Hi-Fliers (Flagstaffs) Limited 02389230 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Suppliers of flagstaff’s and poles, flags and accessories. Digita Accounts Production Advanced 6.30.9574.0 true true 02389230 2023-09-01 2024-08-31 02389230 2024-08-31 02389230 core:RetainedEarningsAccumulatedLosses 2024-08-31 02389230 core:ShareCapital 2024-08-31 02389230 core:CurrentFinancialInstruments 2024-08-31 02389230 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02389230 core:FurnitureFittings 2024-08-31 02389230 core:MotorVehicles 2024-08-31 02389230 core:PlantMachinery 2024-08-31 02389230 bus:SmallEntities 2023-09-01 2024-08-31 02389230 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02389230 bus:FilletedAccounts 2023-09-01 2024-08-31 02389230 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02389230 bus:RegisteredOffice 2023-09-01 2024-08-31 02389230 bus:CompanySecretary1 2023-09-01 2024-08-31 02389230 bus:Director1 2023-09-01 2024-08-31 02389230 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02389230 core:FurnitureFittings 2023-09-01 2024-08-31 02389230 core:MotorVehicles 2023-09-01 2024-08-31 02389230 core:PlantMachinery 2023-09-01 2024-08-31 02389230 countries:EnglandWales 2023-09-01 2024-08-31 02389230 2023-08-31 02389230 core:FurnitureFittings 2023-08-31 02389230 core:MotorVehicles 2023-08-31 02389230 core:PlantMachinery 2023-08-31 02389230 2022-09-01 2023-08-31 02389230 2023-08-31 02389230 core:RetainedEarningsAccumulatedLosses 2023-08-31 02389230 core:ShareCapital 2023-08-31 02389230 core:CurrentFinancialInstruments 2023-08-31 02389230 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02389230 core:FurnitureFittings 2023-08-31 02389230 core:MotorVehicles 2023-08-31 02389230 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 02389230

Hi-Fliers (Flagstaffs) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Hi-Fliers (Flagstaffs) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Hi-Fliers (Flagstaffs) Limited

Company Information

Director

N Cousins

Company secretary

C Cousins

Registered office

440 Chanterlands Avenue
Hull
HU5 4BL

 

Hi-Fliers (Flagstaffs) Limited

(Registration number: 02389230)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

23,420

24,108

Current assets

 

Stocks

6

1,750

1,750

Debtors

7

10,269

11,949

Cash at bank and in hand

 

10,101

5,944

 

22,120

19,643

Creditors: Amounts falling due within one year

8

(40,686)

(63,238)

Net current liabilities

 

(18,566)

(43,595)

Net assets/(liabilities)

 

4,854

(19,487)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,754

(19,587)

Shareholders' funds/(deficit)

 

4,854

(19,487)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 February 2025
 

.........................................
N Cousins
Director

 

Hi-Fliers (Flagstaffs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 02389230.

The address of its registered office is:
440 Chanterlands Avenue
Hull
HU5 4BL

These financial statements were authorised for issue by the director on 12 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

The Director is aware that there is a doubt over the going concern of the entity due to the net current liabilities of £18,566.

This is largely due to the Company having a Directors' loan balance of £36,273. The Director has agreed not to seek repayment of this balances until there is available funds to do so.

The Director has confirmed that they will continue to support the entity in repaying debts and are satisfied that the going concern basis may be used. .

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hi-Fliers (Flagstaffs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Plant and machinery

20% and 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Hi-Fliers (Flagstaffs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

5,487

6,027

Impairment reversal

(6,240)

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

2,053

18,615

74,300

94,968

Revaluations

-

(7,500)

-

(7,500)

Additions

1,516

2,503

2,040

6,059

At 31 August 2024

3,569

13,618

76,340

93,527

Depreciation

At 1 September 2023

1,084

13,548

56,228

70,860

Charge for the year

391

1,107

3,989

5,487

Impairment

-

(6,240)

-

(6,240)

At 31 August 2024

1,475

8,415

60,217

70,107

Carrying amount

At 31 August 2024

2,094

5,203

16,123

23,420

At 31 August 2023

969

5,067

18,072

24,108

 

Hi-Fliers (Flagstaffs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Other inventories

1,750

1,750

7

Debtors

2024
£

2023
£

Trade debtors

9,146

11,949

Other debtors

1,123

-

10,269

11,949

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

36,273

51,844

Trade creditors

 

1,740

8,158

Taxation and social security

 

583

1,486

Accruals and deferred income

 

2,090

1,750

 

40,686

63,238

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

36,273

51,844

Other borrowings include unsecured amounts due to Directors and an unsecured third party loan balance.

10

Related party transactions

Other transactions with directors

At the year end, the company owed the director £36,273 (2023: £44,344). This amount is unsecured, interest-free and repayable on demand.