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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
53,401
23,363
76,764
xbrli:pure
xbrli:shares
iso4217:GBP
06587758
2023-01-01
2023-12-31
06587758
2023-12-31
06587758
2022-12-31
06587758
2022-01-01
2022-12-31
06587758
2022-12-31
06587758
core:PatentsTrademarksLicencesConcessionsSimilar
2023-01-01
2023-12-31
06587758
core:PlantMachinery
2023-01-01
2023-12-31
06587758
core:FurnitureFittings
2023-01-01
2023-12-31
06587758
core:MotorVehicles
2023-01-01
2023-12-31
06587758
bus:Director10
2023-01-01
2023-12-31
06587758
core:Warranties
2023-01-01
2023-12-31
06587758
core:WithinOneYear
2023-12-31
06587758
core:WithinOneYear
2022-12-31
06587758
core:AfterOneYear
2023-12-31
06587758
core:AfterOneYear
2022-12-31
06587758
core:ShareCapital
2023-12-31
06587758
core:ShareCapital
2022-12-31
06587758
core:RetainedEarningsAccumulatedLosses
2023-12-31
06587758
core:RetainedEarningsAccumulatedLosses
2022-12-31
06587758
core:Warranties
2022-12-31
06587758
core:Warranties
2023-12-31
06587758
bus:SmallEntities
2023-01-01
2023-12-31
06587758
bus:Audited
2023-01-01
2023-12-31
06587758
bus:AbridgedAccounts
2023-01-01
2023-12-31
06587758
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06587758
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06587758
core:UKTax
2023-01-01
2023-12-31
06587758
core:UKTax
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
06587758
JetMS Completions Limited |
|
Filleted Abridged Financial Statements |
|
JetMS Completions Limited |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
6 |
74,266 |
75,998 |
Tangible assets |
7 |
176,276 |
82,648 |
|
--------- |
--------- |
|
250,542 |
158,646 |
|
|
|
|
Current assets
Stocks |
495,887 |
275,467 |
Debtors |
1,031,602 |
954,098 |
Cash at bank and in hand |
177,813 |
288,188 |
|
------------ |
------------ |
|
1,705,302 |
1,517,753 |
|
|
|
Creditors: amounts falling due within one year |
4,604,973 |
2,682,401 |
|
------------ |
------------ |
Net current liabilities |
2,899,671 |
1,164,648 |
|
------------ |
------------ |
Total assets less current liabilities |
(
2,649,129) |
(
1,006,002) |
|
|
|
Creditors: amounts falling due after more than one year |
182,000 |
60,000 |
|
|
|
Provisions |
8 |
76,764 |
53,401 |
|
------------ |
------------ |
Net liabilities |
(
2,907,893) |
(
1,119,403) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
95 |
95 |
Profit and loss account |
(
2,907,988) |
(
1,119,498) |
|
------------ |
------------ |
Shareholders deficit |
(
2,907,893) |
(
1,119,403) |
|
------------ |
------------ |
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
JetMS Completions Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
24 June 2024
, and are signed on behalf of the board by:
Mr Stefan Chevalier |
Director |
|
Company registration number:
06587758
JetMS Completions Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 December 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 510 Churchill Way, Biggin Hill, Westerham, TN16 3BN.
2.
Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company incurred losses in the current and previous financial year and has negative net assets at the year ended 31 December 2023. Despite the company's forecast of net profit for next year it will continue to have negative net assets position. The directors, having considered the above, made due enquiries and secured finance from group company, they continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Avia Solutions Group PLC which can be obtained from www.aviasg.com. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Disposal proceeds of tax losses to group companies is recognised under taxation in the Statement of Comprehensive Income.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents, trademarks and licences |
- |
25% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Plant and machinery |
- |
25% reducing balance |
|
Fixtures and fittings |
- |
25% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
|
|
|
|
|
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
67
(2022:
40
).
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
3,104,927 |
1,894,126 |
Social security costs |
309,290 |
207,862 |
Other pension costs |
56,071 |
28,740 |
|
------------ |
------------ |
|
3,470,288 |
2,130,728 |
|
------------ |
------------ |
|
|
|
5.
