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COMPANY REGISTRATION NUMBER: 06957272
JET RENEWABLES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
JET RENEWABLES LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
549,261
589,241
CURRENT ASSETS
Debtors
6
108,099
67,405
Cash at bank and in hand
146,390
219,390
----------
----------
254,489
286,795
CREDITORS: amounts falling due within one year
7
237,201
408,855
----------
----------
NET CURRENT ASSETS/(LIABILITIES)
17,288
( 122,060)
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
566,549
467,181
CREDITORS: amounts falling due after more than one year
Bank loans and overdrafts
34,477
PROVISIONS
Taxation including deferred tax
109,543
113,473
----------
----------
NET ASSETS
457,006
319,231
----------
----------
JET RENEWABLES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
2,000
2,000
Profit and loss account
455,006
317,231
----------
----------
SHAREHOLDERS FUNDS
457,006
319,231
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Mr S H Boyle
Director
Company registration number: 06957272
JET RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from sales is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Wind Turbine
-
5% straight line
Fixtures & fittings
-
15% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. TANGIBLE ASSETS
Wind turbine
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
977,153
960
978,113
Additions
9,000
9,000
----------
----
-------
----------
At 31 July 2024
977,153
960
9,000
987,113
----------
----
-------
----------
Depreciation
At 1 August 2023
388,728
144
388,872
Charge for the year
48,857
123
48,980
----------
----
-------
----------
At 31 July 2024
437,585
267
437,852
----------
----
-------
----------
Carrying amount
At 31 July 2024
539,568
693
9,000
549,261
----------
----
-------
----------
At 31 July 2023
588,425
816
589,241
----------
----
-------
----------
6. DEBTORS
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
120
Other debtors
108,099
67,285
----------
---------
108,099
67,405
----------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,329
83,807
Corporation tax
48,622
52,315
Social security and other taxes
157
3,875
Other creditors
161,093
268,858
----------
----------
237,201
408,855
----------
----------
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The director's loan accounts were in credit throughout the year, the loans are unsecured interest free and repayable on demand. The amount outstanding at 31 July 2024 was £90,066. (2023 - £197,038)