FLYCATCHER CORP LTD. Filleted Accounts Cover
FLYCATCHER CORP LTD.
Company No. 10761050
Information for Filing with The Registrar
31 May 2024
FLYCATCHER CORP LTD. Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 May 2024.
Principal activities
The principal activity of the company during the year under review was retail of games and toys in specialised stores.
Director
The Director who served at any time during the year was as follows:
S. CHEN
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
S. CHEN
Director
27 May 2025
FLYCATCHER CORP LTD. Balance Sheet Registrar
at
31 May 2024
Company No.
10761050
Notes
2024
2023
$
$
Fixed assets
Intangible assets
4
--
Investments
5
50,10050,100
50,10050,100
Current assets
Stocks
6
531,744497,844
Debtors
7
1,120,38310,294,506
Cash at bank and in hand
69,106290,578
1,721,23311,082,928
Creditors: Amount falling due within one year
8
(7,348,035)
(13,938,520)
Net current liabilities
(5,626,802)
(2,855,592)
Total assets less current liabilities
(5,576,702)
(2,805,492)
Net liabilities
(5,576,702)
(2,805,492)
Capital and reserves
Called up share capital
425425
Profit and loss account
10
(5,577,127)
(2,805,917)
Total equity
(5,576,702)
(2,805,492)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 27 May 2025 and signed on its behalf by:
S. CHEN
Director
27 May 2025
FLYCATCHER CORP LTD. Notes to the Accounts Registrar
for the year ended 31 May 2024
1
General information
FLYCATCHER CORP LTD. is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 10761050
Its registered office is:
C/O FKGB
2nd Floor
201 Haverstock Hill
London
NW3 4QG
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) and the Companies Act 2006.
Going concern
These financial statements have been prepared on a going concern basis. The director, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, has no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern. Accordingly the director has a reasonable expectation that the company will continue in operational existence and therefore he continues to adopt the going concern basis of accounting to prepare the financial statements.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Research and development costs
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are stated at the lower of cost and net realisable value. Net realisable value is based upon estimated selling prices less further costs expected to be incurred to disposal.
At each balance sheet date, 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 statement of comprehensive income.
Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is US Dollar. The accounts are rounded to the nearest dollar.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Intangible fixed assets
Patents and trade-marks
Total
$
$
Cost
At 1 June 2023
418,644418,644
At 31 May 2024
418,644418,644
Amortisation and impairment
At 1 June 2023
418,644418,644
At 31 May 2024
418,644418,644
Net book values
At 31 May 2024
--
At 31 May 2023
--
5
Investments
Investment in Subsidiaries
Total
$
$
Cost or valuation
At 1 June 2023
50,100
50,100
At 31 May 2024
50,100
50,100
Provisions/Impairment
Net book values
At 31 May 2024
50,100
50,100
At 31 May 2023
50,100
50,100
6
Stocks
2024
2023
$
$
Finished goods
531,744497,844
531,744497,844
7
Debtors
2024
2023
$
$
Trade debtors
474,4502,791,999
Amounts owed by group undertakings
634,154278,913
Other debtors
11,7794,270
Prepayments and accrued income
-7,219,324
1,120,38310,294,506
8
Creditors:
amounts falling due within one year
2024
2023
$
$
Trade creditors
1,030,8931,453,385
Amounts owed to group undertakings
-
565,970
Other creditors
4,233,3298,705,706
Accruals and deferred income
2,083,8133,213,459
7,348,03513,938,520
9
Share Capital
-
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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