Flight Profile Limited 31/08/2018 iXBRL

FLIGHT PROFILE LIMITED - Company Information

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Company registration number: 06348967

Flight Profile Limited

Unaudited filleted financial statements

31 August 2018

Flight Profile Limited

Contents

Statement of financial position

Notes to the financial statements

Flight Profile Limited

Statement of financial position

31 August 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	4	4,663		6,217
		_______		_______
			4,663		6,217

Current assets
Debtors	5	153		8,559
Cash at bank and in hand		353,207		337,724
		_______		_______
		353,360		346,283
Creditors: amounts falling due
within one year	6	( 38,254)		( 53,627)
		_______		_______
Net current assets			315,106		292,656
			_______		_______
Total assets less current liabilities			319,769		298,873


Provisions for liabilities			( 886)		( 1,243)

			_______		_______
Net assets			318,883		297,630
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			318,783		297,530
			_______		_______
Shareholders funds			318,883		297,630
			_______		_______

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 26 March 2019 , and are signed on behalf of the board by:

Mr R P Cox

Director

Company registration number: 06348967

Flight Profile Limited

Notes to the financial statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Flight Profile Limited, Old Orchard House, Beaconsfield Road, Chelwood Gate, Haywards Heath, RH17 7JU.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Office Equipment	-	25 %	reducing balance
Computer Equipment	-	33 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 September 2017 and 31 August 2018	11,579	3,090	14,669
	_______	_______	_______
Depreciation
At 1 September 2017	5,362	3,090	8,452
Charge for the year	1,554	-	1,554
	_______	_______	_______
At 31 August 2018	6,916	3,090	10,006
	_______	_______	_______
Carrying amount
At 31 August 2018	4,663	-	4,663
	_______	_______	_______
At 31 August 2017	6,217	-	6,217
	_______	_______	_______

5. Debtors

	2018	2017
	£	£
Trade debtors	-	8,333
Other debtors	153	226
	_______	_______
	153	8,559
	_______	_______

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	15,567	17,983
Social security and other taxes	1,494	50
Other creditors	21,193	35,594
	_______	_______
	38,254	53,627
	_______	_______

7. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr R P Cox	( 34,514)	14,401	( 20,113)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr R P Cox	( 31,740)	( 2,774)	( 34,514)
		_______	_______	_______

8. Controlling party

The company is under the control of R Cox.