Company Registration No. 09406955 (England and Wales)
JET JUMP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
JET JUMP LIMITED
COMPANY INFORMATION
Director
Mr M A H Schofield
Company number
09406955
Registered office
Unit 5 Colliton Barton
Broadhembury
Honiton
Devon
EX14 3LJ
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
JET JUMP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JET JUMP LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
229,781
280,497
Current assets
Debtors
4
1,474
1,553
Creditors: amounts falling due within one year
5
(91,061)
(126,706)
Net current liabilities
(89,587)
(125,153)
Total assets less current liabilities
140,194
155,344
Provisions for liabilities
(5,746)
(9,043)
Net assets
134,448
146,301
Capital and reserves
Called up share capital
6
1
1
Revaluation reserve
7
158,137
210,171
Profit and loss reserves
(23,690)
(63,871)
Total equity
134,448
146,301
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 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 Act with respect to accounting records and the preparation of financial statements.
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.
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 30 April 2025
Mr M A H Schofield
Director
Company Registration No. 09406955
JET JUMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Jet Jump Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
2/10/9 Years straight line
Fixtures, fittings & equipment
20% Reducing balance
Computer equipment
3 Years straight line
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 and cash equivalents
Cash and cash equivalents 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.
JET JUMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).
3
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 August 2023 and 31 July 2024
495,870
26,803
15,408
538,081
Depreciation and impairment
At 1 August 2023
221,011
21,165
15,408
257,584
Depreciation charged in the year
49,591
1,125
50,716
At 31 July 2024
270,602
22,290
15,408
308,300
Carrying amount
At 31 July 2024
225,268
4,513
229,781
At 31 July 2023
274,859
5,638
280,497
The fair value of the leasehold property was arrived at following an informal valuation carried out by the director of the company in 2022. The valuations were made on an open market value basis by reference to income yield.
JET JUMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Tangible fixed assets
(Continued)
- 4 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
285,699
285,699
Accumulated depreciation
228,994
200,423
Carrying value
56,705
85,276
The revaluation surplus is disclosed in note 7.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,474
1,474
Prepayments and accrued income
79
1,474
1,553
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,485
4,485
Trade creditors
12,338
12,417
Corporation tax
21,027
9,527
Other creditors
52,177
99,664
Accruals and deferred income
1,034
613
91,061
126,706
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
7
Revaluation reserve
JET JUMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Revaluation reserve
(Continued)
- 5 -
2024
2023
£
£
At beginning of year
210,171
210,171
Transfer to retained earnings
(52,034)
At end of year
158,137
210,171