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REGISTERED NUMBER: 11607045 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

JETSPACE LTD

JETSPACE LTD (REGISTERED NUMBER: 11607045)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JETSPACE LTD

Company Information
for the year ended 31 August 2024







DIRECTOR: D P Willcox





REGISTERED OFFICE: 23 Grand Parade
Brighton
United Kingdom
BN2 9QB





REGISTERED NUMBER: 11607045 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

JETSPACE LTD (REGISTERED NUMBER: 11607045)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 15,313 2,863
Investment property 5 833,531 810,756
848,844 813,619

CURRENT ASSETS
Debtors 6 33,550 36,783
Cash at bank and in hand 31,458 77,668
65,008 114,451
CREDITORS
Amounts falling due within one year 7 (701,894 ) (760,790 )
NET CURRENT LIABILITIES (636,886 ) (646,339 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,958

167,280

PROVISIONS FOR LIABILITIES (934 ) (716 )
NET ASSETS 211,024 166,564

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 211,023 166,563
SHAREHOLDERS' FUNDS 211,024 166,564

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JETSPACE LTD (REGISTERED NUMBER: 11607045)

Balance Sheet - continued
31 August 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





D P Willcox - Director


JETSPACE LTD (REGISTERED NUMBER: 11607045)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Jetspace Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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.

Turnover
Turnover represents amounts receivable for consultancy services net of VAT and rent receivable from investment property.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment- 3 years on cost
Plant & Machinery- 5 years on cost

Investment property
Investment property is shown at most recent valuation provided by the director. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial liabilities, financial assets 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 entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
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.

JETSPACE LTD (REGISTERED NUMBER: 11607045)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Government grants
Grants receivable are recognised as other operating income in the profit and loss account when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grant will be received. The income is taxable and amounts not received by the reporting date are included in other debtors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 15,370
Additions 15,237
At 31 August 2024 30,607
DEPRECIATION
At 1 September 2023 12,507
Charge for year 2,787
At 31 August 2024 15,294
NET BOOK VALUE
At 31 August 2024 15,313
At 31 August 2023 2,863

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 810,756
Additions 22,775
At 31 August 2024 833,531
NET BOOK VALUE
At 31 August 2024 833,531
At 31 August 2023 810,756

JETSPACE LTD (REGISTERED NUMBER: 11607045)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 28,233 23,921
Other debtors 5,317 12,862
33,550 36,783

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,110 10,450
Taxation and social security 6,480 10,812
Other creditors 694,304 739,528
701,894 760,790