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REGISTERED NUMBER: 10107493 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

JETSET PROPERTIES LIMITED

JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


JETSET PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Rahim Virani
Karim Virani





SECRETARY: Rahim Virani





REGISTERED OFFICE: Crown House
North Circular Road
London
NW10 7PN





REGISTERED NUMBER: 10107493 (England and Wales)






JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,380 4,642
Investment property 5 3,000,000 3,000,000
3,007,380 3,004,642

CURRENT ASSETS
Debtors 6 4,200 24,916
Cash at bank 118,563 162,815
122,763 187,731
CREDITORS
Amounts falling due within one year 7 3,365,652 2,457,193
NET CURRENT LIABILITIES (3,242,889 ) (2,269,462 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(235,509

)

735,180

CREDITORS
Amounts falling due after more than one year 8 - 974,733
NET LIABILITIES (235,509 ) (239,553 )

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 9 (499,290 ) (499,290 )
Retained earnings 263,780 259,736
(235,509 ) (239,553 )

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

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

The directors acknowledge their 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.

JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





Rahim Virani - Director


JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Jetset Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. ACCOUNTING POLICIES

Accounting convention
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 as modified by the revaluation of certain assets.

Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

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. The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

- the valuation of the freehold investment property.

Turnover
Turnover represents the total invoice value, excluding VAT, of gross rent receivable during the year. Rental income is recognised once space is provided to tenants.

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

Investment property
investment properties are accounted for as follows:
- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.


JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 6,531
Additions 5,000
At 31 March 2024 11,531
DEPRECIATION
At 1 April 2023 1,889
Charge for year 2,262
At 31 March 2024 4,151
NET BOOK VALUE
At 31 March 2024 7,380
At 31 March 2023 4,642

JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,000,000
NET BOOK VALUE
At 31 March 2024 3,000,000
At 31 March 2023 3,000,000

Investment property comprises of one property. The investment property is valued on an open market value basis as at 31 March 2023 by the directors.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 3,000,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,499,290 3,499,290

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 716
Other debtors 4,200 24,200
4,200 24,916

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,003,549 58,499
Trade creditors 4,454 16,660
Taxation and social security 4,140 25,412
Other creditors 2,353,509 2,356,622
3,365,652 2,457,193

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 974,733

JETSET PROPERTIES LIMITED (REGISTERED NUMBER: 10107493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 (499,290 )

10. RELATED PARTY DISCLOSURES

Amounts owed to related parties as at 31 March 2024 included in other creditors £2,338,808 (2023: £2,338,808).

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mrs A Virani who holds 100% shareholding of the company.