REGISTERED NUMBER: 03744217 (England and Wales)

JET ENVIRONMENTAL SYSTEMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs Z P Gonzalez Garcia

Mr J N J Hibbs

Mrs J E Hibbs

Mr I Gonzalez Garcia

REGISTERED OFFICE:

1 The Courtyard

707 Warwick Road

Solihull

West Midlands

B91 3DA

REGISTERED NUMBER:

03744217 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

FIXED ASSETS

Intangible assets

4

4,334

8,016

Tangible assets

5

171,922

117,732

176,256

125,748

CURRENT ASSETS

Stocks

10,030

-

Debtors

6

3,964,923

3,521,518

Cash at bank

858,811

1,547,175

4,833,764

5,068,693

CREDITORS

Amounts falling due within one year

7

1,338,826

1,780,249

NET CURRENT ASSETS

3,494,938

3,288,444

TOTAL ASSETS LESS CURRENT LIABILITIES

3,671,194

3,414,192

CREDITORS

Amounts falling due after more than one year

8

(90,144

)

(55,278

)

PROVISIONS FOR LIABILITIES

(37,692

)

(23,718

)

NET ASSETS

3,543,358

3,335,196

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

3,542,358

3,334,196

SHAREHOLDERS' FUNDS

3,543,358

3,335,196

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 15 August 2025 and were signed on its behalf by:

Mr I Gonzalez Garcia - Director

1.	STATUTORY INFORMATION

Jet Environmental Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost 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.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision effects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges, accrued/deferred income balances and prepaid/accrued costs. As part of the accrued/deferred income the company estimates the stage of completion for each project. Using the stage of completion less what has been invoiced they will work out the amount of income to be deferred/accrued. Prepaid/accrued costs similarly reflect the stage of completion using the expected margin of each project.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Sales of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied;

- the company has transferred the significant risk and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold;

- it is probable that the company will receive the consideration due under the transactions; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Software - 4 years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) 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.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

and 31 December 2024

130,881

AMORTISATION

At 1 January 2024

122,865

Amortisation for year

3,682

At 31 December 2024

126,547

NET BOOK VALUE

At 31 December 2024

4,334

At 31 December 2023

8,016

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

64,005

97,235

55,828

217,068

Additions

8,413

77,100

8,700

94,213

At 31 December 2024

72,418

174,335

64,528

311,281

DEPRECIATION

At 1 January 2024

40,636

14,546

44,154

99,336

Charge for year

8,129

26,778

5,116

40,023

At 31 December 2024

48,765

41,324

49,270

139,359

NET BOOK VALUE

At 31 December 2024

23,653

133,011

15,258

171,922

At 31 December 2023

23,369

82,689

11,674

117,732

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

73,677

Additions

77,100

At 31 December 2024

150,777

DEPRECIATION

At 1 January 2024

8,950

Charge for year

20,889

At 31 December 2024

29,839

NET BOOK VALUE

At 31 December 2024

120,938

At 31 December 2023

64,727

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,074,706

758,300

Amounts owed by group undertakings

2,358,630

1,576,960

Other debtors

130,159

155,516

VAT refund

-

44,934

Prepayments and accrued income

401,428

985,808

3,964,923

3,521,518

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

23,226

8,165

Trade creditors

458,320

581,961

Tax

30,544

158,190

Social security and other taxes

34,735

27,688

Other creditors

11,265

11,859

Accruals and deferred income

780,736

992,386

1,338,826

1,780,249

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

90,144

55,278

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Gross obligations repayable:

Within one year

27,705

11,114

Between one and five years

92,827

57,226

120,532

68,340

Finance charges repayable:

Within one year

4,479

2,949

Between one and five years

2,683

1,948

7,162

4,897

Net obligations repayable:

Within one year

23,226

8,165

Between one and five years

90,144

55,278

113,370

63,443

Non-cancellable operating

leases

2024

2023

£

£

Within one year

54,350

58,286

Between one and five years

53,698

104,752

In more than five years

-

3,296

108,048

166,334

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Hegney FCCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

12.	RELATED PARTY DISCLOSURES

During 2021 Jet Environmental Group Limited, the ultimate parent company, entered into a loan agreement with Triple Point Advancer Leasing PLC for £950,000. Jet Environmental Systems Limited, Jet AHU Limited and Jet Group Holdings Limited are also acting as guarantors for this debt.Since the year end this loan has been settled and fully repaid.

13.	ULTIMATE CONTROLLING PARTY

The immediate parent of the company is Jet AHU Limited, a company incorporated and registered in England. The address of the registered office of Jet AHU Limited is 1 The Courtyard, 707 Warwick Road, Solihull, West Midlands, B91 3DA.

The ultimate parent of the company is Jet Environmental Group Limited, a company incorporated and registered in England.

The directors do not consider there to be a single controlling party in either the current or prior year.