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REGISTERED NUMBER: 08419148 (England and Wales)











FLYT LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






FLYT LIMITED (REGISTERED NUMBER: 08419148)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company information 1

Report of the directors 2

Report of the independent auditors 4

Statement of comprehensive income 7

Balance sheet 8

Statement of changes in equity 9

Notes to the financial statements 10


FLYT LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: A J Kenny
D F L Collinson





REGISTERED OFFICE: Fleet Place House
2 Fleet Place
London
England
EC4M 7RF





REGISTERED NUMBER: 08419148 (England and Wales)





AUDITORS: Berringers LLP
Chartered Accountants
and Statutory Auditors
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

FLYT LIMITED (REGISTERED NUMBER: 08419148)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

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

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
A J Kenny has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

K Marshall - resigned 1 January 2023
D F L Collinson - appointed 1 January 2023

REVIEW OF BUSINESS
The directors report a loss after taxation of £3,540,460 (2022: £7,163,536). Turnover decreased from £109,323 to £874 as a result of reaching a settlement on an ongoing legal case.

Following the resolution of the legal case, the directors intend to liquidate the company. These are the final accounts and the company will be dissolved in less than twelve months from the date of approval of these financial statements. On this basis, the directors do not consider the going concern basis to be appropriate for the preparation of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


FLYT LIMITED (REGISTERED NUMBER: 08419148)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D F L Collinson - Director


5 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLYT LIMITED

Opinion
We have audited the financial statements of Flyt Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity and 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 31 December 2023 and of its loss 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.

Emphasis of matter
We draw attention to note 16 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements, Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in 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 Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the directors has been prepared in accordance with applicable legal requirements.

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 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic report or in preparing the Report of the directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLYT LIMITED


Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page two, 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:

- the nature of the industry, control environment and business performance;
- results of our enquiries to management about their own assessment of the risks of fraud and error;
- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;
- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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
FLYT 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.




Paul Allan BSocSc FCA (Senior Statutory Auditor)
for and on behalf of Berringers LLP
Chartered Accountants
and Statutory Auditors
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

5 November 2024

FLYT LIMITED (REGISTERED NUMBER: 08419148)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 874 109,323

Cost of sales 39,970 129,703
GROSS LOSS (39,096 ) (20,380 )

Administrative expenses 3,501,364 7,143,156
OPERATING LOSS and
LOSS BEFORE TAXATION (3,540,460 ) (7,163,536 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL YEAR (3,540,460 ) (7,163,536 )

OTHER COMPREHENSIVE INCOME
- 800,000
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

800,000
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(3,540,460

)

(6,363,536

)

FLYT LIMITED (REGISTERED NUMBER: 08419148)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - 2,778,255
Investments 8 8 8
8 2,778,263

CURRENT ASSETS
Debtors 9 7,508,888 8,268,765
Cash at bank 499,333 892,262
8,008,221 9,161,027
CREDITORS
Amounts falling due within one year 10 32,994 423,595
NET CURRENT ASSETS 7,975,227 8,737,432
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,975,235

11,515,695

CAPITAL AND RESERVES
Called up share capital 12 17,587 17,587
Share premium 13 11,780,918 11,780,918
Capital contribution reserve 13 15,641,000 15,641,000
Retained earnings 13 (19,464,270 ) (15,923,810 )
SHAREHOLDERS' FUNDS 7,975,235 11,515,695

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





D F L Collinson - Director


FLYT LIMITED (REGISTERED NUMBER: 08419148)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained Share contribution Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 17,587 (8,760,274 ) 11,780,918 14,841,000 17,879,231

Changes in equity
Total comprehensive income - (7,163,536 ) - 800,000 (6,363,536 )
Balance at 31 December 2022 17,587 (15,923,810 ) 11,780,918 15,641,000 11,515,695

Changes in equity
Total comprehensive income - (3,540,460 ) - - (3,540,460 )
Balance at 31 December 2023 17,587 (19,464,270 ) 11,780,918 15,641,000 7,975,235

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Flyt 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.

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.

Going concern
Post year end the Directors intend to liquidate the company. Therefore, the financial statements have been prepared on a basis other than the going concern basis. All assets and liabilities have been included at the value at which they will be realised upon liquidation. These are the penultimate accounts and the company will be dissolved in less than twelve months from the date of approval of these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Preparation of consolidated financial statements
The financial statements contain information about Flyt Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Just Eat Takeaway.com N.V., which are publicly available via the Just Eat Takeaway.com corporate website https://www.justeattakeaway.com/investors/annual-reports/.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the group either as a lessor or as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lesee on a lease by lease basis.
- Determine whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty:
Tangible fixed assets (see note 9)
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessment considers issues such as future market conditions, the remaining life of the asset and projected disposal values.

