FLYBIKEFLY.COM Limited
Notes to the Financial Statements
For the Period Ended 31 December 2020
Flybikefly.com Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Woodward Avenue, Westerleigh Business Park, Yate, Bristol, Avon, BS37 5YS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
In 2017, the company ceased to trade and became dormant. The debts outstanding are to fellow group undertakings who do not intend to call upon this debt. As such the accounts are stated on a going concern basis. Should this underlying support be withdrawn it may be necessary to prepare the accounts on a break up basis.
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.
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:
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.
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.
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