Registered number
07152629
Flyup Limited
Filleted Accounts
31 December 2023
Flyup Limited
Company Information
Director
Mrs A E Ruskin
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Crickley Hill Farm
Crickley Hill
Witcombe
Glos
Registered number
07152629
Flyup Limited
Registered number: 07152629
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 890,710 913,435
Current assets
Stocks 50,000 50,000
Cash at bank and in hand 52,700 56,855
102,700 106,855
Creditors: amounts falling due within one year 4 (159,797) (119,237)
Net current liabilities (57,097) (12,382)
Total assets less current liabilities 833,613 901,053
Creditors: amounts falling due after more than one year 5 (579,502) (635,763)
Net assets 254,111 265,290
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 253,111 264,290
Shareholders' funds 254,111 265,290
The director is 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 director acknowledges her 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.
Mrs A E Ruskin
Director
Approved by the board on 31 March 2024
Flyup Limited
Notes to the Accounts
for the year ended 31 December 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:
Freehold property nil
Machinery and equipment 25% straight line
Motor vehicles 25% straight line
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.
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 20 20
3 Tangible fixed assets
Freehold property Machinery equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 819,000 191,163 205,131 1,215,294
Additions - 7,478 - 7,478
At 31 December 2023 819,000 198,641 205,131 1,222,772
Depreciation
At 1 January 2023 - 151,993 149,866 301,859
Charge for the year - 13,253 16,950 30,203
At 31 December 2023 - 165,246 166,816 332,062
Net book value
At 31 December 2023 819,000 33,395 38,315 890,710
At 31 December 2022 819,000 39,170 55,265 913,435
4 Creditors: amounts falling due within one year 2023 2022
£ £
Credit cards 55,407 44,511
Trade creditors 9,995 12,058
Taxation and social security costs 87,400 60,668
Other creditors 6,995 2,000
159,797 119,237
5 Creditors: amounts falling due after one year 2023 2022
£ £
Secured bank loans 364,000 388,927
Mortgage secured on freehold property 182,682 196,603
Obligations under finance lease and hire purchase contracts 32,820 50,233
579,502 635,763
6 Controlling party
The company is controlled by Mr S A Ruskin and Mrs A E Ruskin
7 Other information
Flyup Limited is a private company limited by shares and incorporated in England. Its registered office is:
Crickley Hill Farm
Crickley Hill
Witcombe
Glos
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