12-31 03155221 core:Vehicles 2022-12-31 03155221 core:FurnitureFittings 2022-12-31 03155221 core:ComputerEquipment 2022-12-31 03155221 core:LandBuildings 2023-12-31 03155221 core:Vehicles 2023-12-31 03155221 core:FurnitureFittings 2023-12-31 03155221 core:ComputerEquipment 2023-12-31 03155221 bus:OrdinaryShareClass1 2023-12-31 03155221 bus:OrdinaryShareClass2 2023-12-31 03155221 bus:OrdinaryShareClass3 2023-12-31 03155221 bus:OrdinaryShareClass4 2023-12-31 03155221 2023-01-01 2023-12-31 03155221 bus:FilletedAccounts 2023-01-01 2023-12-31 03155221 bus:SmallEntities 2023-01-01 2023-12-31 03155221 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03155221 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03155221 bus:Director1 2023-01-01 2023-12-31 03155221 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 03155221 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03155221 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 03155221 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 03155221 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 03155221 2022-01-01 2022-12-31 03155221 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 03155221 core:LandBuildings 2023-01-01 2023-12-31 03155221 core:Vehicles 2023-01-01 2023-12-31 03155221 core:FurnitureFittings 2023-01-01 2023-12-31 03155221 core:ComputerEquipment 2023-01-01 2023-12-31 03155221 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 03155221 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03155221 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 03155221 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 03155221 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 03155221 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 03155221 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 03155221 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 03155221 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03155221 (England and Wales)

FLYNET LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FLYNET LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FLYNET LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
FLYNET LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Andrew James Bentinck
REGISTERED OFFICE 6 King William House
The Causeway Burwell
Cambridge
CB25 0DU
United Kingdom
COMPANY NUMBER 03155221 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
FLYNET LIMITED

BALANCE SHEET

As at 31 December 2023
FLYNET LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 916 1,104
Tangible assets 4 186,962 187,354
187,878 188,458
Current assets
Debtors 5 654,623 292,178
Cash at bank and in hand 79,383 510,958
734,006 803,136
Creditors: amounts falling due within one year 6 ( 324,772) ( 334,947)
Net current assets 409,234 468,189
Total assets less current liabilities 597,112 656,647
Creditors: amounts falling due after more than one year 7 ( 79,167) ( 129,167)
Net assets 517,945 527,480
Capital and reserves
Called-up share capital 8 11,652 11,652
Share premium account 76,930 76,930
Profit and loss account 429,363 438,898
Total shareholders' funds 517,945 527,480

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Flynet Limited (registered number: 03155221) were approved and authorised for issue by the Director on 06 September 2024. They were signed on its behalf by:

Andrew James Bentinck
Director
FLYNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FLYNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Flynet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 6 King William House, The Causeway Burwell, Cambridge, CB25 0DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 4 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 9

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 1,876 1,876
At 31 December 2023 1,876 1,876
Accumulated amortisation
At 01 January 2023 772 772
Charge for the financial year 188 188
At 31 December 2023 960 960
Net book value
At 31 December 2023 916 916
At 31 December 2022 1,104 1,104

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 182,472 38,974 31,244 124,513 377,203
Additions 0 0 0 2,887 2,887
At 31 December 2023 182,472 38,974 31,244 127,400 380,090
Accumulated depreciation
At 01 January 2023 0 38,974 30,086 120,789 189,849
Charge for the financial year 0 0 692 2,587 3,279
At 31 December 2023 0 38,974 30,778 123,376 193,128
Net book value
At 31 December 2023 182,472 0 466 4,024 186,962
At 31 December 2022 182,472 0 1,158 3,724 187,354

5. Debtors

2023 2022
£ £
Trade debtors 326,170 76,554
Amounts owed by Group undertakings 40,000 46,000
Deferred tax asset 49,855 49,780
Corporation tax 96,361 58,394
Other debtors 142,237 61,450
654,623 292,178

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 50,000 50,000
Other taxation and social security 17,873 11,943
Other creditors 256,899 273,004
324,772 334,947

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 79,167 129,167

There are 2 charges held over the companies fixed and floating assets .

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100,000,000 A ordinary shares of £ 0.0001 each 10,000 10,000
6,850,000 C ordinary shares of £ 0.0001 each 685 685
9,012,250 B ordinary shares of £ 0.0001 each 901 901
656,600 D ordinary shares of £ 0.0001 each 66 66
11,652 11,652

9. Related party transactions

Transactions with the entity's director

At the year end the directors loan account was overdrawn by £65,743 and this was repaid by dividend within 9 months of the year end.