General Information
ADVANTAGE FLIGHT SUPPORT LTD is a private company, limited by shares, registered in England and Wales, registration number 06411697, registration address White Horse Cottage Main Street, Thistleton, Rutland, LE15 7RE.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the buyer; 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.
Change in classification of revenue and direct costs
The directors have made a voluntary change in the classification of the second type of revenue and corresponding expenses. Previously presented as Hospitality Services, these are now classified under Supervision and Flight Riding. The directors believe that this reclassification provides a fairer representation of the revenue streams and associated costs within the company. It is important to note that this change in classification does not affect the Gross Profit reported by the company.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
25% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
|
| 2. |
Average number of employees
Average number of employees during the year was 6 (2023 : 5).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 February 2023 |
60,224 |
|
36,616 |
|
14,837 |
|
111,677 |
| Additions |
1,285 |
|
- |
|
675 |
|
1,960 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 January 2024 |
61,509 |
|
36,616 |
|
15,512 |
|
113,637 |
| Depreciation |
| At 01 February 2023 |
55,415 |
|
24,628 |
|
11,662 |
|
91,705 |
| Charge for year |
1,523 |
|
3,903 |
|
975 |
|
6,401 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 January 2024 |
56,938 |
|
28,531 |
|
12,637 |
|
98,106 |
| Net book values |
| Closing balance as at 31 January 2024 |
4,571 |
|
8,085 |
|
2,875 |
|
15,531 |
| Opening balance as at 01 February 2023 |
4,809 |
|
11,988 |
|
3,175 |
|
19,972 |
|
| 4. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
22,042 |
|
27,620 |
| Other Debtors |
161 |
|
161 |
| VAT recoverable |
6,591 |
|
6,331 |
|
28,794 |
|
34,112 |
|
| 5. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
3,259 |
|
11,015 |
| Bank Loans & Overdrafts |
0 |
|
10,274 |
| Corporation Tax |
48,517 |
|
25,929 |
| PAYE & Social Security |
1,461 |
|
5,441 |
| Accrued Expenses |
2,274 |
|
2,271 |
| Other Creditors |
621 |
|
2,315 |
| Mr C Potts |
32,017 |
|
2,849 |
| Ms A Mitchell |
32,016 |
|
2,849 |
|
120,165 |
|
62,943 |
|
3
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