Intangible fixed assets (see note 8)
Intangible fixed assets are depreciated over their useful lives of three years taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessment considers issues such as future market conditions, the remaining life of the asset and projected disposal values.

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Development costs
Development costs including internally developed websites, apps and other software are capitalised if they are non-monetary without physical substance and can be identified separately. The product will need to generate probable future economic benefits, expenditure can be measured reliably, and there are sufficient resources available to complete the product. If these conditions are not met, the expenses are charged to the profit and loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operating income'.

Operating leases: the company as a lessee
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS




Year Ended
31.12.23


Year
Ended
31.12.22
£ £
Wages and salaries 9,069 1,919,965
Social security costs - 321,598
Cost of defined contribution scheme - 189,284
9,069 2,430,847

The average monthly number of employees, including directors, during the period was Nil (2022: 28).

4. OPERATING LOSS

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

2023 2022
£    £   
Other operating leases 41,892 400,379
Depreciation - owned assets - 35,157
Loss on disposal of fixed assets - 52,245
Development costs amortisation 2,778,255 2,201,651
Auditors remuneration 22,500 22,500
Foreign exchange differences (43,660 ) 270,113

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items - (377,519 )

Included with in exceptional items for the year ended 31 December 2022 are redundancy costs totalling £377,519.

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. TAXATION - continued

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

2023 2022
£    £   
Loss before tax (3,540,460 ) (7,163,536 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(885,115

)

(1,361,072

)

Effects of:
Expenses not deductible for tax purposes - 25
Capital allowances in excess of depreciation - (1,951 )
Depreciation in excess of capital allowances 689,461 -
Loss on disposal of fixed assets - 9,927


average rate of 19.00%
Losses carried forward 195,654 1,353,071
Total tax charge - -

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Capital contribution 800,000 - 800,000

Factors that may affect future tax charges

As at 31 December 2023, Flyt had estimated tax losses available to offset against future profits of £16,787,015 (2022: £16,004,400). Due to the level of losses, a deferred tax provision on accelerated capital allowances has not been provided.

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023
and 31 December 2023 7,894,818
AMORTISATION
At 1 January 2023 5,116,563
Amortisation for year 2,778,255
At 31 December 2023 7,894,818
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 2,778,255

The directors have reviewed the economic value of the intangible assets of the company to the Group, and as a stand alone asset. It was agreed that they no longer carried any value and therefore the intangible assets have been fully amortised to zero value to reflect this.

8. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 January 2023
and 31 December 2023 8
NET BOOK VALUE
At 31 December 2023 8
At 31 December 2022 8

The company's investments at the Balance sheet date in the share capital of companies include the following:

Flyt USA Inc
Registered office: USA
Nature of business: Technology services
%
Class of shares: holding
Ordinary 100.00

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,615
Amounts owed by group undertakings 7,248,648 7,771,411
Other debtors - 152,051
VAT 260,240 236,772
Prepayments - 105,916
7,508,888 8,268,765

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,987 2,950
Amounts owed to group undertakings - 6,787
Other creditors 7,089 374,937
Accrued expenses 23,918 38,921
32,994 423,595

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 77,871

Included in the income statement in the financial year is the amount of £nil (2022: £238,620) recognised as an expense in relation to lease payments.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,586,531 Ordinary 0.001 17,587 17,587

Ordinary shares have attached to them full voting rights. Ordinary shares do not confer any rights to redemption.

13. RESERVES
Capital
Retained Share contribution
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 (15,923,810 ) 11,780,918 15,641,000 11,498,108
Deficit for the year (3,540,460 ) (3,540,460 )
At 31 December 2023 (19,464,270 ) 11,780,918 15,641,000 7,957,648

Capital Contribution Reserve

During the year the immediate holding company, Just Eat Holding Limited, funded a total of £NIL (2022: £800,000) to be considered as a capital contribution. The company will never be responsible to pay the amount back, as confirmed by Just Eat Holding Limited.

14. PENSION COMMITMENTS

Flyt Ltd operates a defined contribution plan under which the amount of benefits received by an employee is determined by the amount of contributions paid to a post-employment benefit plan. Payments to the defined contribution pension schemes are charged as an expense as they fall due. Amounts totalling Nil (2022: £5,799) were paid on behalf of the directors during the year under the defined contributions plan.

FLYT LIMITED (REGISTERED NUMBER: 08419148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors are considered to be key management personnel and the total remuneration paid to directors for services to the company for the year was Nil (2022: £62,967).

The directors did not receive any dividends during the year (2022: £Nil).

16. POST BALANCE SHEET EVENTS

The directors intend to liquidate the company. These are the final accounts and the company will be dissolved in less than twelve months from the date of approval of these financial statements. During the prior year, the staff were transferred to the holding company, Just Eat Holdings Ltd and post year end, any remaining assets will be transferred also.

17. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Just Eat Takeaway.com N.V. The immediate holding company is Just Eat Holding Limited.