Flylogix Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09650213 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

FLYLOGIX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C A Tavner

F T M Marcroft

M A Briffa

J Bigmore

E C Brown

D D Ruback

N P Stirk

REGISTERED OFFICE:

c/o Moorfields Advisory Ltd

82 St John Street

London

EC1M 4JN

REGISTERED NUMBER:

09650213 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

-

58,457

Investments

5

-

-

-

58,457

CURRENT ASSETS

Debtors

6

276,273

377,360

Cash at bank

3,826,697

208,444

4,102,970

585,804

CREDITORS

Amounts falling due within one year

7

6,056,182

413,651

NET CURRENT (LIABILITIES)/ASSETS

(1,953,212

)

172,153

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,953,212

)

230,610

CREDITORS

Amounts falling due after more than one year

8

-

41,672

NET (LIABILITIES)/ASSETS

(1,953,212

)

188,938

CAPITAL AND RESERVES

Called up share capital

198

190

Share premium

1,816,618

1,211,075

Non

distributable

reserves

68,934

42,244

Retained earnings

(3,838,962

)

(1,064,571

)

SHAREHOLDERS' FUNDS

(1,953,212

)

188,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2023 and were signed on its behalf by:

D D Ruback - Director

1.	STATUTORY INFORMATION

Flylogix Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

These financial statements for the year ended 30 June 2022 are the first financial statements that comply with FRS 102 Section 1A having previously been prepared under FRS 105. The date of transition was 1 July 2020. The directors have considered the impact of the transition to FRS 102 section 1A and considered the adjustments in accounting policies. This resulted in a transitional adjustment to the retained profit shown for the year ended 30 June 2021 as described in note 12.

Going concern

In March 2023 the company entered administration. The company ceased trading with immediate effect and therefore the financial statements have been prepared on a basis other than that of a going concern. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. Fixed assets have been restated as current assets and creditors falling due after more than one year have been reclassified as current liabilities.

Turnover

Turnover represents gross invoiced sales of services, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 1A. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Share-based payments

Certain employees have been awarded share options within a share option scheme. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognised in the financial statements over the tranche's vesting period based on the number of awards expected to vest, and is identified in the non-distributable reserves.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2021

66,430

5,582

-

14,236

86,248

Additions

63,829

9,116

2,000

25,998

100,943

Disposals

(42,180

)

-

-

-

(42,180

)

Impairments

(50,839

)

(8,596

)

(1,459

)

(19,156

)

(80,050

)

Reclassification/transfer

(16,946

)

(2,865

)

(486

)

(6,362

)

(26,659

)

At 30 June 2022

20,294

3,237

55

14,716

38,302

DEPRECIATION

At 1 July 2021

17,957

1,604

-

8,230

27,791

Charge for year

17,646

1,633

55

6,486

25,820

Eliminated on disposal

(15,309

)

-

-

-

(15,309

)

At 30 June 2022

20,294

3,237

55

14,716

38,302

NET BOOK VALUE

At 30 June 2022

-

-

-

-

-

At 30 June 2021

48,473

3,978

-

6,006

58,457

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

2,693

Impairments

(2,693

)

At 30 June 2022

-

NET BOOK VALUE

At 30 June 2022

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Trade debtors

-

72,755

Other debtors

276,273

304,605

276,273

377,360

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Bank loans and overdrafts

-

3,327

Trade creditors

127,460

25,328

Taxation and social security

96,752

28,093

Other creditors

5,831,970

356,903

6,056,182

413,651

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

as restated

£

£

Bank loans

-

41,672

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,820

9.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had total operating lease commitments of £35,448 (2021 : £3,820)

10.	POST BALANCE SHEET EVENTS

As disclosed in note 2, the company has entered administration after the reporting date.

The complete financial effect of this is still under review by the administrators; Mr A Pear and Mr M Solomons, of Moorfields Advisory Ltd, 82 St John Street, London, EC1M 4JN.

The financial statements have been prepared on a basis other than that of a going concern and in accordance with the other accounting policies set out in note 2. This has resulted in alternative measurements and classifications of certain assets and liabilities but does not make provision for future costs of terminating the business. Contractual arrangements are being reviewed by the administrators to identify all potential liabilities but the full extent of these have not yet been established. Some of these will relate to operating lease commitments as stated at note 10, share-based payments calculations totalling £51,925 will be accelerated in the next accounting period, together with any potential employee, and investors, contractual commitments, but these should not be considered an exhaustive list due to the limitations present at the date of approving these financial statements.

11.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102 Section 1A. The company transitioned to FRS 102 as at 1 July 2020. The impact of the transition is recognition of share-based payments which resulted in an adjustment of £42,244 in the prior year profit and loss account and an increase in non-distributable reserves by the same amount.