Company registration number 14367924 (England and Wales)
PRIVATE FLIGHT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PRIVATE FLIGHT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PRIVATE FLIGHT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Non-current assets
Investments
4
203,749
Current assets
Trade and other receivables
5
408,120
Current liabilities
6
(3,000)
Net current assets
405,120
Net assets
608,869
Equity
Called up share capital
8
110,988
Share premium account
501,381
Other reserves
156,957
Retained earnings
(160,457)
Total equity
608,869
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
Mr R Pryor
Director
Company registration number 14367924 (England and Wales)
PRIVATE FLIGHT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Share based payments reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 21 September 2022
-
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(160,457)
(160,457)
Issue of share capital
8
110,988
501,381
-
-
612,369
Transfers
-
-
156,957
156,957
Balance at 31 December 2023
110,988
501,381
156,957
(160,457)
608,869
PRIVATE FLIGHT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Private Flight Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Fladgate LLP, 16 Great Queen Street, London, United Kingdom, WC2B 5DG.
1.1
Reporting period
These financial statements represent the period from incorporation on 21 September 2022 to 31 December 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2023 are the first financial statements of Private Flight Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.3
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PRIVATE FLIGHT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
PRIVATE FLIGHT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Share-based payments
The Group operates an Employee Stock Ownership Plan (ESOP) which is equity-settled. During the financial period, the ESOP was novated from the subsidiary to the holding company. The novation resulted in the holding company assuming all rights and obligations related to the ESOP. The terms and conditions of the ESOP, including vesting conditions requiring employees to complete seven years of service, remain unchanged. The fair value of the share-based payments was remeasured at the date of novation. The share-based payment expense previously recognized by the subsidiary has been transferred to the holding company. This transfer has no significant impact on the financial statements.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
Other than the director, there were no employees employed by the company during the period.
4
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
203,749
PRIVATE FLIGHT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 21 September 2022
-
Additions
203,749
At 31 December 2023
203,749
Carrying amount
At 31 December 2023
203,749
5
Trade and other receivables
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
408,120
6
Current liabilities
2023
£
Other payables
3,000
7
Share-based payment transactions
During the financial period, the holding company novated the Employee Stock Ownership Plan (ESOP) from its subsidiary. The novation resulted in the holding company taking over all rights and obligations related to the ESOP. The terms and conditions of the ESOP, including vesting conditions requiring employees to complete seven years of service, remain unchanged. The fair value of the share-based payments was remeasured at the date of novation. Consequently, the share-based payment expense previously recognized by the subsidiary has been transferred to the holding company. This transfer has no significant impact on the consolidated financial statements.
Number of share options
Weighted average exercise price
2023
2023
Number
£
Outstanding at 21 September 2022
Granted
14,048
Outstanding at 31 December 2023
14,048
Exercisable at 31 December 2023
14,048
PRIVATE FLIGHT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
7
Share-based payment transactions
(Continued)
- 7 -
The weighted average share price at the date of exercise for share options exercised during the year was $nil
The options outstanding at 31 December 2023 had an exercise price of NZD 21.88 per share, and a remaining contractual life of one year. The valuation is based on directors' estimates as the shares are not traded on the open market. The options vest over the life of the contracts.
Liabilities and expenses
Total expenditure of £156,957 in respect of equity settled share based payment transactions was recognised in the period.
8
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 10p each
1,109,880
110,988
9
Related party transactions
The company has taken advantage of the exemption in section 33.1A of FRS 102 from the requirement to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.false