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Company No: 03787052 (England and Wales)

JET - SET (EU) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

JET - SET (EU) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

JET - SET (EU) LIMITED

BALANCE SHEET

As at 31 January 2025
JET - SET (EU) LIMITED

BALANCE SHEET (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 4 741,868 677,422
Investment property 5 270,437 270,437
1,012,305 947,859
Current assets
Debtors 6 643,277 405,921
Cash at bank and in hand 84,629 305,809
727,906 711,730
Creditors: amounts falling due within one year 7 ( 184,775) ( 197,038)
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 ( 30,844) 0
Provision for liabilities ( 30,017) ( 32,460)
Net assets 1,494,575 1,430,091
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 67,979 70,407
Profit and loss account 1,426,496 1,359,584
Total shareholders' funds 1,494,575 1,430,091

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Jet - Set (EU) Limited (registered number: 03787052) were approved and authorised for issue by the Board of Directors on 11 August 2025. They were signed on its behalf by:

F J Eaton
Director
JET - SET (EU) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
JET - SET (EU) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover represents amounts receivable for accommodation and services, recognised over the periods in which accommodation is provided and services are delivered.

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.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 6.66 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

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

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 33

3. Exceptional item

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

4. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2024 717,336 205,559 118,622 178,700 1,220,217
Additions 1,173 68,535 41,784 9,332 120,824
Disposals 0 0 ( 30,053) 0 ( 30,053)
At 31 January 2025 718,509 274,094 130,353 188,032 1,310,988
Accumulated depreciation
At 01 February 2024 144,124 133,944 112,988 151,739 542,795
Charge for the financial year 13,840 18,918 8,602 15,018 56,378
Disposals 0 0 ( 30,053) 0 ( 30,053)
At 31 January 2025 157,964 152,862 91,537 166,757 569,120
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 527,395 539,684

5. Investment property

Investment property
£
Valuation
As at 01 February 2024 270,437
As at 31 January 2025 270,437

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

6. Debtors

2025 2024
£ £
Trade debtors 95,114 120,544
Amounts owed by connected companies 257,241 248,340
Other debtors 290,922 37,037
643,277 405,921

7. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 17,262 24,328
Taxation and social security 142,407 100,054
Obligations under finance leases and hire purchase contracts (secured) 3,014 11,617
Other creditors 22,092 61,039
184,775 197,038

Hire purchase liabilities are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2025 2024
£ £
Obligations under finance leases and hire purchase contracts (secured) 30,844 0

9. Related party transactions

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.