IRIS Accounts Production v24.2.0.383 03901854 Board of Directors 1.1.23 31.12.23 31.12.23 sale of aircrafts. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039018542022-12-31039018542023-12-31039018542023-01-012023-12-31039018542021-12-31039018542022-01-012022-12-31039018542022-12-3103901854ns15:EnglandWales2023-01-012023-12-3103901854ns14:PoundSterling2023-01-012023-12-3103901854ns10:Director12023-01-012023-12-3103901854ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103901854ns10:FRS1022023-01-012023-12-3103901854ns10:Audited2023-01-012023-12-3103901854ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103901854ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103901854ns10:FullAccounts2023-01-012023-12-3103901854ns10:OrdinaryShareClass12023-01-012023-12-3103901854ns10:Director22023-01-012023-12-3103901854ns10:CompanySecretary12023-01-012023-12-3103901854ns10:RegisteredOffice2023-01-012023-12-3103901854ns5:CurrentFinancialInstruments2023-12-3103901854ns5:CurrentFinancialInstruments2022-12-3103901854ns5:ShareCapital2023-12-3103901854ns5:ShareCapital2022-12-3103901854ns5:RetainedEarningsAccumulatedLosses2023-12-3103901854ns5:RetainedEarningsAccumulatedLosses2022-12-3103901854ns5:ShareCapital2021-12-3103901854ns5:RetainedEarningsAccumulatedLosses2021-12-3103901854ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103901854ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103901854ns5:FurnitureFittings2023-01-012023-12-3103901854ns15:UnitedKingdom2023-01-012023-12-3103901854ns15:UnitedKingdom2022-01-012022-12-3103901854ns15:Europe2023-01-012023-12-3103901854ns15:Europe2022-01-012022-12-3103901854ns15:UnitedStates2023-01-012023-12-3103901854ns15:UnitedStates2022-01-012022-12-3103901854ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3103901854ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3103901854ns5:OwnedAssets2023-01-012023-12-3103901854ns5:OwnedAssets2022-01-012022-12-3103901854112023-01-012023-12-3103901854112022-01-012022-12-310390185462023-01-012023-12-310390185462022-01-012022-12-3103901854ns5:FurnitureFittings2022-12-3103901854ns5:FurnitureFittings2023-12-3103901854ns5:FurnitureFittings2022-12-3103901854ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103901854ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103901854ns5:Non-currentFinancialInstruments2023-12-3103901854ns5:Non-currentFinancialInstruments2022-12-3103901854ns5:WithinOneYear2023-12-3103901854ns5:WithinOneYear2022-12-3103901854ns5:BetweenOneFiveYears2023-12-3103901854ns5:BetweenOneFiveYears2022-12-3103901854ns5:AllPeriods2023-12-3103901854ns5:AllPeriods2022-12-3103901854ns10:OrdinaryShareClass12023-12-3103901854ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 03901854 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

FLYING SMART LIMITED

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


FLYING SMART LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: M P Fabry
D L Fabry





SECRETARY: D L Fabry





REGISTERED OFFICE: Biggin Hill Airport Main Road
Main Terminal Building - Office 2
Westerham
Kent
TN16 3BH





REGISTERED NUMBER: 03901854 (England and Wales)





AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The company operates as a distributor of aeroplanes in the United Kingdom and overseas markets.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company's operations are exposed of financial risk including currency fluctuation and liquidity risks.

General risks
The company is exposed to risks within the markets it operates and also the general business environment. Factors such as increased competition or loss of customers or suppliers would all affect the company's future performance and we continue to monitor these. With these risks and uncertainties in mind. we are aware that any plans for future development of the business may be subject to unforeseen future events outside our control.

Currency risks
Financial risks focus on Liquidity which is mitigated by a strong balance sheet postilion. Currency risks exists as the majority of the Company's inventory purchases are in US Dollars. Some of Dollar exposure can be covered by currency matching as sales are made in Dollars. The directors enforce prudent accounting policies resulting in financial stability. The directors believe that the financial processes in place will continue to result in adequate reserves permitting of the currency risks.

DEVELOPMENT AND PERFORMANCE
Despite a decrease in turnover, the directors is pleased with the increase in profit before tax and gross profit results.

KEY PERFORMANCE INDICATORS
The Key Performance Indicators help the company to measure performance against our strategic priorities and business plan. We consider our financial Key Performance Indicators to be those ratios which communicate with the financial performance of the company as a whole.
2023 2022
Increase in gross profit 20.28% 6.68%
Increase profit before tax 15.57% 6.10%

ON BEHALF OF THE BOARD:





D L Fabry - Director


30th September 2024

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

M P Fabry
D L Fabry

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Armstrongs Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D L Fabry - Director


30th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLYING SMART LIMITED

Opinion
We have audited the financial statements of Flying Smart Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLYING SMART LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry with management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Performing audit work over the risk of understatement of turnover and obtaining corroborated explanations from management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLYING SMART LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Muhammed Shabbir (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

30th September 2024

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £   

TURNOVER 3 16,328,005 39,643,038

Cost of sales 13,399,230 36,994,407
GROSS PROFIT 2,928,775 2,648,631

Administrative expenses 382,142 229,259
OPERATING PROFIT 5 2,546,633 2,419,372

Interest receivable and similar income 67 -
2,546,700 2,419,372

Interest payable and similar expenses 6 2,282 -
PROFIT BEFORE TAXATION 2,544,418 2,419,372

Tax on profit 7 599,282 461,905
PROFIT FOR THE FINANCIAL YEAR 1,945,136 1,957,467

