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Company registration number: 10535461
Flying Bulb Ltd
Unaudited filleted financial statements
31 December 2023
Flying Bulb Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Flying Bulb Ltd
Directors and other information
Directors K Reed
N Reed
Company number 10535461
Registered office 85 Greenlands Road
Weybridge
KT13 8PS
Accountants SMH Howard Matthews Ltd
Lidgett House
56 Lidgett Lane
Garforth
Leeds
LS25 1LL
Flying Bulb Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 9,079 12,105
_______ _______
9,079 12,105
Current assets
Debtors 6 3,592 2,646
Cash at bank and in hand 190,671 153,831
_______ _______
194,263 156,477
Creditors: amounts falling due
within one year 7 ( 64,247) ( 20,183)
_______ _______
Net current assets 130,016 136,294
_______ _______
Total assets less current liabilities 139,095 148,399
Provisions for liabilities ( 1,725) ( 1,939)
_______ _______
Net assets 137,370 146,460
_______ _______
Capital and reserves
Called up share capital 5 5
Profit and loss account 137,365 146,455
_______ _______
Shareholders funds 137,370 146,460
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 September 2024 , and are signed on behalf of the board by:
K Reed
Director
Company registration number: 10535461
Flying Bulb Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 85 Greenlands Road, Weybridge, KT13 8PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 23,403 17,680
Other pension costs 40,000 40,000
_______ _______
63,403 57,680
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 8,153 27,010 35,163
_______ _______ _______
Depreciation
At 1 January 2023 4,594 18,464 23,058
Charge for the year 890 2,136 3,026
_______ _______ _______
At 31 December 2023 5,484 20,600 26,084
_______ _______ _______
Carrying amount
At 31 December 2023 2,669 6,410 9,079
_______ _______ _______
At 31 December 2022 3,559 8,546 12,105
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,592 2,646
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 9,542 6,838
Social security and other taxes 4,196 9,094
Other creditors 50,509 4,251
_______ _______
64,247 20,183
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
K Reed ( 3,351) ( 36,813) ( 40,164)
N Reed - ( 9,375) ( 9,375)
_______ _______ _______
( 3,351) ( 46,188) ( 49,539)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
K Reed 535 ( 3,886) ( 3,351)
N Reed - - -
_______ _______ _______