10 10 Flywalk Limited 05812076 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Retail sale of sports goods Digita Accounts Production Advanced 6.30.9574.0 true 05812076 2023-08-01 2024-07-31 05812076 2024-07-31 05812076 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 05812076 core:FurnitureFittingsToolsEquipment 2024-07-31 05812076 core:LandBuildings 2024-07-31 05812076 core:MotorVehicles 2024-07-31 05812076 bus:SmallEntities 2023-08-01 2024-07-31 05812076 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05812076 bus:FullAccounts 2023-08-01 2024-07-31 05812076 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05812076 bus:Director1 2023-08-01 2024-07-31 05812076 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05812076 core:ComputerEquipment 2023-08-01 2024-07-31 05812076 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 05812076 core:LandBuildings 2023-08-01 2024-07-31 05812076 core:MotorVehicles 2023-08-01 2024-07-31 05812076 core:OfficeEquipment 2023-08-01 2024-07-31 05812076 countries:AllCountries 2023-08-01 2024-07-31 05812076 2023-07-31 05812076 core:FurnitureFittingsToolsEquipment 2023-07-31 05812076 core:LandBuildings 2023-07-31 05812076 core:MotorVehicles 2023-07-31 05812076 2022-08-01 2023-07-31 05812076 2023-07-31 05812076 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 05812076 core:FurnitureFittingsToolsEquipment 2023-07-31 05812076 core:LandBuildings 2023-07-31 05812076 core:MotorVehicles 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 05812076

Flywalk Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Flywalk Limited

(Registration number: 05812076)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

715,256.00

379,156.00

Current assets

 

Stocks

5

534,000.00

333,873.00

Cash at bank and in hand

 

73,535.00

131,657.00

 

607,535.00

465,530.00

Creditors: Amounts falling due within one year

7

-577,139.00

-445,045.00

Net current assets

 

30,396.00

20,485.00

Net assets

 

745,652.00

399,641.00

Capital and reserves

 

Called up share capital

200.00

200.00

Revaluation reserve

300,088.00

0.00

Retained earnings

445,364.00

399,441.00

Shareholders' funds

 

745,652.00

399,641.00

For the financial year ending 31 July 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 18 March 2025
 

.........................................
Mr David J Tuttlebee
Director

 

Flywalk Limited

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

1

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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.

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

Computer equipment

16% reducing balance

Office equipment

15% reducing balance

Motor vehicles

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.

 

Flywalk Limited

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

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.

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 and subsequently measured at amortised cost using the effective interest method.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 10).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

19,882.00

14,838.00

 

Flywalk Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

299,912.00

215,119.00

3,995.00

519,026.00

Revaluations

300,088.00

0.00

0.00

300,088.00

Additions

0.00

55,894.00

0.00

55,894.00

At 31 July 2024

600,000.00

271,013.00

3,995.00

875,008.00

Depreciation

At 1 August 2023

0.00

136,002.00

3,868.00

139,870.00

Charge for the year

0.00

19,850.00

32.00

19,882.00

At 31 July 2024

0.00

155,852.00

3,900.00

159,752.00

Carrying amount

At 31 July 2024

600,000.00

115,161.00

95.00

715,256.00

At 31 July 2023

299,912.00

79,117.00

127.00

379,156.00

Included within the net book value of land and buildings above is £600,000 (2023 - £299,912) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

534,000.00

333,873.00

6

Debtors

Current

2024
£

2023
£

 

0.00

0.00

 

Flywalk Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

153,220.00

63,090.00

Taxation and social security

168,476.00

123,542.00

Accruals and deferred income

6,500.00

5,000.00

Other creditors

248,943.00

253,413.00

577,139.00

445,045.00