0 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,152,255 240,161 96,279 336,440 815,815 912,094 xbrli:pure xbrli:shares iso4217:GBP 12148006 2022-04-01 2023-03-31 12148006 2023-03-31 12148006 2022-03-31 12148006 2022-03-31 12148006 bus:Director1 2022-04-01 2023-03-31 12148006 core:WithinOneYear 2023-03-31 12148006 core:WithinOneYear 2022-03-31 12148006 core:ShareCapital 2023-03-31 12148006 core:ShareCapital 2022-03-31 12148006 core:RetainedEarningsAccumulatedLosses 2023-03-31 12148006 core:RetainedEarningsAccumulatedLosses 2022-03-31 12148006 bus:SmallEntities 2022-04-01 2023-03-31 12148006 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12148006 bus:FullAccounts 2022-04-01 2023-03-31 12148006 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12148006 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12148006 core:Aircraft 2022-04-01 2023-03-31 12148006 core:Aircraft 2023-03-31 12148006 core:Aircraft 2022-03-31
COMPANY REGISTRATION NUMBER: 12148006
Citation Jet Ltd
Filleted Unaudited Financial Statements
31 March 2023
Citation Jet Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
815,815
912,094
Current assets
Debtors
5
27,312
20,388
Cash at bank and in hand
16,395
15,803
--------
--------
43,707
36,191
Creditors: amounts falling due within one year
6
1,117,277
1,073,560
------------
------------
Net current liabilities
1,073,570
1,037,369
------------
------------
Total assets less current liabilities
( 257,755)
( 125,275)
---------
---------
Net liabilities
( 257,755)
( 125,275)
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 258,755)
( 126,275)
---------
---------
Shareholders deficit
( 257,755)
( 125,275)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , and are signed on behalf of the board by:
D Bulman
Director
Company registration number: 12148006
Citation Jet Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nal Engineering Hangar, Southside Newcastle Airport, Woolsington, Newcastle Upon Tyne, NE13 8BT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1. Going concern The financial statements are prepared on the going concern basis. In the director's opinion the company will generate sufficient resources from operations and has access to adequate funding to enable the company to continue in operational existence for the foreseeable future. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Aircraft - 10% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Tangible assets
Aircraft
£
Cost
At 1 April 2022 and 31 March 2023
1,152,255
------------
Depreciation
At 1 April 2022
240,161
Charge for the year
96,279
------------
At 31 March 2023
336,440
------------
Carrying amount
At 31 March 2023
815,815
------------
At 31 March 2022
912,094
------------
5. Debtors
2023
2022
£
£
Trade debtors
25,812
18,888
Other debtors
1,500
1,500
--------
--------
27,312
20,388
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,639
19,196
Social security and other taxes
1,501
1,584
Other creditors
1,088,137
1,052,780
------------
------------
1,117,277
1,073,560
------------
------------
Other creditors amounting to £1,033,500 (2022: £991,000) are secured by a charge over the company's fixed assets.