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REGISTERED NUMBER: 10188219 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 May 2024

for

First Flight Properties Limited

First Flight Properties Limited (Registered number: 10188219)

Contents of the Financial Statements
For The Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


First Flight Properties Limited

Company Information
For The Year Ended 31 May 2024







DIRECTORS: D Coopersmith
Mrs S Coopersmith
M D Coopersmith





REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET





REGISTERED NUMBER: 10188219 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

First Flight Properties Limited (Registered number: 10188219)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,363,681 3,316,823

CURRENT ASSETS
Stocks 470,253 -
Debtors 5 43,748 412,904
Cash at bank and in hand 3,956 245,583
517,957 658,487
CREDITORS
Amounts falling due within one year 6 164,472 935,993
NET CURRENT ASSETS/(LIABILITIES) 353,485 (277,506 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,717,166

3,039,317

CREDITORS
Amounts falling due after more than one
year

7

(3,756,753

)

(2,097,245

)

PROVISIONS FOR LIABILITIES 9 (169,897 ) (168,750 )
NET ASSETS 790,516 773,322

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 506,250 506,250
Retained earnings 284,166 266,972
SHAREHOLDERS' FUNDS 790,516 773,322

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

First Flight Properties Limited (Registered number: 10188219)

Balance Sheet - continued
31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





D Coopersmith - Director


First Flight Properties Limited (Registered number: 10188219)

Notes to the Financial Statements
For The Year Ended 31 May 2024


1. STATUTORY INFORMATION

First Flight Properties 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not depreciated
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

First Flight Properties Limited (Registered number: 10188219)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

First Flight Properties Limited (Registered number: 10188219)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024


4. TANGIBLE FIXED ASSETS
Freehold Motor
property vehicles Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 3,316,823 - 3,316,823
Additions 1,003,362 47,450 1,050,812
At 31 May 2024 4,320,185 47,450 4,367,635
DEPRECIATION
Charge for year - 3,954 3,954
At 31 May 2024 - 3,954 3,954
NET BOOK VALUE
At 31 May 2024 4,320,185 43,496 4,363,681
At 31 May 2023 3,316,823 - 3,316,823

Cost or valuation at 31 May 2024 is represented by:

Freehold Motor
property vehicles Totals
£    £    £   
Valuation in 2017 15,993 - 15,993
Valuation in 2022 659,007 - 659,007
Cost 3,645,185 47,450 3,692,635
4,320,185 47,450 4,367,635

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,645,185 2,641,823

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 47,450
At 31 May 2024 47,450
DEPRECIATION
Charge for year 3,954
At 31 May 2024 3,954
NET BOOK VALUE
At 31 May 2024 43,496

First Flight Properties Limited (Registered number: 10188219)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,905 6,216
Other debtors 7,843 406,688
43,748 412,904

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,000 9,552
Hire purchase contracts 6,005 -
Payments on account 16,100 -
Trade creditors 6,908 1,010
Amounts owed to group undertakings - 886,296
Taxation and social security 4,995 23,896
Other creditors 94,464 15,239
164,472 935,993

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,036,413 2,097,245
Hire purchase contracts 36,944 -
Other creditors 1,683,396 -
3,756,753 2,097,245

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 508,513 508,513

Repayable by instalments
Bank loans repayable after
more than five years 1,363,900 1,471,438
1,363,900 1,471,438

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,072,413 2,106,797
Hire purchase contracts 42,949 -
2,115,362 2,106,797

Bank loans are secured on the freehold properties which they relate.
Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

First Flight Properties Limited (Registered number: 10188219)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024


9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 169,897 168,750

Deferred
tax
£   
Balance at 1 June 2023 168,750
Charge to Statement of Income and Retained Earnings during year 1,147
Balance at 31 May 2024 169,897

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Revaluation
reserve
£   
At 1 June 2023
and 31 May 2024 506,250