Oxford Flight Savers Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08072753 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

Oxford Flight Savers Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

R Habgood

REGISTERED OFFICE:

30 Bankside Court

Stationfields

Kidlington

Oxfordshire

OX5 1JE

REGISTERED NUMBER:

08072753 (England and Wales)

ACCOUNTANTS:

Chapman Robinson and Moore Limited

30 Bankside Court

Stationfields

Kidlington

Oxford

OX5 1JE

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oxford Flight Savers Limited for the year ended 31 May 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Oxford Flight Savers Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oxford Flight Savers Limited and state those matters that we have agreed to state to the director of Oxford Flight Savers Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Oxford Flight Savers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oxford Flight Savers Limited. You consider that Oxford Flight Savers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Oxford Flight Savers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chapman Robinson and Moore Limited

30 Bankside Court

Stationfields

Kidlington

Oxford

OX5 1JE

Date: .............................................

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,827

2,899

1,827

2,899

CURRENT ASSETS

Debtors

6

306,605

230,686

Prepayments and accrued income

10,452

1,161

Cash at bank

76,121

71,742

393,178

303,589

CREDITORS

Amounts falling due within one year

7

(246,681

)

(206,730

)

NET CURRENT ASSETS

146,497

96,859

TOTAL ASSETS LESS CURRENT LIABILITIES

148,324

99,758

CREDITORS

Amounts falling due after more than one year

8

(81,753

)

(87,942

)

NET ASSETS

66,571

11,816

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

66,471

11,716

66,571

11,816

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 August 2023 and were signed by:

R Habgood - Director

1.	STATUTORY INFORMATION

Oxford Flight Savers 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

25% on reducing balance, 25% on cost and 20% on cost

Taxation

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

Current 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2022

and 31 May 2023

68,358

AMORTISATION

At 1 June 2022

and 31 May 2023

68,358

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

and 31 May 2023

8,516

DEPRECIATION

At 1 June 2022

5,617

Charge for year

1,072

At 31 May 2023

6,689

NET BOOK VALUE

At 31 May 2023

1,827

At 31 May 2022

2,899

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Trade debtors

163,091

50,949

Other debtors

143,514

179,737

306,605

230,686

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Bank loans and overdrafts (see note 9)

9,855

9,702

Trade creditors

131,789

108,182

Taxation and social security

35,515

60,596

Other creditors

69,522

28,250

246,681

206,730

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/23

31/5/22

£

£

Bank loans (see note 9)

81,753

87,942

9.

LOANS

The company has a subordinated loan of £50,000 which cannot be repaid without prior consent from the Civil Aviation Authority.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31/5/23

31/5/22

£

£

R Habgood

Balance outstanding at start of year

125,893

58,041

Amounts advanced

64,829

128,663

Amounts repaid

(92,307

)

(60,811

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

98,415

125,893