| Flying Island Films Limited |
| Registered number: |
09355695 |
| Balance Sheet |
| as at 31 December 2024 |
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| Notes |
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2024 |
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2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
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4,671 |
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10,815 |
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| Current assets |
| Debtors |
4 |
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- |
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5,100 |
| Cash at bank and in hand |
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209,326 |
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199,545 |
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209,326 |
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204,645 |
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| Creditors: amounts falling due within one year |
5 |
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(140,489) |
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(127,136) |
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| Net current assets |
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68,837 |
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77,509 |
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| Net assets |
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73,508 |
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88,324 |
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| Capital and reserves |
| Called up share capital |
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1 |
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1 |
| Profit and loss account |
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73,507 |
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88,323 |
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| Shareholder's funds |
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73,508 |
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88,324 |
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| 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. |
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| Christopher Cable |
| Director |
| Approved by the board on 23 September 2025 |
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| Flying Island Films Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised |
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Rendering of services |
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Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied |
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- the amount of revenue can be measured reliably |
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- its is probable that the Company will receive the consideration due under the contract |
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- the stage of completion of the contract at the end of the reporting period can be measured reliably and |
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- the costs incurred and the costs to complete the contract can be measured reliably |
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Tangible fixed assets |
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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: |
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Plant and machinery |
over 4 years |
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Research and development |
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Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. 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. |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 January 2024 |
23,090 |
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Additions |
851 |
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At 31 December 2024 |
23,941 |
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Depreciation |
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At 1 January 2024 |
12,275 |
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Charge for the year |
6,995 |
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At 31 December 2024 |
19,270 |
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Net book value |
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At 31 December 2024 |
4,671 |
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At 31 December 2023 |
10,815 |
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| 4 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
- |
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5,100 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Taxation and social security costs |
13,279 |
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6,695 |
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Other creditors |
127,210 |
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120,441 |
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140,489 |
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127,136 |
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| 6 |
Related party transactions |
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At the year end, an amount of £125,397 (2023 £118,628) was owed to the director of the company. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding the repayment of the loan. |
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| 7 |
Other information |
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Flying Island Films Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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10 Durham Avenue |
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Gidea Park |
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Romford |
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RM2 6JS |