Company registration number 02521427 (England and Wales)
JETGLOBAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JETGLOBAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JETGLOBAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
5,101,029
5,423,761
Debtors
3
7,648
4,733
Cash at bank and in hand
-
0
303,767
5,108,677
5,732,261
Creditors: amounts falling due within one year
4
(4,113,006)
(4,181,903)
Net current assets
995,671
1,550,358
Creditors: amounts falling due after more than one year
5
(355,000)
(1,050,000)
Net assets
640,671
500,358
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
639,671
499,358
Total equity
640,671
500,358

The directors 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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
Mrs J A Bentley
Director
Company registration number 02521427 (England and Wales)
JETGLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Jetglobal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Moss House, 21 Higham Road, Huntroyde, Nr. Padiham, Lancashire, BB12 9AP.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The truecompany is reliant upon the support of its parent company, PT&P Holdings Limited, in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for property sales and sundry services provided, net of VAT.

Property sales are recognised upon legal completion.

1.4
Stocks

Stocks represent freehold properties held for resale and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises acquisition costs together with any directly attributable costs.

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.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

JETGLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 5).

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
7,648
4,733
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
369,231
-
0
Amounts owed to group undertakings
3,655,139
4,020,000
Taxation and social security
43,152
142,348
Other creditors
45,484
19,555
4,113,006
4,181,903
JETGLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Creditors: amounts falling due within one year
(Continued)
- 4 -

The company has given fixed charges over properties held as stock as security against the amounts owed to group undertakings.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
355,000
1,050,000

The company has given fixed charges over properties held as stock as security against the bank borrowings.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
100
100
100
100
B Ordinary Shares of £1 each
200
200
200
200
C Ordinary Shares of £1 each
200
200
200
200
D Ordinary Shares of £1 each
200
200
200
200
E Ordinary Shares of £1 each
100
100
100
100
G Ordinary Shares of £1 each
200
200
200
200
1,000
1,000
1,000
1,000
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