Jetstream.UK Ltd
Registered number: 06361416
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 178 238
Current assets
Stocks 17,920 18,510
Debtors 4 82,343 80,824
Cash at bank and in hand 4,879 28,395
105,142 127,729
Creditors: amounts falling due within one year 5 (29,102) (56,582)
Net current assets 76,040 71,147
Total assets less current liabilities 76,218 71,385
Creditors: amounts falling due after more than one year 6 (13,033) (22,233)
Net assets 63,185 49,152
Capital and reserves
Called up share capital 120 120
Profit and loss account 63,065 49,032
Shareholders' funds 63,185 49,152
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 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.
J A Spriggs
Director
Approved by the board on 9 September 2024
Jetstream.UK Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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:
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction 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. 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 and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 11,878
At 31 December 2023 11,878
Depreciation
At 1 January 2023 11,640
Charge for the year 60
At 31 December 2023 11,700
Net book value
At 31 December 2023 178
At 31 December 2022 238
4 Debtors 2023 2022
£ £
Trade debtors 4,747 41,262
Other debtors 77,596 39,562
82,343 80,824
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,200 9,200
Trade creditors 9,864 24,416
Accruals 1,390 1,325
Corporation tax 3,664 4,130
Other taxes and social security costs 4,137 15,558
Other creditors 847 1,953
29,102 56,582
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,033 22,233
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J A Spriggs
Repayable on demand 20,640 20,404 - 41,044
20,640 20,404 - 41,044
8 Other information
Jetstream.UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Osborne Road
Farnborough
Hampshire
GU14 6AA
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