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REGISTERED NUMBER: NI036381 (Northern Ireland)















SPA-JET LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPA-JET LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: R McKay
Mrs A McKay
B R Ledwith





SECRETARY:





REGISTERED OFFICE: 17 Hawthorn Terrace
Coleraine
Co. Londonderry
BT52 2BW





REGISTERED NUMBER: NI036381 (Northern Ireland)





ACCOUNTANTS: Jones
Chartered Accountants
4 Comber Street
Saintfield
BALLYNAHINCH
BT24 7AZ

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

BALANCE SHEET
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 699,622 673,888

CURRENT ASSETS
Stocks 775,544 501,468
Debtors 5 850,070 3,134,192
Cash at bank and in hand 462,113 40,282
2,087,727 3,675,942
CREDITORS
Amounts falling due within one year 6 (1,284,590 ) (1,162,876 )
NET CURRENT ASSETS 803,137 2,513,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,502,759

3,186,954

PROVISIONS FOR LIABILITIES (52,546 ) (41,810 )
NET ASSETS 1,450,213 3,145,144

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,450,113 3,145,044
SHAREHOLDERS' FUNDS 1,450,213 3,145,144

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

BALANCE SHEET - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




R McKay - Director



Mrs A McKay - Director


SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Spa-Jet Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

2.2 Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes directly attributable costs incurred in their acquisition and installation.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, over its expected useful life as follows:


Buildings on freehold land - 10% straight line
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures and equipment- 15% - 33 1/3% straight line

2.4 Impairment
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.

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

2.5 Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model. Under the accrual model. Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

2.6 Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value. In the case of finished goods and work in progress, cost is defined as the aggregate cost of raw material, direct labour and the attributable proportion of direct production overheads based on a normal level of activity. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

2.7 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, loans from fellow group companies and preference shares that are classified as debt, . are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.8 Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2.9 Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

2.10 Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at a contracted rate. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date or the contracted rate. Since only normal trading activities are concerned, translation differences are dealt with through the profit and loss account.

2.11 Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.12 Pension costs
The company operates a defined contribution scheme. Pension contributions in respect of the scheme for employees are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets are held separately from those of the company in an independently administered fund. Differences between the amounts charged in the profit and loss account and payments made to pension funds are treated as assets or liabilities.

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

2.13 Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock
For finished goods an overhead and labour absorption rate is calculated and applied to each stock item. This requires judgement as to the calculation applicable to the absorption rate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 43 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2023 823,213 636,974 22,005 36,320 1,518,512
Additions 3,102 85,314 5,210 - 93,626
At 31 December 2023 826,315 722,288 27,215 36,320 1,612,138
DEPRECIATION
At 1 January 2023 273,436 525,990 18,188 27,010 844,624
Charge for year 31,011 32,697 1,856 2,328 67,892
At 31 December 2023 304,447 558,687 20,044 29,338 912,516
NET BOOK VALUE
At 31 December 2023 521,868 163,601 7,171 6,982 699,622
At 31 December 2022 549,777 110,984 3,817 9,310 673,888

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 819,120 675,359
Amounts owed by group undertakings 9,450 2,443,372
Other debtors 5,283 215
Prepayments 16,217 15,246
850,070 3,134,192

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 750,639 538,656
Amounts received on account - 314,668
Social security and other taxes 162,564 226,371
Other creditors 331,981 900
HP creditor - 2,245
Accruals 39,406 80,036
1,284,590 1,162,876

7. SECURED DEBTS

Included in creditors due within one year at the balance sheet date were creditors amounting to £Nil, (2022 - £2,245) which were secured on certain fixed assets of the company.

Trade debtors are covered by an invoice discounting arrangement, These assets have not been de-recognised from the balance sheet because the company remains ultimately responsible for any unpaid balances, so the directors consider significant risks to have been retained. Payments received on account of £Nil (2022: £314,668) included in other creditors above represent amounts advanced under the invoice discounting arrangement and are secured on the company's assets.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

9. CAPITAL COMMITMENTS
2023 2022
£ £
Contracted but not provided for in the
financial statements 109,000 -

SPA-JET LIMITED (REGISTERED NUMBER: NI036381)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


10. OTHER FINANCIAL COMMITMENTS

Operating lease commitments

Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

20232022
£   £   

34.29747,040

11. RELATED PARTY DISCLOSURES

Included within other creditors is an amount advanced to the company of £200,000 (2022 - £Nil) by a
director to the company.. The advance is unsecured, interest free and repayable on demand.

12. CONTROLLING PARTY

On 9 June 2023, Spa-Jet Limited was sold to RA Spa-Jet Holdings Limited. From this date, the immediate and ultimate parent company is RA Spa-Jet Holdings Limited whose registered office is 17 Hawthorne Terrace, Coleraine, BT52 2BW. Prior to this the immediate parent company of Spa-Jet Limited was Kudos Shower Products Limited which has a registered office at Unit 1, Elmsfield Park, Holme, Carnforth, Lancashire, LA6 1 RJ.