Company registration number 15390014 (England and Wales)
FIRST TIME FLYERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
FIRST TIME FLYERS LTD
COMPANY INFORMATION
Directors
Miss V Manser
(Appointed 5 January 2024)
Mr J Morrell
(Appointed 5 January 2024)
Ms P Fardell
(Appointed 5 January 2024)
Mr T A Jones
(Appointed 5 January 2024)
Company number
15390014
Registered office
London North Studios
The Ridgeway
London
NW7 1RP
Accountants
Theataccounts Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FIRST TIME FLYERS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
FIRST TIME FLYERS LTD
ENTERTAINMENT ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRST TIME FLYERS LTD FOR THE PERIOD ENDED 31 JANUARY 2025
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Time Flyers Ltd for the period ended 31 January 2025 set out on pages 2 to 5 from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that First Time Flyers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of First Time Flyers Ltd. You consider that First Time Flyers Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of First Time Flyers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Theataccounts Limited
25 February 2025
Entertainment Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FIRST TIME FLYERS LTD
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 2 -
2025
Notes
£
£
Fixed assets
Tangible assets
3
1,340
Current assets
Cash at bank and in hand
97
Creditors: amounts falling due within one year
4
(3,250)
Net current liabilities
(3,153)
Total assets less current liabilities
(1,813)
Provisions for liabilities
(255)
Net liabilities
(2,068)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(2,168)
Total equity
(2,068)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Miss V Manser
Director
Company registration number 15390014 (England and Wales)
FIRST TIME FLYERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
First Time Flyers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is FAO Tim Prottey-Jones, London North Studios, The Ridgeway, London, NW7 1RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% on cost
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
FIRST TIME FLYERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2025
Number
Total
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 5 January 2024
Additions
2,000
At 31 January 2025
2,000
Depreciation and impairment
At 5 January 2024
Depreciation charged in the period
660
At 31 January 2025
660
Carrying amount
At 31 January 2025
1,340
FIRST TIME FLYERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 5 -
4
Creditors: amounts falling due within one year
2025
£
Other creditors
3,250
5
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A of £1 each
25
25
Ordinary B of £1 each
25
25
Ordinary C of £1 each
25
25
Ordinary D of £1 each
25
25
100
100
25 Ordinary A, 25 Ordinary B, 25 Ordinary C and 25 Ordinary D shares of £1 was allotted and fully paid for cash at par during the year.
6
Ultimate controlling party
There is no ultimate controlling party.