Company Registration No. 03720463 (England and Wales)
SKYDIVE BUZZ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SKYDIVE BUZZ LIMITED
COMPANY INFORMATION
Director
Mr J M Farrant
Company number
03720463
Registered office
Dunkeswell Airfield
Dunkeswell
EX14 4LG
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
SKYDIVE BUZZ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SKYDIVE BUZZ LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,557
36,641
Investments
4
1
1
22,558
36,642
Current assets
Debtors
5
861,195
720,871
Cash at bank and in hand
7,701
16,473
868,896
737,344
Creditors: amounts falling due within one year
6
(853,856)
(794,907)
Net current assets/(liabilities)
15,040
(57,563)
Total assets less current liabilities
37,598
(20,921)
Creditors: amounts falling due after more than one year
7
(30,419)
(34,081)
Provisions for liabilities
(4,286)
(6,962)
Net assets/(liabilities)
2,893
(61,964)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,793
(62,064)
Total equity
2,893
(61,964)
SKYDIVE BUZZ LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 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 Act 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 year 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 November 2024
Mr J M Farrant
Director
Company Registration No. 03720463
SKYDIVE BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Skydive Buzz Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
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 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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year, and management charges receivable.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.
Revenue from the provision of services is recognised at point of registration.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Straight line
Computer equipment
3 Years straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SKYDIVE BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset 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.
1.6
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.
1.7
Financial instruments
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 profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).
SKYDIVE BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
5,578
74,635
13,618
38,907
132,738
Additions
401
3,169
640
4,210
At 29 February 2024
5,979
77,804
14,258
38,907
136,948
Depreciation and impairment
At 1 March 2023
4,511
46,527
11,815
33,244
96,097
Depreciation charged in the year
367
14,493
2,017
1,417
18,294
At 29 February 2024
4,878
61,020
13,832
34,661
114,391
Carrying amount
At 29 February 2024
1,101
16,784
426
4,246
22,557
At 28 February 2023
1,067
28,108
1,803
5,663
36,641
4
Fixed asset investments
2024
2023
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2023 & 29 February 2024
1
Carrying amount
At 29 February 2024
1
At 28 February 2023
1
SKYDIVE BUZZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,782
2,550
Other debtors
858,114
717,744
Prepayments and accrued income
299
577
861,195
720,871
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
60,992
72,743
Trade creditors
11,694
18,120
Corporation tax
1,582
Other taxation and social security
71,060
Other creditors
772,953
626,874
Accruals and deferred income
6,635
6,110
853,856
794,907
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,419
34,081
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100