International Jet Company Ltd 13863239 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of aviation brokerage. Digita Accounts Production Advanced 6.30.9574.0 true true 13863239 2023-04-01 2024-03-31 13863239 2024-03-31 13863239 core:CurrentFinancialInstruments 2024-03-31 13863239 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13863239 core:FurnitureFittingsToolsEquipment 2024-03-31 13863239 core:OtherPropertyPlantEquipment 2024-03-31 13863239 bus:SmallEntities 2023-04-01 2024-03-31 13863239 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13863239 bus:FilletedAccounts 2023-04-01 2024-03-31 13863239 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13863239 bus:RegisteredOffice 2023-04-01 2024-03-31 13863239 bus:Director1 2023-04-01 2024-03-31 13863239 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13863239 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 13863239 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13863239 1 2023-04-01 2024-03-31 13863239 countries:EnglandWales 2023-04-01 2024-03-31 13863239 2023-03-31 13863239 core:FurnitureFittingsToolsEquipment 2023-03-31 13863239 core:OtherPropertyPlantEquipment 2023-03-31 13863239 2022-01-21 2023-03-31 13863239 2023-03-31 13863239 core:CurrentFinancialInstruments 2023-03-31 13863239 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13863239 core:FurnitureFittingsToolsEquipment 2023-03-31 13863239 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13863239

International Jet Company Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

International Jet Company Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

International Jet Company Ltd

Company Information

Director

M Fields

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

International Jet Company Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,707

5,710

Current assets

 

Debtors

5

486,714

420,995

Cash at bank and in hand

 

127,602

75,220

 

614,316

496,215

Creditors: Amounts falling due within one year

6

(302,368)

(339,915)

Net current assets

 

311,948

156,300

Net assets

 

318,655

162,010

Capital and reserves

 

Called up share capital

100

100

Retained earnings

318,555

161,910

Shareholders' funds

 

318,655

162,010

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 29 October 2024
 

.........................................

M Fields

Director

Company registration number: 13863239

 

International Jet Company Ltd

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of aviation brokerage.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Disclosure of long or short period

These financial statements relate to the year ended 31 March 2024. The comparatives relate to the period from 21 January 2022 to 31 March 2023.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date of £318,655, including cash at bank amounting to £127,602.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in the preparation of the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received for the 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.

The company recognises revenue from services provided over the period to which the services relate.

 

International Jet Company Ltd

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

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 rate on the date when the fair value is re-measured.

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

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.

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

The estimated residual value of other tangible fixed assets is such that no depreciation charge arises.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

International Jet Company Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

-

5,710

5,710

Additions

1,291

-

1,291

At 31 March 2024

1,291

5,710

7,001

Depreciation

Charge for the year

294

-

294

At 31 March 2024

294

-

294

Carrying amount

At 31 March 2024

997

5,710

6,707

At 31 March 2023

-

5,710

5,710

5

Debtors

2024
£

2023
£

Trade debtors

315,357

282,929

Other debtors

171,357

138,066

486,714

420,995

 

International Jet Company Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

43,361

96,022

Taxation and social security

158,788

52,037

Other creditors

100,219

191,856

302,368

339,915

7

Transactions with directors

At 31 March 2024 an amount of £132,801 (2023: £6,173) was due from the director. During the year advances of £1,169,249 and repayments of £1,042,621 were made. Interest of £3,559 (2023: £NIL) is payable to the company at 2.25% p.a. There are no set terms in place.