Flying Space Limited 05923275 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is media advertising sales Digita Accounts Production Advanced 6.30.9574.0 true true 05923275 2023-09-01 2024-08-31 05923275 2024-08-31 05923275 bus:OrdinaryShareClass1 2024-08-31 05923275 core:RetainedEarningsAccumulatedLosses 2024-08-31 05923275 core:ShareCapital 2024-08-31 05923275 core:CurrentFinancialInstruments 2024-08-31 05923275 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 05923275 core:FurnitureFittingsToolsEquipment 2024-08-31 05923275 bus:SmallEntities 2023-09-01 2024-08-31 05923275 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 05923275 bus:FilletedAccounts 2023-09-01 2024-08-31 05923275 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 05923275 bus:RegisteredOffice 2023-09-01 2024-08-31 05923275 bus:Director1 2023-09-01 2024-08-31 05923275 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 05923275 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05923275 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 05923275 core:OfficeEquipment 2023-09-01 2024-08-31 05923275 countries:EnglandWales 2023-09-01 2024-08-31 05923275 2023-08-31 05923275 core:FurnitureFittingsToolsEquipment 2023-08-31 05923275 2022-09-01 2023-08-31 05923275 2023-08-31 05923275 bus:OrdinaryShareClass1 2023-08-31 05923275 core:RetainedEarningsAccumulatedLosses 2023-08-31 05923275 core:ShareCapital 2023-08-31 05923275 core:CurrentFinancialInstruments 2023-08-31 05923275 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 05923275 core:FurnitureFittingsToolsEquipment 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05923275

Flying Space Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Flying Space Limited

(Registration number: 05923275)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

532

817

Current assets

 

Debtors

5

21,529

25,498

Cash at bank and in hand

 

1,389

1,359

 

22,918

26,857

Creditors: Amounts falling due within one year

6

(22,751)

(27,327)

Net current assets/(liabilities)

 

167

(470)

Net assets

 

699

347

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

599

247

Shareholders' funds

 

699

347

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.

The members have not required the company to obtain an audit of its accounts 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 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 and FRS 102 Section 1A.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr R O Schulp
Director

   
 

Flying Space Limited

Notes to the 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.

The address of its registered office is: 47 Ellis Road, Crowthorne, Berkshire, RG45 6PR.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Office equipment

25% straight line basis

 

Flying Space Limited

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

2

Accounting policies (continued)

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 merchandise sold or services performed in the ordinary course of business. Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of 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 debtor.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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. Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. All shares are issued on a fully paid up basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Flying Space Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

7,009

7,009

At 31 August 2024

7,009

7,009

Depreciation

At 1 September 2023

6,192

6,192

Charge for the year

285

285

At 31 August 2024

6,477

6,477

Carrying amount

At 31 August 2024

532

532

At 31 August 2023

817

817

5

Debtors

Current

2024
£

2023
£

Other debtors

21,529

25,498

 

21,529

25,498

 

Flying Space Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

805

229

Taxes and social security

20,084

25,524

Other creditors

1,862

1,574

22,751

27,327

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100