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Registered number: 08244378 FLY EYE RECORDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FLY EYE RECORDINGS LIMITED REGISTERED NUMBER:08244378
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 4,452 |  | 8,794 |
Cash at bank and in hand | 5 | 1,347 |  | 3,122 |
|  | 5,799 |  | 11,916 |
Creditors: amounts falling due within one year | 6 | (85,364) |  | (85,384) |
Net current liabilities |  |  | (79,565) |  | (73,468)
Total assets less current liabilities |  |  | (79,565) |  | (73,468)
Net liabilities |  |  | (79,565) |  | (73,468)
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 1 |  | 1
Profit and loss account |  |  | (79,566) |  | (73,469)
|  |  | (79,565) |  | (73,468)
The director considers 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 director acknowledges his 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 4 form part of these financial statements. Page 1
FLY EYE RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Fly Eye Recordings Limited is a private company, limited by shares, registered in England and Wales, registration number 08244378. 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 recording activities. 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 | Going concern
The financial statements have been prepared on the going concern basis as the shareholder has confirmed they will continue to provide necessary funding in order for the company to maintain operations and meet liabilites in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is pound sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss account.
| 2.4 | 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. Royalties receivable are recognised at the year end date by the company per the royalty statements.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 2
FLY EYE RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | 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 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.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.8 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
4. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 179 | 180
| Prepayments and accrued income | 4,273 | 8,614
|  | 4,452 | 8,794
5. | Cash
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,347 | 3,122
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FLY EYE RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | - | 640
| Amounts owed to group undertakings | 57,899 | 57,938
| Corporation tax | - | 409
| Other creditors | 23,724 | 23,724
| Accruals | 3,741 | 2,673
|  | 85,364 | 85,384
7. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023 - 1) Ordinary share of £1.00 | 1 | 1
8. | Transactions with directors
At the year end, the company owed £23,724 (2024 - £23,724) to the director. This loan is unsecured, interest free and repayable on demand.
9. | 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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