Registered number
07834665
Jet9 Limited
Filleted Accounts
30 November 2023
Jet9 Limited
Registered number: 07834665
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,838 29,057
Investments 4 50 50
19,888 29,107
Current assets
Debtors 5 282,816 248,303
Cash at bank and in hand 62,255 154,149
345,071 402,452
Creditors: amounts falling due within one year 6 (147,580) (62,505)
Net current assets 197,491 339,947
Total assets less current liabilities 217,379 369,054
Creditors: amounts falling due after more than one year 7 (28,655) (41,774)
Net assets 188,724 327,280
Capital and reserves
Called up share capital 500 500
Profit and loss account 188,224 326,780
Shareholders' funds 188,724 327,280
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Wilson
Director
Approved by the board on 31 August 2024
Jet9 Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Plant and machinery over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Furniture, Fixtures and Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 46,346 16,912 91,604 154,862
At 30 November 2023 46,346 16,912 91,604 154,862
Depreciation
At 1 December 2022 45,500 16,912 63,394 125,806
Charge for the year 748 - 8,470 9,218
At 30 November 2023 46,248 16,912 71,864 135,024
Net book value
At 30 November 2023 98 - 19,740 19,838
At 30 November 2022 846 - 28,210 29,057
4 Investments and Joint Ventures
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2022 50
At 30 November 2023 50
Historical cost
At 1 December 2022 50
At 30 November 2023 50
Jet9 Ltd has a 50% interest in the following company:
Jet9 (FAB) Ltd, company registration number 12902968.
The company has opted to use the cost method of accounting for the joint venture, and as such, the investment is shown at cost in the balance sheet and any income from the joint venture is recognised as income in the period it is received.
5 Debtors 2023 2022
£ £
Trade debtors 118,300 245,243
Other debtors 164,516 3,060
282,816 248,303
As at 30 November 2023, the company was owed approximately £163,892 from Mr Michael Wilson, a participator of the company. The loan is included within Debtors on the Balance Sheet.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 142,842 53,131
Other creditors 4,738 9,374
147,580 62,505
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,655 41,774
8 Other information
Jet9 Limited is a private company limited by shares and incorporated in England. Its registered office is:
36-38 International House
Cornhill
London
EC3V 3NG
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