Company registration number 10532657 (England and Wales)
JETTS 247 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JETTS 247 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JETTS 247 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
40,000
45,000
Tangible assets
4
147,987
269,878
Investments
5
100
187,987
314,978
Current assets
Debtors
6
74,623
76,037
Cash at bank and in hand
111,190
15,473
185,813
91,510
Creditors: amounts falling due within one year
7
(266,658)
(286,262)
Net current liabilities
(80,845)
(194,752)
Total assets less current liabilities
107,142
120,226
Creditors: amounts falling due after more than one year
8
(30,555)
(36,111)
Net assets
76,587
84,115
Capital and reserves
Called up share capital
900,001
900,001
Other reserves
60,094
60,094
Profit and loss reserves
(883,508)
(875,980)
Total equity
76,587
84,115
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JETTS 247 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr M J W Symons
Director
Company registration number 10532657 (England and Wales)
JETTS 247 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Jetts 247 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Value House, Clovelly Road Industrial Estate, Bideford, Devon, EX39 3HN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has been supported financially by its shareholders and related party creditors. Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Patents & licences
over 15 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
JETTS 247 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
Plant and equipment
25% per annum on reducing balance basis
Fixtures and fittings
10% to 15% per annum on cost
Computers
25% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.7
Leases
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.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
JETTS 247 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
75,000
Amortisation and impairment
At 1 January 2023
30,000
Amortisation charged for the year
5,000
At 31 December 2023
35,000
Carrying amount
At 31 December 2023
40,000
At 31 December 2022
45,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
13,372
1,106,273
1,119,645
Depreciation and impairment
At 1 January 2023
5,796
843,971
849,767
Depreciation charged in the year
891
121,000
121,891
At 31 December 2023
6,687
964,971
971,658
Carrying amount
At 31 December 2023
6,685
141,302
147,987
At 31 December 2022
7,576
262,302
269,878
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
JETTS 247 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
100
Disposals
(100)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,263
Amounts owed by group undertakings
100
Other debtors
73,360
75,937
74,623
76,037
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,556
5,556
Obligations under finance leases
55,170
Trade creditors
84,632
28,142
Taxation and social security
29,378
17,662
Other creditors
83,398
139,805
Accruals and deferred income
63,694
39,927
266,658
286,262
Finance lease liabilities are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,555
36,111
JETTS 247 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,333
13,888
9
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:
2023
2022
£
£
Within one year
151,928
145,000
Between two and five years
406,552
532,500
558,480
677,500
10
Related party transactions
At the balance sheet date, the following amounts were owed to companies under the control of 2 of the company directors, Mr M J W Symons and Mr H J Brown:-
- Orbmys Limited £nil (2022: £40,000)
- Jetts Fitness UK Limited £71,398 (2022: £59,398)
Interest is payable on those balances at a rate of 10% per annum.