J.E.T Construction (Milton Keynes) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

J.E.T Construction (Milton Keynes) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03614707 . The registered office is 1 Mount Avenue, Bletchley, Milton Keynes, Buckinghamshire, MK1 1LS. The presentation currency is £ Sterling rounded to the nearest £1.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life to a maximum of 20 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

25 % Straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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J.E.T Construction (Milton Keynes) Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Employees	15	15

	15	15

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 March 2024	56,500

As at 28 February 2025	56,500

Amortisation
As at 1 March 2024	56,500

As at 28 February 2025	56,500

Net Book Value
As at 28 February 2025	-

As at 1 March 2024	-

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J.E.T Construction (Milton Keynes) Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

5. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 March 2024	266,196
Additions	112,329
Disposals	(83,982 )

As at 28 February 2025	294,543

Depreciation
As at 1 March 2024	143,445
Provided during the period	52,028
Disposals	(43,588 )

As at 28 February 2025	151,885

Net Book Value
As at 28 February 2025	142,658

As at 1 March 2024	122,751

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	73,194	83,271

6. Stocks

	2025	2024
	£	£
Long term contracts	308,225	131,355

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	576,692	239,424
Prepayments and accrued income	9,442	6,262
Other debtors	90	90
Directors' loan accounts	189	-

	586,413	245,776

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J.E.T Construction (Milton Keynes) Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	19,585	17,410
Trade creditors	416,213	172,918
Corporation tax	-	3,845
Other taxes and social security	24,986	20,892
VAT	117,296	49,991
Other creditors	5,129	6,033
Accruals and deferred income	17,861	16,296

	601,070	287,385

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	49,341	46,033

10. Secured Creditors

Of the creditors falling due within and after more than one year the following amounts are secured.

The company has allowed a fixed and floating charge over the company's assets in favour of Lloyds Bank Commercial Finance Limited in respect of discounted trade debtors. As at 28th February 2025 the company owed £nil (2024 - £541) to Lloyds Bank Commercial Finance Limited.

	2025		2024
	£		£
Net obligations under finance lease and hire purchase contracts	68,926		63,443

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 March 2024	7,785	7,785
Additions	1,001	1,001

Balance at 28 February 2025	8,786	8,786

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	850	850

13. Capital Commitments

At the end of the period, the company had financial commitments contracted for but not provided in these financial statements amounting to £9,500 per annum until April 2031 (2024 - £9,500).

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J.E.T Construction (Milton Keynes) Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

14. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 March 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 28 February 2025
	£	£	£	£	£
Mr Christopher Pethick	-	189	-	-	189

The above loan is unsecured, interest free and was repaid by 31st October 2025.

15. Related Party Transactions

As at 28th February 2025, the directors had given a personal guarantee of £10,000 (2024 - £10,000) to Lloyds Bank Commercial Finance Limited.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		142,658		122,751

			142,658		122,751
CURRENT ASSETS
Stocks	6	308,225		131,355
Debtors	7	586,413		245,776
Cash at bank and in hand		362,053		624,165

		1,256,691		1,001,296
Creditors: Amounts Falling Due Within One Year	8	(601,070 )		(287,385 )

NET CURRENT ASSETS (LIABILITIES)			655,621		713,911

TOTAL ASSETS LESS CURRENT LIABILITIES			798,279		836,662

Creditors: Amounts Falling Due After More Than One Year	9		(49,341 )		(46,033 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(8,786 )		(7,785 )

NET ASSETS			740,152		782,844

CAPITAL AND RESERVES
Called up share capital	12		850		850
Share premium account			8,850		8,850
Capital redemption reserve			300		300
Profit and Loss Account			730,152		772,844

SHAREHOLDERS' FUNDS			740,152		782,844