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 |
2021 | 2020 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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759,427 | 391,634 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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419,557 | 354,482 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 234,971 | 249,156 | ||
Total assets less current liabilities | 994,398 | 640,790 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provisions 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 £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.
Freehold buildings 2% straight line
Long leasehold land and buildings 15% straight line
Fixtures and fittings 25% straight line
Motor vehicles 25% straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Land and buildings |
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years | Straight line | |||
Leasehold improvements |
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years | Straight line | |||
Vehicles |
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years | Straight line | |||
Fixtures and fittings |
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years | Straight line |
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.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in 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.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Leasehold improvements | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 February 2020 |
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Additions |
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Disposals |
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Transfers | (
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At 31 January 2021 |
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Accumulated depreciation | |||||||||
At 01 February 2020 |
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Charge for the financial year |
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Disposals |
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Transfer reallocation | (
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At 31 January 2021 |
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Net book value | |||||||||
At 31 January 2021 |
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At 31 January 2020 |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Other creditors |
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Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
S E Eaton DLA | 10,024 | 211 | |
F J Eaton DLA | 10,024 | 211 |
Advances
An advance for was made to the directors on for £145,128 (at interest rate of 7.50%), the conditions are . £135,104 has been repaid, £0 has been written off, and £0 has been waived.
The total liability incurred under advances is £290,256, the total amount repaid are £270,208, the total amounts written-off are £0 and the total amounts waived are £0.