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Jet Applications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

Registration number: 5092775

 

Jet Applications Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Jet Applications Limited

(Registration number: 5092775)
Statement of financial position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

73,325

78,113

Investment property

5

1,557,300

1,547,300

 

1,630,625

1,625,413

Current assets

 

Debtors

6

326,619

424,535

Investments

7

67,050

73,554

Cash at bank and in hand

 

150,354

44,012

 

544,023

542,101

Creditors: Amounts falling due within one year

8

(77,454)

(28,785)

Net current assets

 

466,569

513,316

Total assets less current liabilities

 

2,097,194

2,138,729

Provisions for liabilities

(73,989)

(72,920)

Net assets

 

2,023,205

2,065,809

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

312,698

312,698

Retained earnings

1,710,407

1,753,011

Shareholders' funds

 

2,023,205

2,065,809

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
Miss Jane Tidy
Director

 

Jet Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 28 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Jet Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings fixtures & Equipment

25% Straight line

Plant & Machinery

5% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Jet Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

108,652

108,652

At 31 March 2025

108,652

108,652

Depreciation

At 1 April 2024

30,539

30,539

Charge for the year

4,788

4,788

At 31 March 2025

35,327

35,327

Carrying amount

At 31 March 2025

73,325

73,325

At 31 March 2024

78,113

78,113

 

Jet Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Investment properties

2025
£

At 1 April

1,547,300

Fair value adjustments

10,000

At 31 March

1,557,300

Investment properties are valued at the balance sheet date by the directors.

6

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

-

235

Amounts owed by related parties

325,300

424,300

Other debtors

 

1,319

-

   

326,619

424,535

7

Current asset investments

2025
£

2024
£

Other investments

67,050

73,554

8

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Taxation and social security

8,270

7,760

Accruals and deferred income

2,980

3,185

Other creditors

66,204

17,840

77,454

28,785

 

Jet Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100