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Registered number: 07850518 FLY EYE PUBLISHING LTD UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FLY EYE PUBLISHING LTD REGISTERED NUMBER:07850518
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 43,871 |  | 107,218 |
Cash at bank and in hand | 6 | 47,089 |  | 85,624 |
|  | 90,960 |  | 192,842 |
Creditors: amounts falling due within one year | 7 | (65,360) |  | (88,070) |
Net current assets |  |  | 25,600 |  | 104,772
Total assets less current liabilities |  |  | 25,600 |  | 104,772
Net assets |  |  | 25,600 |  | 104,772
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 24,600 |  | 103,772
|  |  | 25,600 |  | 104,772
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question 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 financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 December 2025.
A Wiles
Director
The notes on pages 2 to 5 form part of these financial statements. Page 1
FLY EYE PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Fly Eye Publishing Ltd is a private company, limited by shares, registered in England and Wales, registration number 07850518. During the year, the registered office address changed from 16 - 19 Eastcastle Street, London, W1W 8DY to Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. The principal activity of the company continued to be that of music publishing activity. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
| 2.2 | Functional and presentation currency
The company's functional and presentational currency is pound sterling.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from music publishing activity is recognised when it is probable the company will receive the right to the consideration due under the contract. Royalties receivable are recognised at the year end date by the company per the royalty statements.
| 2.4 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 2
FLY EYE PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 25% | straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.8 | 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.
| 2.9 | Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, trade and other creditors, and loans with related parties.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
Page 3
FLY EYE PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost |
| At 1 January 2024 | 500
| At 31 December 2024 | 500
| Depreciation |
| At 1 January 2024 | 500
| At 31 December 2024 | 500
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | -
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 20,563 | 19,161
| Other debtors | 291 | 63,269
| Prepayments and accrued income | 23,017 | 24,788
|  | 43,871 | 107,218
6. | Cash
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 47,089 | 85,624
Page 4
FLY EYE PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | - | 1,611
| Amounts owed to group undertakings | 35,457 | 43,012
| Corporation tax | 20,407 | 33,397
| Other creditors | 6,280 | 6,280
| Accruals | 3,216 | 3,770
|  | 65,360 | 88,070
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
9. | Dividend paid
During the year, dividends of £100,000 (2023 - £NIL) was paid.
10. | Transactions with directors
At the year end the company owed £6,280 (2023 - £6,280) to the directors. This loans are unsecured, interest free and repayable on demand.
11. | Related party transactions
| No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.
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