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 1,945,136 1,957,467


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,945,136

1,957,467

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 180 1,024

CURRENT ASSETS
Stocks 9 - 2,295,941
Debtors 10 322,018 2,826,767
Cash at bank 7,795,536 7,346,990
8,117,554 12,469,698
CREDITORS
Amounts falling due within one year 11 783,100 7,081,224
NET CURRENT ASSETS 7,334,454 5,388,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,334,634

5,389,498

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 7,334,534 5,389,398
SHAREHOLDERS' FUNDS 7,334,634 5,389,498

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2024 and were signed on its behalf by:





D L Fabry - Director


FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 100 3,431,931 3,432,031

Changes in equity
Total comprehensive income - 1,957,467 1,957,467
Balance at 31st December 2022 100 5,389,398 5,389,498

Changes in equity
Total comprehensive income - 1,945,136 1,945,136
Balance at 31st December 2023 100 7,334,534 7,334,634

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,558,896 6,143,199
Interest paid (2,282 ) -
Tax paid (1,069,776 ) (378,889 )
Net cash from operating activities 486,838 5,764,310

Cash flows from investing activities
Interest received 67 -
Net cash from investing activities 67 -

Cash flows from financing activities
Loan repayments in year (2,875 ) -
Amount introduced by directors - 66,267
Amount withdrawn by directors (35,484 ) (16 )
Net cash from financing activities (38,359 ) 66,251

Increase in cash and cash equivalents 448,546 5,830,561
Cash and cash equivalents at beginning of
year

2

7,346,990

1,516,429

Cash and cash equivalents at end of year 2 7,795,536 7,346,990

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
(Unaudited)
£    £   
Profit before taxation 2,544,418 2,419,372
Depreciation charges 844 2,366
Finance costs 2,282 -
Finance income (67 ) -
2,547,477 2,421,738
Decrease in stocks 2,295,941 636,221
Decrease/(increase) in trade and other debtors 2,504,749 (2,821,865 )
(Decrease)/increase in trade and other creditors (5,789,271 ) 5,907,105
Cash generated from operations 1,558,896 6,143,199

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 7,795,536 7,346,990
Year ended 31st December 2022
31.12.22 1.1.22
(Unaudited)
£    £   
Cash and cash equivalents 7,346,990 1,516,429


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 7,346,990 448,546 7,795,536
7,346,990 448,546 7,795,536
Debt
Debts falling due within 1 year (2,875 ) 2,875 -
(2,875 ) 2,875 -
Total 7,344,115 451,421 7,795,536

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Flying Smart Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sales of aeroplanes is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
(Unaudited)
£    £   
United Kingdom 8,631,231 17,588,571
Europe 7,812,418 12,116,002
United States of America (177,041 ) 9,932,415
Australia 61,397 -
Russia - 6,050
16,328,005 39,643,038

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st December 2023 nor for the year ended 31st December 2022.

The average number of employees during the year was as follows:
2023 2022
(Unaudited)

Director 1 1

2023 2022
(Unaudited)
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
(Unaudited)
£    £   
Other operating leases 55,986 54,138
Depreciation - owned assets 844 2,366
Foreign exchange differences (2,875 ) (201,210 )
Auditor's remuneration 10,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
(Unaudited)
£    £   
Interest on overdue taxation 2,282 -

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
(Unaudited)
£    £   
Current tax:
UK corporation tax 599,282 461,905
Tax on profit 599,282 461,905

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
(Unaudited)
£    £   
Profit before tax 2,544,418 2,419,372
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

636,105

459,681

Effects of:
Expenses not deductible for tax purposes 662 1,775
Accelerated capital allowances in respect of deferred tax 198 449
Effect of change in corporation tax rate (37,683 ) -
Total tax charge 599,282 461,905

8. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st January 2023
and 31st December 2023 23,916
DEPRECIATION
At 1st January 2023 22,892
Charge for year 844
At 31st December 2023 23,736
NET BOOK VALUE
At 31st December 2023 180
At 31st December 2022 1,024

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. STOCKS
2023 2022
(Unaudited)
£    £   
Stocks - 2,295,941

10. DEBTORS
2023 2022
(Unaudited)
£    £   
Amounts falling due within one year:
Trade debtors 26,739 -
Debtors eur 16,190 21,980
Debtors usd 29,073 2,554,771
72,002 2,576,751

Amounts falling due after more than one year:
Other debtors 250,016 250,016

Aggregate amounts 322,018 2,826,767

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Other loans (see note 12) - 2,875
Trade creditors 91,403 46,774
Corporation tax (8,589 ) 461,905
VAT 161,585 138,752
Deposit received 424,682 3,193,546
Directors' current accounts 94,854 130,338
Deferred income - 3,102,314
Accrued expenses 19,165 4,720
783,100 7,081,224

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Other loans - 2,875

FLYING SMART LIMITED (REGISTERED NUMBER: 03901854)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
(Unaudited)
£    £   
Within one year 6,584 15,696
Between one and five years - 6,584
6,584 22,280

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

15. RESERVES
Retained
earnings
£   

At 1st January 2023 5,389,398
Profit for the year 1,945,136
At 31st December 2023 7,334,534

16. RELATED PARTY DISCLOSURES

D Fabry - Director and shareholder of AviaRent OY

The trading activity between Flying Smart Limited and AviaRent OY is as follows:

Amounts payable at the year end £80,746 (2022: £50,249)

All transactions were at normal market conditions.

D Fabry - Director and shareholder of Cosmopolite

The trading activity between Flying Smart Limited and Cosmopolite is as follows:

Amounts receivable at the year end £250,015 (2022: £250,015)

All transactions were at normal market conditions.

17. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D L Fabry.