Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| Investment property | 5 |
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| 1,012,305 | 947,859 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 727,906 | 711,730 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 543,131 | 514,692 | ||
| Total assets less current liabilities | 1,555,436 | 1,462,551 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Jet - Set (EU) Limited (registered number:
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F J Eaton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Jet - Set (EU) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
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.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
| Land and buildings |
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| Leasehold improvements |
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| Vehicles |
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| Fixtures and fittings |
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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.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities 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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| 2025 | 2024 | ||
| £ | £ | ||
| The company has made a loan to Spidling Productions Limited (company number 13334894), a company under common control. This company has invested in publishing a series of children's books. Whilst the directors are hopeful of Spidling Productions Limited achieving profits, provision is made in full against the loan based on the current trading results of the company. | 84,357 | 86,451 |
| Land and buildings | Leasehold improve- ments |
Vehicles | Fixtures and fittings | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 February 2024 |
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| Additions |
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| Disposals |
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| At 31 January 2025 |
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| Accumulated depreciation | |||||||||
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| Charge for the financial year |
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| Disposals |
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| At 31 January 2025 |
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| Net book value | |||||||||
| At 31 January 2025 | 560,545 | 121,232 | 38,816 | 21,275 | 741,868 | ||||
| At 31 January 2024 | 573,212 | 71,615 | 5,634 | 26,961 | 677,422 |
Revaluation of tangible assets
Freehold land and buildings were revalued on 31 January 2010 by the directors and the basis of the valuation was open market value. Under previous UK GAAP, the transitional rules of FRS15 have been applied and the valuation was not updated, therefore under FRS102 Section 1A, freehold land and buildings are deemed to be held at cost.
If freehold land and buildings had been historically accounting for using the cost model, they would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historical cost | 694,457 | 693,284 | |
| Accumulated depreciation | (167,062) | (153,600) | |
| Carrying value |
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| Investment property | |
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| Valuation | |
| As at 01 February 2024 |
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| As at 31 January 2025 |
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Valuation
The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £270,437 (2024 - £270,437).
Historic cost
If the investment properties had been accounted for under historic cost, they would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historic cost | 270,437 | 270,437 |
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by connected companies |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Obligations under finance leases and hire purchase contracts (secured) |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts (secured) |
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Transactions with the entity's directors
F J & S Eaton
The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £20,000 at the official HMRC rates.
At 1 February 2024, the balance owed by the directors was £16,433. During the year, £277,186 was advanced to the directors, and £87,556 was repaid by the directors. At 31 January 2025, the balance owed by the directors was £206,063.
At 1 February 2023, the balance owed by the directors was £203,894. During the year, £81,748 was advanced to the directors, and £269,209 was repaid by the directors. At 31 January 2024, the balance owed by the directors was £16,433.