Returnjet Limited 08226519 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of providing an online hub for private jet charters Digita Accounts Production Advanced 6.30.9574.0 true true 08226519 2023-04-01 2024-03-31 08226519 2024-03-31 08226519 core:CurrentFinancialInstruments 2024-03-31 08226519 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08226519 core:Non-currentFinancialInstruments 2024-03-31 08226519 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08226519 core:Goodwill 2024-03-31 08226519 core:FurnitureFittingsToolsEquipment 2024-03-31 08226519 bus:SmallEntities 2023-04-01 2024-03-31 08226519 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08226519 bus:FullAccounts 2023-04-01 2024-03-31 08226519 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08226519 bus:RegisteredOffice 2023-04-01 2024-03-31 08226519 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 08226519 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08226519 core:Goodwill 2023-04-01 2024-03-31 08226519 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 08226519 core:ComputerEquipment 2023-04-01 2024-03-31 08226519 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08226519 core:OtherRelatedParties 2023-04-01 2024-03-31 08226519 countries:EnglandWales 2023-04-01 2024-03-31 08226519 2023-03-31 08226519 core:Goodwill 2023-03-31 08226519 core:FurnitureFittingsToolsEquipment 2023-03-31 08226519 2022-04-01 2023-03-31 08226519 2023-03-31 08226519 core:CurrentFinancialInstruments 2023-03-31 08226519 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08226519 core:Non-currentFinancialInstruments 2023-03-31 08226519 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08226519 core:Goodwill 2023-03-31 08226519 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 08226519

Prepared for the registrar

Returnjet Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Returnjet Limited

(Registration number: 08226519)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

4,284

1,080

Tangible assets

6

283

463

 

4,567

1,543

Current assets

 

Debtors

7

3,877

2,194

Cash at bank and in hand

 

1,478

2,203

 

5,355

4,397

Creditors: Amounts falling due within one year

8

(1,240,224)

(1,163,158)

Net current liabilities

 

(1,234,869)

(1,158,761)

Total assets less current liabilities

 

(1,230,302)

(1,157,218)

Creditors: Amounts falling due after more than one year

8

(4,588)

(8,414)

Net liabilities

 

(1,234,890)

(1,165,632)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(1,234,990)

(1,165,732)

Shareholders' deficit

 

(1,234,890)

(1,165,632)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 October 2024
 

.........................................
M Blanchfield
Company secretary and director

   
     
 

Returnjet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Chalfont House
61 The Park
Cheltenham
Gloucestershire
GL50 2SA

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Returnjet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Intangible assets

Intellectual property is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Development costs

Expenditure on research and development is charged to the income statement in the year in which it is incurred

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Returnjet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

4

Taxation

At 31 March 2024, the company has unused tax losses of £711,306 (2023: £642,444) to carry forward against future profits.

 

Returnjet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

5

Intangible assets

Intellectual Property
 £

Total
£

Cost

At 1 April 2023

2,160

2,160

Additions

3,600

3,600

At 31 March 2024

5,760

5,760

Amortisation

At 1 April 2023

1,080

1,080

Amortisation charge

396

396

At 31 March 2024

1,476

1,476

Carrying amount

At 31 March 2024

4,284

4,284

At 31 March 2023

1,080

1,080

 

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

2,348

2,348

Additions

280

280

At 31 March 2024

2,628

2,628

Depreciation

At 1 April 2023

1,885

1,885

Charge for the year

460

460

At 31 March 2024

2,345

2,345

Carrying amount

At 31 March 2024

283

283

At 31 March 2023

463

463

 

7

Debtors

2024
 £

2023
 £

Trade debtors

249

-

Other debtors

3,481

1,640

Prepayments

147

554

 

3,877

2,194

 

Returnjet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

1,055,715

1,035,760

Trade creditors

 

2,256

4,360

Social security and other taxes

 

1,028

1,820

Other creditors

 

178,872

115,082

Accrued expenses

 

2,353

6,136

 

1,240,224

1,163,158

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

4,588

8,414

 

9

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Bank borrowings

 

3,826

3,731

Bank overdrafts

 

-

4

Other borrowings

10

1,051,889

1,032,025

 

1,055,715

1,035,760

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

4,588

8,414

 

10

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the amount due to the director was £1,052,185 (2023: £1,032,025) in the form of a director's loan account. The loan is interest free and has no fixed terms for repayment.

At 31 March 2024 within other creditors is the amount £178,873 (2023: £115,082) which is owed to Jomico LLP, a company under common control. The loan is interest free and has no fixed terms for repayment.