Company Registration No. 11438895 (England and Wales)
FLYJAMA LTD
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
FLYJAMA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FLYJAMA LTD
Company Registration No. 11438895
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
780,596
778,915
Current assets
Debtors
4
192
21,506
Cash at bank and in hand
18,319
69,988
18,511
91,494
Creditors: amounts falling due within one year
5
(1,380,622)
(1,277,598)
Net current liabilities
(1,362,111)
(1,186,104)
Net liabilities
(581,515)
(407,189)
Capital and reserves
Profit and loss reserves
(581,515)
(407,189)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 15 November 2024
R Marini
Director
FLYJAMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Flyjama Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

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.

1.2
Going concern

The current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy. At the balance sheet date the company has net current liabilities of £581,849 and included within creditors are amounts due to the director of £434,474. The director has confirmed that he will continue to support the company for the foreseeable future and is confident about the company's ability to trade as a going concern and meet its financial obligations. Therefore, the accounts have been prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in air transport services, 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
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Straight line over 15 years

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.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FLYJAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
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.

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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
FLYJAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
1,010,310
Additions
73,966
At 30 June 2024
1,084,276
Depreciation and impairment
At 1 July 2023
231,395
Depreciation charged in the year
72,285
At 30 June 2024
303,680
Carrying amount
At 30 June 2024
780,596
At 30 June 2023
778,915
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
192
21,506
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
717
982
Other creditors
1,379,905
1,276,616
1,380,622
1,277,598
6
Called up share capital

The company has share capital made up of 100 Ordinary share of 0.001p each.

7
Related party transactions

At the balance sheet date, the company owed R Marini, the director, £434,474 (2023 - £374,474).

 

At the balance sheet date, the company owed Jama SRL, a connected company, £942,756 (2023 - £899,992).

FLYJAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
8
Prior year adjustment

A prior year adjustment has been made to reflect the disposal of a plane. This change has resulted in a decrease in the accounting profit for 2023 of £115,446.

 

 

9
Prior period adjustment
Adjustments to equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Aircraft - Escrow N1230N disposal
-
(115,446)
Analysis of the effect upon equity
Profit and loss reserves
-
(115,446)
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