Tax on loss
Major components of tax income
Current tax:
Dsiposal of tax losses to group company |
(
166,496) |
(
114,081)
|
|
--------- |
--------- |
Tax on loss |
(
166,496) |
(
114,081) |
|
--------- |
--------- |
|
|
|
6.
Intangible assets
|
£ |
Cost |
|
At 1 January 2023 |
77,576 |
Additions |
21,250 |
|
-------- |
At 31 December 2023 |
98,826 |
|
-------- |
Amortisation |
|
At 1 January 2023 |
1,578 |
Charge for the year |
22,982 |
|
-------- |
At 31 December 2023 |
24,560 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
74,266 |
|
-------- |
At 31 December 2022 |
75,998 |
|
-------- |
|
|
7.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
231,995 |
Additions |
132,096 |
|
--------- |
At 31 December 2023 |
364,091 |
|
--------- |
Depreciation |
|
At 1 January 2023 |
149,347 |
Charge for the year |
38,468 |
|
--------- |
At 31 December 2023 |
187,815 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
176,276 |
|
--------- |
At 31 December 2022 |
82,648 |
|
--------- |
|
|
8.
Provisions
|
Warranties |
|
£ |
At 1 January 2023 |
53,401 |
Additions |
23,363 |
|
-------- |
At 31 December 2023 |
76,764 |
|
-------- |
|
|
9.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
56,071
(2022: £
28,740
).
Defined pension plans contributions for one director recognised in profit and loss as an expense was £2,422 (2022: £3,889).
10.
Summary audit opinion
The auditor's report for the year dated
8 July 2024
was
unqualified
.
The senior statutory auditor was
Ibrahim Ibrahim
, for and on behalf of
CAS House Limited
.
11.
Related party transactions
The following sales transactions to group companies are included in the Statement of Comprehensive Income for the year (period): - JetMS Regional UAB £283,590 (2022: £57,933) - JetMS Interiors UAB £247,281 (2022: £0) - JetMS Holding Limited £10,000 (2022: £0) The following purchase transactions from group companies are in the Statement of Comprehensive Income for the year (period): - JetMS Regional UAB £236,937 (2022: £106,420) - JetMS Interiors UAB £54,474 (2022: £0) - Chapman Freeborn Airmarketing Ltd £41,438 (2021: £0) At the year end the company was owed £26,555 (2022:£0) by RAS Completions Limited less and owed the same entity £61,177 (2022: £69,532), owed JetMS Regional UAB £302,421 (2022: 119,500) and was owed £118,073 by the same entity, owed Avia Solutions PLC £0 (2022: £10,375), owed Chapman Freeborn Airmarketing Ltd £62,734 (2022: £28,776), owed by JetMS Interiors UAB £38,592, owed by AviaAM Leasing £30,885, owed Waypoint aerotec Limited £5023, owed by JetMS Holding Limited £12,000. ASG Finance Designated Activity Company, a member of the Avia Solutions Group which is the ultimate foreign parent of JetMS Comepletions Limited. During the year ASG Finance Designated Activity Company granted two loans to
JetMS Completions Limited
, summary of the total transactions and the year end outstanding balances is below: - Interest charge for the year £123,565. - Loan outstanding at year end £2,603,877. - Loans are repayable within less than one year. - Outstanding loan interest at year end £130,014. During the year JetMS Holding Limited, parent of JetMS Comepletions Limited, granted a loan to JetMS Completions Limited
, summary of the total transactions and the year end outstanding balances is below: - Interest charge for the year £0. - Loan outstanding at year end £182,000 (2022: £60,000). - Loan is repayable within one year.
12.
Controlling party
The company was under the control of Mr Russell Pitt and Mr Christopher Ransley to 01 March 2021. On 02 March 2021 the company was acquired by JetMS Holding Limited, the latter is a subsidiary of UAB JetMS Regional which is a company incorporated in Lithuania. From 02 March 2021 the ultimate controlling party is Mr Gediminas Ziemelis, a Lithuanian citizen.