Registered number
02554079
Inflight Initiatives Limited
Filleted Accounts
31 March 2024
Inflight Initiatives Limited
Registered number: 02554079
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 32,106 47,078
Current assets
Stocks 30,988 57,448
Debtors 4 199,080 255,933
Cash at bank and in hand 965,103 759,882
1,195,171 1,073,263
Creditors: amounts falling due within one year 5 (243,030) (183,032)
Net current assets 952,141 890,231
Net assets 984,247 937,309
Capital and reserves
Called up share capital 2 2
Profit and loss account 984,245 937,307
Shareholder's funds 984,247 937,309
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R S B Craig
Director
Approved by the board on 26 March 2025
Inflight Initiatives Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle over 4 years
Office equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Office equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 40,538 61,270 101,808
Additions 1,382 - 1,382
At 31 March 2024 41,920 61,270 103,190
Depreciation
At 1 April 2023 39,413 15,317 54,730
Charge for the year 1,036 15,318 16,354
At 31 March 2024 40,449 30,635 71,084
Net book value
At 31 March 2024 1,471 30,635 32,106
At 31 March 2023 1,125 45,953 47,078
4 Debtors 2024 2023
£ £
Trade debtors 90,489 224,373
Other debtors 108,591 31,560
199,080 255,933
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 130,176 126,922
Taxation and social security costs 49,003 43,016
Other creditors 63,851 13,094
243,030 183,032
6 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
R S B Craig
Current account 31,560 112,031 (35,000) 178,591
31,560 112,031 (35,000) 178,591
Interest at the rate of 2.25% per annum was charged on the balance of the loan. The loan was repaid by
31 December 2024
7 Controlling party
The company is controlled by the director who owns the entire share capital of the company.
8 Other information
Inflight Initiatives Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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