IRIS Accounts Production v24.2.0.383 03018177 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030181772023-03-31030181772024-03-31030181772023-04-012024-03-31030181772022-03-31030181772022-04-012023-03-31030181772023-03-3103018177ns15:EnglandWales2023-04-012024-03-3103018177ns14:PoundSterling2023-04-012024-03-3103018177ns10:Director12023-04-012024-03-3103018177ns10:Director22023-04-012024-03-3103018177ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103018177ns10:SmallEntities2023-04-012024-03-3103018177ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3103018177ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103018177ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103018177ns10:FullAccounts2023-04-012024-03-310301817712023-04-012024-03-3103018177ns10:Director32023-04-012024-03-3103018177ns10:CompanySecretary12023-04-012024-03-3103018177ns10:RegisteredOffice2023-04-012024-03-3103018177ns5:CurrentFinancialInstruments2024-03-3103018177ns5:CurrentFinancialInstruments2023-03-3103018177ns5:Non-currentFinancialInstruments2024-03-3103018177ns5:Non-currentFinancialInstruments2023-03-3103018177ns5:ShareCapital2024-03-3103018177ns5:ShareCapital2023-03-3103018177ns5:RetainedEarningsAccumulatedLosses2024-03-3103018177ns5:RetainedEarningsAccumulatedLosses2023-03-3103018177ns5:NetGoodwill2023-04-012024-03-3103018177ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3103018177ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3103018177ns5:PlantMachinery2023-04-012024-03-3103018177ns5:FurnitureFittings2023-04-012024-03-3103018177ns5:MotorVehicles2023-04-012024-03-3103018177ns5:ComputerEquipment2023-04-012024-03-3103018177ns5:NetGoodwill2023-03-3103018177ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3103018177ns5:NetGoodwill2024-03-3103018177ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3103018177ns5:NetGoodwill2023-03-3103018177ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3103018177ns5:PlantMachinery2023-03-3103018177ns5:FurnitureFittings2023-03-3103018177ns5:MotorVehicles2023-03-3103018177ns5:ComputerEquipment2023-03-3103018177ns5:PlantMachinery2024-03-3103018177ns5:FurnitureFittings2024-03-3103018177ns5:MotorVehicles2024-03-3103018177ns5:ComputerEquipment2024-03-3103018177ns5:PlantMachinery2023-03-3103018177ns5:FurnitureFittings2023-03-3103018177ns5:MotorVehicles2023-03-3103018177ns5:ComputerEquipment2023-03-3103018177ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103018177ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103018177ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3103018177ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3103018177ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3103018177ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3103018177ns5:WithinOneYear2024-03-3103018177ns5:WithinOneYear2023-03-3103018177ns5:BetweenOneFiveYears2024-03-3103018177ns5:BetweenOneFiveYears2023-03-3103018177ns5:AllPeriods2024-03-3103018177ns5:AllPeriods2023-03-31
REGISTERED NUMBER: 03018177 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FLYLIGHT AIRSPORTS LIMITED

FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FLYLIGHT AIRSPORTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P M Dewhurst
B H Ashman
S N Bond





SECRETARY: P M Dewhurst





REGISTERED OFFICE: Sywell Aerodrome
Sywell
Northamptonshire
NN6 0BT





REGISTERED NUMBER: 03018177 (England and Wales)





ACCOUNTANTS: Shaw Gibbs Limited
Eagle House
28 Billing Road
Northampton
NN1 5AJ

FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,494 28,641
Tangible assets 5 62,429 74,646
81,923 103,287

CURRENT ASSETS
Stocks 232,634 305,470
Debtors 6 117,573 180,371
Cash at bank and in hand 266,008 171,278
616,215 657,119
CREDITORS
Amounts falling due within one year 7 267,984 330,637
NET CURRENT ASSETS 348,231 326,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

430,154

429,769

CREDITORS
Amounts falling due after more than one
year

8

(65,649

)

(80,379

)

PROVISIONS FOR LIABILITIES (11,862 ) (14,183 )
NET ASSETS 352,643 335,207

CAPITAL AND RESERVES
Called up share capital 240 240
Retained earnings 352,403 334,967
SHAREHOLDERS' FUNDS 352,643 335,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:




P M Dewhurst - Director



B H Ashman - Director


FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Flylight Airsports 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Aircraft - 5% on reducing balance
Computer equipment - 33% on cost
Motor vehicles - 25% on cost
Office equipment - 20% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use

FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Government grants
Government grant income is recognised as it is received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 78,632 12,838 91,470
AMORTISATION
At 1 April 2023 55,043 7,786 62,829
Amortisation for year 7,863 1,284 9,147
At 31 March 2024 62,906 9,070 71,976
NET BOOK VALUE
At 31 March 2024 15,726 3,768 19,494
At 31 March 2023 23,589 5,052 28,641

5. TANGIBLE FIXED ASSETS
Computer Motor Office
Aircraft equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 117,089 8,458 13,372 17,640 156,559
Additions 14,011 1,007 - - 15,018
Disposals (55,668 ) - - - (55,668 )
At 31 March 2024 75,432 9,465 13,372 17,640 115,909
DEPRECIATION
At 1 April 2023 47,238 7,999 13,372 13,304 81,913
Charge for year 3,149 794 - 980 4,923
Eliminated on disposal (33,356 ) - - - (33,356 )
At 31 March 2024 17,031 8,793 13,372 14,284 53,480
NET BOOK VALUE
At 31 March 2024 58,401 672 - 3,356 62,429
At 31 March 2023 69,851 459 - 4,336 74,646

FLYLIGHT AIRSPORTS LIMITED (REGISTERED NUMBER: 03018177)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Sales ledger control account 98,592 150,604
Provision for doubtful debts (1,431 ) (1,914 )
Other debtors - 174
Prepayments and accrued income 20,412 31,507
117,573 180,371

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 17,287 17,287
Purchase ledger control 105,482 214,327
Tax 9,478 5,138
Social security and other taxes 5,305 -
VAT 58,281 11,045
Other creditors 1,430 (1,445 )
Syndicate plane - 14,166
Directors' current accounts 64,886 64,886
Accruals and deferred income 5,835 5,233
267,984 330,637

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 38,038 47,985
Bank loans more than 5 years 27,611 32,394
65,649 80,379

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 27,611 32,394

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,146 42,646
Between one and five years 5,874 10,021
10,020 52,667