In Full Flight Limited
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Notes to the Accounts |
for the year ended 31 March 2022
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services and is recognised when the sale is made or service completed.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Office equipment |
over 7 years |
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Computer equipment |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price, which is usually the invoice price, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price, which is usually the invoice price.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current period.
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Furniture and equipment |
£ |
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Cost |
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At 1 April 2021 |
1,409 |
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At 31 March 2022 |
1,409 |
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Depreciation |
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At 1 April 2021 |
1,192 |
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Charge for the year |
71 |
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At 31 March 2022 |
1,263 |
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Net book value |
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At 31 March 2022 |
146 |
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At 31 March 2021 |
217 |
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4 |
Debtors |
2022 |
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2021 |
£ |
£ |
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Other debtors |
9,377 |
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7,411 |
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5 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Trade creditors |
869 |
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- |
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Taxation and social security costs |
3,321 |
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1,768 |
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Other creditors |
2,653 |
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1,712 |
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6,843 |
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3,480 |
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6 |
Other information |
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In Full Flight Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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King-o-Mill |
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Keinton Mandeville |
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Somerton |
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Somerset |
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TA11 6DG |