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COMPANY REGISTRATION NUMBER: 02225111
PRESSED FLIGHTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
PRESSED FLIGHTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
PRESSED FLIGHTS LIMITED
BALANCE SHEET
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
449,950
445,266
Current assets
Stocks
154,866
108,650
Debtors
6
472,206
300,152
Cash at bank and in hand
485,153
910,128
------------
------------
1,112,225
1,318,930
Creditors: amounts falling due within one year
7
427,246
779,511
------------
------------
Net current assets
684,979
539,419
------------
------------
Total assets less current liabilities
1,134,929
984,685
Provisions
Taxation including deferred tax
8
92,272
103,266
------------
------------
Net assets
1,042,657
881,419
------------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
1,042,557
881,319
------------
------------
Shareholders funds
1,042,657
881,419
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PRESSED FLIGHTS LIMITED
BALANCE SHEET (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
A G Taylor
Director
Company registration number: 02225111
PRESSED FLIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6, Python Industrial Estate, Todmorden Road, Littleborough, OL15 9EG, Lancashire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Plant & machinery
-
10% reducing balance
Fixtures & fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
Defined contribution plans
Contributions to the defined contribution pension scheme are charged to the profit and loss account as they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 16 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
41,933
678,987
125,653
99,493
946,066
Additions
34,188
2,559
65,165
101,912
Disposals
( 22,900)
( 51,183)
( 74,083)
------------
------------
------------
------------
------------
At 30 June 2024
41,933
690,275
128,212
113,475
973,895
------------
------------
------------
------------
------------
Depreciation
At 1 July 2023
41,933
313,150
91,512
54,205
500,800
Charge for the year
38,888
3,669
28,074
70,631
Disposals
( 8,389)
( 39,097)
( 47,486)
------------
------------
------------
------------
------------
At 30 June 2024
41,933
343,649
95,181
43,182
523,945
------------
------------
------------
------------
------------
Carrying amount
At 30 June 2024
346,626
33,031
70,293
449,950
------------
------------
------------
------------
------------
At 30 June 2023
365,837
34,141
45,288
445,266
------------
------------
------------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
417,359
252,546
Prepayments and accrued income
54,847
47,606
------------
------------
472,206
300,152
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140,982
161,289
Amounts owed to group undertakings
9,851
465,048
Accruals and deferred income
81,431
85,934
Corporation tax
90,110
23,184
Social security and other taxes
101,274
41,627
Other creditors
3,598
2,429
------------
------------
427,246
779,511
------------
------------
8. Provisions
Deferred tax (note 9)
£
At 1 July 2023
103,266
Charge against provision
( 10,994)
------------
At 30 June 2024
92,272
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 8)
92,272
103,266
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
92,824
103,266
Pension plan obligations
( 552)
------------
------------
92,272
103,266
------------
------------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
22,776
22,776
Later than 1 year and not later than 5 years
27,223
24,971
------------
------------
49,999
47,747
------------
------------
12. Related party transactions
The company has traded on normal commercial terms with other group companies during the period. Included in debtors and creditors are balances with group companies which are unsecured, repayable on demand and currently interest free. The company is a member of a group VAT registration with Pressed Flights (Holdings) Limited. The group VAT liability at 30 June 2024 was £67,961 (2023: £30,651).
13. Controlling party
Pressed Flights (Holdings) Limited is the company's immediate parent company. From 30 June 2022 the ultimate parent company was Pressed Flights Group Limited, a company registered in England and Wales. The group qualifies as small so no consolidated group accounts are required.
14. Ultimate controlling party
The ultimate controlling party is director A G Taylor .