Company No:
Contents
DIRECTORS | Frederick John Eaton |
Suzanne Elizabeth Eaton |
SECRETARY | Frederick John Eaton |
REGISTERED OFFICE | Goodwood House |
Blackbrook Park Avenue | |
Taunton | |
TA1 2PX | |
United Kingdom |
COMPANY NUMBER | 03787052 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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984,983 | 758,844 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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422,391 | 577,050 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 322,791 | 455,144 | ||
Total assets less current liabilities | 1,307,774 | 1,213,988 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Jet - Set (EU) Limited (registered number:
Frederick John Eaton
Director |
Suzanne Elizabeth Eaton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Jet - Set (EU) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Land and buildings |
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Leasehold improvements |
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Vehicles |
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Fixtures and fittings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2023 | 2022 | ||
£ | £ | ||
The company has made a loan to Spidling Productions Limited, company number 13334894, a company under common control. This company has invested in publishing a series of children's books. While the directors are hopeful of Spidling Productions Limited achieving profits, provision is made in full against the loan made, based on the current trading results of the company. | 206,797 | 0 |
Land and buildings | Leasehold improve- ments |
Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 February 2022 |
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Additions |
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At 31 January 2023 |
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Accumulated depreciation | |||||||||
At 01 February 2022 |
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Charge for the financial year |
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At 31 January 2023 |
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Net book value | |||||||||
At 31 January 2023 |
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At 31 January 2022 |
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Investment property | |
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Valuation | |
As at 01 February 2022 |
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Additions | 254,301 |
As at 31 January 2023 |
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Valuation
The directors have considered the valuation of the investment property and have concluded that there has been no material change in value compared to original cost.
Historic cost
The original cost of the investment properties have been accounted for under cost accounting rules, and measured at a cost of £254,301.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by connected companies |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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Transactions with the entity's directors
Advances
At 1 February 2022, the balance owed to the directors was £2,695. During the year, £264,486 was advanced to the directors, and £57,897 was repaid by the directors. At 31 January 2023, the balance owed by the director was £203,894.
At 1 February 2021, the balance owed by the directors was £20,049. During the year, £249,546 was advanced to the directors, and £272,290 was repaid by the directors. At 31 January 2022, the balance owed to the directors was £2,695.