Plymouth Flying School Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Plymouth Flying School Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05654333 . The registered office is Flynqy Pilot Training Cornwall Airport Newquay, St Mawgan, Newquay, TR8 4RQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

First-time adoption

These financial statements for the year ended 31 March 2026 are the company's first financial statements prepared in accordance with FRS 102 section 1A Small Entities. In previous periods, the company prepared its financial statements in accordance with FRS 105 "The Financial Reporting Standard applicable to the Micro-entities regime".

The directors elected to transition to FRS 102 section 1A as they consider the increased level of reporting to be more beneficial for the business. This framework provides a greater understanding of the company's financial position for the users of the financial statements, including lenders, shareholders, and potential investors.

The date of transition to FRS 102 section 1A was 1 April 2024.

Impact of Transition

In preparing these financial statements, the company has adjusted the comparative figures reported previously to comply with the recognition and measurement principles of FRS 102 section 1A. An explanation of how the transition has affected the company's reported financial position is set out in Note X

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Goodwill is not being amortised.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20 years / 12 years
Fixtures & Fittings	20% reducing balance

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Plymouth Flying School Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.6. 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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2025: 10)

4. Prior Period Adjustment

The comparative figures have been restated after a material misstatement was identified by the Directors. It was agreed that the previous accounting policy for depreciation of the plant and machinery group of assessments was materially incorrect and should be restated. The impact of this restatement was an increase in the profit and loss reserve of £9,117 as at 1 April 2024.

5. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2025	4,998

As at 31 March 2026	4,998

Net Book Value
As at 31 March 2026	4,998

As at 1 April 2025	4,998

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Plymouth Flying School Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 April 2025	44,884	7,062	51,946
Additions	46,007	3,366	49,373
Disposals	-	(7,062 )	(7,062 )

As at 31 March 2026	90,891	3,366	94,257

Depreciation
As at 1 April 2025	37,724	6,980	44,704
Provided during the period	4,853	353	5,206
Disposals	-	(6,996 )	(6,996 )

As at 31 March 2026	42,577	337	42,914

Net Book Value
As at 31 March 2026	48,314	3,029	51,343

As at 1 April 2025	7,160	82	7,242

7. Stocks

	2026	2025 as restated
	£	£
Stock	3,853	1,787

8. Debtors

	2026	2025 as restated
	£	£
Due within one year
Trade debtors	1,981	980
Other debtors	7,355	-

	9,336	980

9. Creditors: Amounts Falling Due Within One Year

	2026	2025 as restated
	£	£
Trade creditors	52,681	49,388
Bank loans and overdrafts	1,243	8,566
Other creditors	36,334	6,150
Taxation and social security	5,415	13,085

	95,673	77,189

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Plymouth Flying School Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Share Capital

	2026	2025 as restated
	£	£
Allotted, Called up and fully paid	2	2

11. Related Party Transactions

Included in current liabilities is a balance due to the Directors. At the end of the financial period the amount due was £21,000 (2025: £2,250).

12. Transition to FRS 102

This table bridges the net assets previously reported under FRS 105 to the new FRS 102 Section 1A balances:

Reconciliation of Equity

As at 01 April 2024

Equity previously reported under FRS 105 = £(66,371)

Adjustments:

Material misstatement (a) +£9,117

Deferred tax adjustment (b) -£1,806

Equity restated under FRS 102 (Section 1A) = £(59,060)

As at 31 March 2025

Equity previously reported under FRS 105 £(22,585)

Adjustments:

Material misstatement (a) +£7,082

Deferred tax adjustment (b) -£1,375

Equity restated under FRS 102 (Section 1A) = £(16,877)

Reconciliation of Profit for the year ended 31 March 2025

Profit previously reported under FRS 105 = £43,786

Adjustments:

Material misstatement (a) -£2,035

Deferred tax adjustment (b) +£431

Profit restated under FRS 102 (Section 1A) = £42,180

Notes to the reconciliations

a) Material misstatement

A material misstatement was identified by the Directors. It was agreed that the previous accounting policy for depreciation of the plant and machinery group of assessments was materially incorrect and should be restated. The impact of this restatement was a reduction to the accumulated depreciation of £9,117 as at 1 April 2024, followed by a charge of £2,035 in the year ended 31 March 2025.

b) Deferred Tax

A provision for deferred tax was recognised at 1 April 2024 with a value of £1,806, this was subsequently reduced by £431 in the year ended 31 March 2025.

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		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	5		4,998		4,998
Tangible Assets	6		51,343		7,242

			56,341		12,240
CURRENT ASSETS
Stocks	7	3,853		1,787
Debtors	8	9,336		980
Cash at bank and in hand		19,771		46,680

		32,960		49,447
Creditors: Amounts Falling Due Within One Year	9	(95,673 )		(77,189 )

NET CURRENT ASSETS (LIABILITIES)			(62,713 )		(27,742 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(6,372 )		(15,502 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,900 )		(1,375 )

NET LIABILITIES			(10,272 )		(16,877 )

CAPITAL AND RESERVES
Called up share capital	10		2		2
Profit and Loss Account			(10,274 )		(16,879 )

SHAREHOLDERS' FUNDS			(10,272)		(16,877)