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REGISTERED NUMBER: 02393417 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MASTER JET LIMITED

MASTER JET LIMITED (REGISTERED NUMBER: 02393417)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MASTER JET LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: J R Barnett
Mrs A M Barnett





SECRETARY: Mrs A M Barnett





REGISTERED OFFICE: The Clock House
Western Court
Bishop's Sutton
Alresford
Hampshire
SO24 0AA





REGISTERED NUMBER: 02393417 (England and Wales)





ACCOUNTANTS: Fox & Co (Accountants) Ltd
The Clock House
Western Court
Bishop's Sutton.
Alresford
Hampshire
SO24 0AA

MASTER JET LIMITED (REGISTERED NUMBER: 02393417)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77,723 102,803

CURRENT ASSETS
Debtors 5 96,553 97,619
Cash at bank and in hand 75,570 84,800
172,123 182,419
CREDITORS
Amounts falling due within one year 6 45,223 67,018
NET CURRENT ASSETS 126,900 115,401
TOTAL ASSETS LESS CURRENT
LIABILITIES

204,623

218,204

PROVISIONS FOR LIABILITIES 8,797 13,181
NET ASSETS 195,826 205,023

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 195,824 205,021
SHAREHOLDERS' FUNDS 195,826 205,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MASTER JET LIMITED (REGISTERED NUMBER: 02393417)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:





Mrs A M Barnett - Director


MASTER JET LIMITED (REGISTERED NUMBER: 02393417)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Master Jet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Fixed assets are stated at their cost prices, less accumulated depreciation and amounts recognised in respect of impairment.

Debtors and creditors receivable/payable within one year
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 recognized in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

MASTER JET LIMITED (REGISTERED NUMBER: 02393417)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 261,255
DEPRECIATION
At 1 April 2022 158,452
Charge for year 25,080
At 31 March 2023 183,532
NET BOOK VALUE
At 31 March 2023 77,723
At 31 March 2022 102,803

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 90,528 91,116
Other debtors 6,025 6,503
96,553 97,619

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 42,680 64,482
Other creditors 2,543 2,536
45,223 67,018

7. THE ENTITY’S ABILITY TO CONTINUE AS A GOING CONCERN - COVID-19

Management has considered the consequences of COVID-19 and other events and conditions. The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities is unknown and might require future disclosure in the financial statements. At present the management has determined that the impact of COVID-19 does not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.