Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is to provide telecommunication services.

These financial statements were authorised for issue by the Board on 1 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a loss in the year and has net current assets. The financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its financial obligations as they fall due for payment for the foreseeable future. The company is reliant upon the continued support of its parent undertaking, A1 Telekom Austria AG, to be able to do this. A1 Telekom Austria AG has indicated to the directors that support will be provided as it is required.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% straight line

Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

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 or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
 

Debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, the only significant judgement relates to the depreciation of fixed assets. The annual depreciation charge for any fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount is £110,350 (2023 - £193,791).

4	Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 1 October 2025 was Hannah Fowlie, who signed for and on behalf of Bourner Bullock.

5	Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 0 (2023 - 0).

Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	421,869	421,869
Additions	969	969
At 31 December 2024	422,838	422,838
Depreciation
At 1 January 2024	228,078	228,078
Charge for the year	84,410	84,410
At 31 December 2024	312,488	312,488
Carrying amount
At 31 December 2024	110,350	110,350
At 31 December 2023	193,791	193,791

7

Debtors

Current	Note	2024 £	2023 £
Amounts owed by related parties		12,414	-
Prepayments		36,699	28,052
Other debtors		28,676	25,582
		77,789	53,634

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		1,190	6,049
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest		276	217,019
Taxation and social security		13,053	-
Accruals and deferred income		10,300	9,852
		24,819	232,920

Jetstream England Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	25,000	25,000	25,000	25,000

10

Dividends

Final dividends paid

		2024 £		2023 £
Final dividend of £Nil per each Ordinary shares		-		-

11	Parent and ultimate parent undertaking

The Company's immediate parent is A1 Telekom Austria AG, incorporated in Austria.

 

The parent of the smallest group in which these financial statements are consolidated is A1 Telekom Austria AG, incorporated in Austria.

The address of A1 Telekom Austria AG is:
A1 Telekom Austria AG, Lassallestrasse 9, Vienna, Austria.