Silverfin false 31/01/2023 01/02/2022 31/01/2023 Frederick John Eaton 10/06/1999 Suzanne Elizabeth Eaton 10/06/1999 Frederick John Eaton 25 October 2023 The principal activity of the Company during the financial year was the provision of supported living for people with learning disabilities and mental health problems, registered with the CQC. 03787052 2023-01-31 03787052 bus:Director1 2023-01-31 03787052 bus:Director2 2023-01-31 03787052 2022-01-31 03787052 core:CurrentFinancialInstruments 2023-01-31 03787052 core:CurrentFinancialInstruments 2022-01-31 03787052 core:Non-currentFinancialInstruments 2023-01-31 03787052 core:Non-currentFinancialInstruments 2022-01-31 03787052 core:ShareCapital 2023-01-31 03787052 core:ShareCapital 2022-01-31 03787052 core:RevaluationReserve 2023-01-31 03787052 core:RevaluationReserve 2022-01-31 03787052 core:RetainedEarningsAccumulatedLosses 2023-01-31 03787052 core:RetainedEarningsAccumulatedLosses 2022-01-31 03787052 core:LandBuildings 2022-01-31 03787052 core:LeaseholdImprovements 2022-01-31 03787052 core:Vehicles 2022-01-31 03787052 core:FurnitureFittings 2022-01-31 03787052 core:LandBuildings 2023-01-31 03787052 core:LeaseholdImprovements 2023-01-31 03787052 core:Vehicles 2023-01-31 03787052 core:FurnitureFittings 2023-01-31 03787052 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-01-31 03787052 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-01-31 03787052 2022-02-01 2023-01-31 03787052 bus:FullAccounts 2022-02-01 2023-01-31 03787052 bus:SmallEntities 2022-02-01 2023-01-31 03787052 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 03787052 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03787052 bus:Director1 2022-02-01 2023-01-31 03787052 bus:Director2 2022-02-01 2023-01-31 03787052 bus:CompanySecretary1 2022-02-01 2023-01-31 03787052 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 03787052 core:LeaseholdImprovements core:TopRangeValue 2022-02-01 2023-01-31 03787052 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 03787052 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 03787052 2021-02-01 2022-01-31 03787052 core:LandBuildings 2022-02-01 2023-01-31 03787052 core:LeaseholdImprovements 2022-02-01 2023-01-31 03787052 core:Vehicles 2022-02-01 2023-01-31 03787052 core:FurnitureFittings 2022-02-01 2023-01-31 03787052 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 03787052 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 03787052 (England and Wales)

JET - SET (EU) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

JET - SET (EU) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

JET - SET (EU) LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2023
JET - SET (EU) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
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
JET - SET (EU) LIMITED

BALANCE SHEET

As at 31 January 2023
JET - SET (EU) LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 730,682 758,844
Investment property 5 254,301 0
984,983 758,844
Current assets
Debtors 6 330,874 223,454
Cash at bank and in hand 91,517 353,596
422,391 577,050
Creditors: amounts falling due within one year 7 ( 99,600) ( 121,906)
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 ( 15,124) ( 25,710)
Provision for liabilities ( 6,073) ( 6,073)
Net assets 1,286,577 1,182,205
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 72,835 75,263
Profit and loss account 1,213,642 1,106,842
Total shareholders' funds 1,286,577 1,182,205

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Jet - Set (EU) Limited (registered number: 03787052) were approved and authorised for issue by the Board of Directors on 25 October 2023. They were signed on its behalf by:

Frederick John Eaton
Director
Suzanne Elizabeth Eaton
Director
JET - SET (EU) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
JET - SET (EU) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

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.

General information and basis of accounting

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

Turnover represents amounts receivable for accommodation and services, recognised as the accommodation is provided and services are delivered.

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.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 6.66 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years 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.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 35

3. Exceptional item

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

4. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2022 690,083 205,559 145,130 157,128 1,197,900
Additions 25,453 0 0 12,779 38,232
At 31 January 2023 715,536 205,559 145,130 169,907 1,236,132
Accumulated depreciation
At 01 February 2022 112,707 111,302 101,176 113,871 439,056
Charge for the financial year 15,538 11,321 19,761 19,774 66,394
At 31 January 2023 128,245 122,623 120,937 133,645 505,450
Net book value
At 31 January 2023 587,291 82,936 24,193 36,262 730,682
At 31 January 2022 577,376 94,257 43,954 43,257 758,844

5. Investment property

Investment property
£
Valuation
As at 01 February 2022 0
Additions 254,301
As at 31 January 2023 254,301

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.

6. Debtors

2023 2022
£ £
Trade debtors 120,400 84,751
Amounts owed by connected companies 1,000 131,126
Other debtors 209,474 7,577
330,874 223,454

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,592 35,402
Taxation and social security 60,960 51,512
Obligations under finance leases and hire purchase contracts 10,721 13,405
Other creditors 16,327 21,587
99,600 121,906

The hire purchase liabilities are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 15,124 25,710

The hire purchase liabilities are secured against the assets to which they relate.

9. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

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.