Company Registration No. 08543371 (England and Wales)
JET SPORTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
JET SPORTS LIMITED
COMPANY INFORMATION
Director
Mr M A H Schofield
Secretary
Mr M A H Schofield
Company number
08543371
Registered office
Colliton Barton
Broadhembury
Honiton
EX14 3LJ
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
JET SPORTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JET SPORTS LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,969
20,986
Investments
4
3
2
14,972
20,988
Current assets
Stocks
175,857
221,980
Debtors
5
427,451
298,414
Cash at bank and in hand
9,280
6,616
612,588
527,010
Creditors: amounts falling due within one year
6
(397,159)
(344,506)
Net current assets
215,429
182,504
Total assets less current liabilities
230,401
203,492
Creditors: amounts falling due after more than one year
7
(14,570)
(18,563)
Net assets
215,831
184,929
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
215,731
184,829
Total equity
215,831
184,929
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 30 April 2018
Mr M A H Schofield
JET SPORTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2017
31 July 2017
- 2 -
Director
Company Registration No. 08543371
JET SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
1
Accounting policies
Company information
Jet Sports Limited is a
private
company
limited by shares
incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of Jet Sports Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
2 Years straight line
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Computer equipment
3 Years straight line
Motor vehicles
25% Reducing balance
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
.
JET SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Stocks
Stocks are stated at the lower of cost and
net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
JET SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2016 - 7).
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2016
16,251
9,933
3,603
5,620
24,757
60,164
Additions
-
-
-
381
-
381
At 31 July 2017
16,251
9,933
3,603
6,001
24,757
60,545
Depreciation and impairment
At 1 August 2016
16,251
5,048
1,539
3,731
12,609
39,178
Depreciation charged in the year
-
1,221
413
1,727
3,037
6,398
At 31 July 2017
16,251
6,269
1,952
5,458
15,646
45,576
Carrying amount
At 31 July 2017
-
3,664
1,651
543
9,111
14,969
At 31 July 2016
-
4,885
2,064
1,889
12,148
20,986
4
Fixed asset investments
2017
2016
£
£
Investments
3
2
JET SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2016
2
Additions
1
At 31 July 2017
3
Carrying amount
At 31 July 2017
3
At 31 July 2016
2
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
36,458
26,840
Other debtors
390,993
271,574
427,451
298,414
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
6,072
6,000
Trade creditors
173,055
277,247
Corporation tax
2,821
-
Other taxation and social security
10,988
6,296
Other creditors
204,223
54,963
397,159
344,506
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
14,570
18,563
JET SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 7 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100