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Flying Fleece Limited

(formerly BALON CARBON LTD)

Registered Number
10843073
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Flying Fleece Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

FANNON, Stuart Michael
MONK, Colin

Company Secretary

MONK, Colin

Registered Address

Units 1&2 Longlands Road
Bowness-On-Windermere
Windermere
LA23 3AS

Registered Number

10843073 (England and Wales)
Flying Fleece Limited
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets372,76095,689
72,76095,689
Current assets
Stocks41,0331,033
Debtors5180,071116,252
Cash at bank and on hand110,035102,834
291,139220,119
Creditors amounts falling due within one year6(281,168)(245,235)
Net current assets (liabilities)9,971(25,116)
Total assets less current liabilities82,73170,573
Creditors amounts falling due after one year7(15,834)(25,517)
Provisions for liabilities8(18,100)(21,600)
Net assets48,79723,456
Capital and reserves
Called up share capital150150
Profit and loss account48,64723,306
Shareholders' funds48,79723,456
The financial statements were approved and authorised for issue by the Board of Directors on 24 March 2025, and are signed on its behalf by:
FANNON, Stuart Michael
Director
MONK, Colin
Director

Registered Company No. 10843073
Flying Fleece Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery33
Fixtures and fittings33
Office Equipment33
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year1919
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 November 2287,52677,629437165,592
Additions5,0308,620-13,650
Disposals(4,573)--(4,573)
At 31 October 2387,98386,249437174,669
Depreciation and impairment
At 01 November 2238,75930,88625869,903
Charge for year16,01116,9425933,012
On disposals(1,006)--(1,006)
At 31 October 2353,76447,828317101,909
Net book value
At 31 October 2334,21938,42112072,760
At 31 October 2248,76746,74317995,689
4.Stocks

2023

2022

££
Raw materials and consumables1,0331,033
Total1,0331,033
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables6172,476
Amounts owed by associates and joint ventures / participating interests165,78589,880
Other debtors-13,300
Prepayments and accrued income13,66910,596
Total180,071116,252
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables32,26644,860
Bank borrowings and overdrafts44,86710,000
Amounts owed to related parties83,826133,640
Taxation and social security86,96250,452
Other creditors21,9411,681
Accrued liabilities and deferred income11,3064,602
Total281,168245,235
Bank loans are inclusive of the CBIL scheme and therefore are not secured.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts15,83425,517
Total15,83425,517
Bank loans are inclusive of the CBIL scheme and therefore are not secured.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)18,10021,600
Total18,10021,600
9.Controlling party
In respect of this company, the ultimate controlling party is High Spirits Leisure Group Limited, a company registered in England and Wales under company number 10172873. As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone.