Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truefalsetrue2023-05-01falseWholesale of wine and beer33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11923008 2023-05-01 2024-04-30 11923008 2022-05-01 2023-04-30 11923008 2024-04-30 11923008 2023-04-30 11923008 c:CompanySecretary1 2023-05-01 2024-04-30 11923008 c:Director1 2023-05-01 2024-04-30 11923008 c:RegisteredOffice 2023-05-01 2024-04-30 11923008 d:CurrentFinancialInstruments 2024-04-30 11923008 d:CurrentFinancialInstruments 2023-04-30 11923008 d:Non-currentFinancialInstruments 2024-04-30 11923008 d:Non-currentFinancialInstruments 2023-04-30 11923008 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 11923008 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 11923008 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 11923008 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 11923008 d:ShareCapital 2024-04-30 11923008 d:ShareCapital 2023-04-30 11923008 d:RetainedEarningsAccumulatedLosses 2024-04-30 11923008 d:RetainedEarningsAccumulatedLosses 2023-04-30 11923008 c:OrdinaryShareClass1 2023-05-01 2024-04-30 11923008 c:OrdinaryShareClass1 2024-04-30 11923008 c:OrdinaryShareClass1 2023-04-30 11923008 c:FRS102 2023-05-01 2024-04-30 11923008 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 11923008 c:FullAccounts 2023-05-01 2024-04-30 11923008 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11923008 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 11923008












HAPPY FLY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 

HAPPY FLY INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9


 

HAPPY FLY INVESTMENTS LIMITED
 
COMPANY INFORMATION


Director
Y Zhu 




Company secretary
B Han



Registered number
11923008



Registered office
Groundworks
Power Road Studios

114 Power Road

London

W4 5PY




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:11923008
HAPPY FLY INVESTMENTS LIMITED

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
249,707
135,332

Debtors: amounts falling due within one year
 4 
13,857
6,400

Cash at bank and in hand
  
28,994
218,736

  
292,558
360,468

Creditors: amounts falling due within one year
 5 
(175,572)
(170,551)

Net current assets
  
 
 
116,986
 
 
189,917

Total assets less current liabilities
  
116,986
189,917

Creditors: amounts falling due after more than one year
 6 
(283,000)
(200,000)

  

Net liabilities
  
(166,014)
(10,083)


Capital and reserves
  

Called up share capital 
 7 
200,000
200,000

Profit and loss account
  
(366,014)
(210,083)

Total deficit
  
(166,014)
(10,083)


Page 2


 
REGISTERED NUMBER:11923008
HAPPY FLY INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by its sole director.




Y Zhu
Director

Date: 28 January 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Happy Fly Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Groundworks, Power Road Studios, 114 Power Road, London, England, W4 5PY. 
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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 company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
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.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity.

 
2.8

Foreign currency translation

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 6

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including director, during the year was 3 (2023 - 3).

Page 7

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Debtors

2024
2023
£
£


Other debtors
9,109
2,252

Prepayments
4,748
4,148

13,857
6,400



5.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
2,849
5,359

Other taxation and social security
3,896
1,055

Other creditors
165,027
160,887

Accruals
3,800
3,250

175,572
170,551



6.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Other creditors
283,000
200,000



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary shares of £1.00 each
200,000
200,000


Page 8

 

HAPPY FLY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Related party transactions

Included within other creditors due within one year is an amount of £156,360 (2023: £156,360) owed to the director of the company. The loan is provided unsecured, interest free and is repayable on demand.
Included within other creditors due after more than one year is an amount of £200,000 (2023: £200,000) owed to the director of the company. The loan is provided unsecured, interest free and due for repayment by 31 December 2028.
Included within other creditors due after more than one year is an amount of £83,000 (2023: £nil) owed to a connected party of the director of the company. The loan is provided unsecured, interest free and due for repayment by 31 December 2028.
 
Page 9