FlyingKids Limited Company accounts

FLYINGKIDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09627981

FlyingKids Limited

Unaudited Financial Statements

30 June 2022

FlyingKids Limited

Financial Statements

Year ended 30 June 2022

Contents	Page

Director's report	1

Income statement	2

Statement of financial position	3

Notes to the financial statements	4

FlyingKids Limited

Director's Report

Year ended 30 June 2022

The director presents her report and the unaudited financial statements of the company for the year ended 30 June 2022 .

Director

The director who served the company during the year was as follows:

S Shifman-Halperin

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 September 2023 and signed on behalf of the board by:

S Shifman-Halperin
Director

Registered office:

Hallswelle House

1 Hallswelle Road

London

United Kingdom

NW11 0DH

FlyingKids Limited

Income Statement

Year ended 30 June 2022

	2022	2021
Note	£	£
Turnover	53,263	44,917

Cost of sales	26,683	15,934
	--------	--------
Gross profit	26,580	28,983

Administrative expenses	31,336	60,045
Other operating income	5,909	32,311
	--------	--------
Operating profit	1,153	1,249

		--------	--------
Profit before taxation	5	1,153	1,249

Tax on profit	–	–
	-------	-------
Profit for the financial year	1,153	1,249
	-------	-------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

FlyingKids Limited

Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		1,319	2,567

Current assets

Stocks		9,550	9,720
Debtors	7	1,379	6,205
Cash at bank and in hand		25,460	27,281
		--------	--------
		36,389	43,206

Creditors: amounts falling due within one year	8	32,068		41,286
		--------		--------
Net current assets			4,321	1,920
			-------	-------
Total assets less current liabilities			5,640	4,487
			-------	-------
Net assets			5,640	4,487
			-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	5,639	4,486
	-------	-------
Shareholders funds	5,640	4,487
	-------	-------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 June 2022 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:

S Shifman-Halperin
Director

Company registration number: 09627981

FlyingKids Limited

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, United Kingdom.

2. Statement of compliance

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

Revenue recognition

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 sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	1,248	1,247
	-------	-------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 July 2021 and 30 June 2022	6,558	6,558
	-------	-------
Depreciation
At 1 July 2021	3,991	3,991
Charge for the year	1,248	1,248
	-------	-------
At 30 June 2022	5,239	5,239
	-------	-------
Carrying amount
At 30 June 2022	1,319	1,319
	-------	-------
At 30 June 2021	2,567	2,567
	-------	-------

7. Debtors

	2022	2021
	£	£
Trade debtors	–	4,171
Other debtors	1,379	2,034
	-------	-------
	1,379	6,205
	-------	-------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	75	77
Other creditors	31,993	41,209
	--------	--------
	32,068	41,286
	--------	--------

9. Related party transactions

The company was under the control of Miss Shira Shifman-Halperin throughout the current year. Miss Shifman-Halperin is the managing director and majority shareholder. Included in other creditors is £17,786 which is owed to the director.