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Registered number: 10370859 (England and Wales)














GLOBAL JET CAPITAL SERVICES UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
GLOBAL JET CAPITAL SERVICES UK LIMITED
 

 
COMPANY INFORMATION


Directors
V Kaushal 
C H Paul 




Registered number
10370859



Registered office
C/O Zedra Booths Park 3 Booths Hall
Chelford Road

Knutsford

Cheshire

England

WA16 8GS




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
GLOBAL JET CAPITAL SERVICES UK LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5



 
GLOBAL JET CAPITAL SERVICES UK LIMITED
REGISTERED NUMBER:10370859


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
73,738
52,935

Bank and cash balances
  
40,456
49,994

  
114,194
102,929

Creditors: amounts falling due within one year
 5 
(62,888)
(61,866)

Net current assets
  
 
 
51,306
 
 
41,063

Total assets less current liabilities
  
51,306
41,063

  

Net assets
  
51,306
41,063


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
51,206
40,963

  
51,306
41,063


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C H Paul
Director

Date: 10 April 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1


 
GLOBAL JET CAPITAL SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

Global Jet Capital Services UK Limited is in a net asset position of £51,306 primarily supported by amounts owed by group undertakings. This is due to the Company's business model being solely a transfer pricing agreement with its parent company, Global Jet Capital Inc., and as such is reliant on the continuous support of that company in order to remain a going concern.
The directors have received written confirmation from its parent company, Global Jet Capital Inc., that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Furthermore, the directors have assessed the ability of the parent company to provide this support based on their cashflow forecasts and have concluded that the parent will have sufficient working capital to provide the necessary support. For these reasons, the directors continue to prepare the financial statements on a going concern basis.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 2


 
GLOBAL JET CAPITAL SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.4

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Rendering of services
Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement; and
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
1.6

Auditors remuneration

The effects of transactions, such as audit fee expenses and financial statement preparation fees are recognised under the accrual basis of accounting which is when the transaction occurs, or the service is provided and the benefit is provided to the Company. The Company have elected to adopt the US GAAP approach and report the fees in the financial statements in the period the service is performed as opposed to the period in which it relates. 

 
1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
1.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Amount owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 3


 
GLOBAL JET CAPITAL SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.10

Creditors

Short term creditors are measured at the transaction price.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The financial statements of the Company for the year ended 31 December 2022 were audited by another
auditor who expressed an unmodified opinion on the financial statements.

The audit report was signed on 10/04/2024 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 1 (2022 - 1). 


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
71,972
-

Prepayments and accrued income
1,766
52,935

73,738
52,935


Page 4


 
GLOBAL JET CAPITAL SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
-
4,192

Corporation tax
2,703
2,997

Other creditors
472
-

Accruals and deferred income
59,713
54,677

62,888
61,866


£54,677 has been reclassified from other creditors to accruals in the comparatives to better reflect the nature of this balance. 


6.


Controlling party

Global Jet Capital Inc., is the parent of the parent of the smallest group for which consolidated financial statements are drawn up of which Company is a member. The registered office of the parent company is 83 Wooster Heights Road, Suite 503, Danbury, Connecticut, 06810, USA.  


7.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 5