REGISTERED NUMBER: NI036381 (Northern Ireland)

SPA-JET LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R McKay

Mrs A McKay

B R Ledwith

SECRETARY:

REGISTERED OFFICE:

17 Hawthorn Terrace

Coleraine

Co. Londonderry

BT52 2BW

REGISTERED NUMBER:

NI036381 (Northern Ireland)

ACCOUNTANTS:

Jones

Chartered Accountants

4 Comber Street

Saintfield

BALLYNAHINCH

BT24 7AZ

FIXED ASSETS

Tangible assets

4

787,290

699,622

CURRENT ASSETS

Stocks

708,061

775,544

Debtors

5

903,747

850,070

Cash at bank and in hand

436,477

462,113

2,048,285

2,087,727

CREDITORS

Amounts falling due within one year

6

(885,421

)

(1,284,590

)

NET CURRENT ASSETS

1,162,864

803,137

TOTAL ASSETS LESS CURRENT LIABILITIES

1,950,154

1,502,759

CREDITORS

Amounts falling due after more than one year

7

(70,778

)

-

PROVISIONS FOR LIABILITIES

(74,435

)

(52,546

)

NET ASSETS

1,804,941

1,450,213

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,804,841

1,450,113

SHAREHOLDERS' FUNDS

1,804,941

1,450,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

R McKay - Director

Mrs A McKay - Director

1.	STATUTORY INFORMATION

Spa-Jet Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

2.2 Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

2.3 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes directly attributable costs incurred in their acquisition and installation.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, over its expected useful life as follows:

Buildings on freehold land

- 10% straight line

Plant and machinery

- 25% reducing balance

Motor vehicles

- 25% reducing balance

Fixtures and equipment

- 15% - 33 1/3% straight line

2.4 Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash­ generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

2.5 Stocks and work in progress

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

Stocks are stated at the lower of cost and net realisable value. In the case of finished goods and work in progress, cost is defined as the aggregate cost of raw material, direct labour and the attributable proportion of direct production overheads based on a normal level of activity. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.

2.6 Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, . are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.8 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.

2.8 Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 taxation

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.

2.9 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at a contracted rate. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date or the contracted rate. Since only normal trading activities are concerned, translation differences are dealt with through the profit and loss account.

2.10 Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.11 Pension costs

The company operates a defined contribution scheme. Pension contributions in respect of the scheme for employees are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets are held separately from those of the company in an independently administered fund. Differences between the amounts charged in the profit and loss account and payments made to pension funds are treated as assets or liabilities.

2.12 Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

For finished goods an overhead and labour absorption rate is calculated and applied to each stock item. This requires judgement as to the calculation applicable to the absorption rate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Short

Freehold

leasehold

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2024

826,315

-

722,288

Additions

429

19,517

70,285

Disposals

-

-

-

At 31 December 2024

826,744

19,517

792,573

DEPRECIATION

At 1 January 2024

304,447

-

558,687

Charge for year

26,115

162

56,837

Eliminated on disposal

-

-

-

At 31 December 2024

330,562

162

615,524

NET BOOK VALUE

At 31 December 2024

496,182

19,355

177,049

At 31 December 2023

521,868

-

163,601

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

27,215

36,320

1,612,138

Additions

3,885

93,250

187,366

Disposals

-

(15,750

)

(15,750

)

At 31 December 2024

31,100

113,820

1,783,754

DEPRECIATION

At 1 January 2024

20,044

29,338

912,516

Charge for year

3,768

11,121

98,003

Eliminated on disposal

-

(14,055

)

(14,055

)

At 31 December 2024

23,812

26,404

996,464

NET BOOK VALUE

At 31 December 2024

7,288

87,416

787,290

At 31 December 2023

7,171

6,982

699,622

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

825,116

819,120

Amounts owed by group undertakings

9,450

9,450

Other debtors

12,790

5,283

Prepayments

56,391

16,217

903,747

850,070

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

462,491

750,639

Social security and other taxes

162,318

162,564

Other creditors

211,301

331,981

HP creditor

16,330

-

Accruals

32,981

39,406

885,421

1,284,590

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

70,778

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

70,778

-

Fixed assets include motor vehicles totalling £83,536 (2023 - £Nil) which are held under hire purchase contracts.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

10.	CAPITAL COMMITMENTS

2024

2023

£

£

Contracted but not provided for in the

financial statements

188,185

109,000

11.	OTHER FINANCIAL COMMITMENTS

Operating lease commitments

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024

2023

£

£

1,129,217

34,297

No security has been given in respect of the above financial commitments

12.	RELATED PARTY DISCLOSURES

13.	CONTROLLING PARTY