Company No: 03787052 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	1,136,972		741,868
Investment property	5	270,437		270,437
		1,407,409		1,012,305
Current assets
Debtors	6	452,454		643,277
Cash at bank and in hand		9,269		84,629
		461,723		727,906
Creditors: amounts falling due within one year	7	( 223,246)		( 184,775)
Net current assets		238,477		543,131
Total assets less current liabilities		1,645,886		1,555,436
Creditors: amounts falling due after more than one year	8	( 27,022)		( 30,844)
Provision for liabilities		( 34,431)		( 30,017)
Net assets		1,584,433		1,494,575
Capital and reserves
Called-up share capital		100		100
Revaluation reserve		65,551		67,979
Profit and loss account		1,518,782		1,426,496
Total shareholders' funds		1,584,433		1,494,575

For the financial year ending 31 January 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Jet-Set (EU) Limited (registered number: 03787052) were approved and authorised for issue by the Board of Directors on 14 July 2026. They were signed on its behalf by:

F J Eaton Director

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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	not depreciated
	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.

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

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	32		32

3. Exceptional item

	2026		2025
	£		£
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.	72,448		84,357

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 February 2025	718,509		274,094		130,353		188,032		1,310,988
Additions	327,484		123,288		1,440		15,385		467,597
At 31 January 2026	1,045,993		397,382		131,793		203,417		1,778,585
Accumulated depreciation
At 01 February 2025	157,964		152,862		91,537		166,757		569,120
Charge for the financial year	13,882		34,879		10,746		12,986		72,493
At 31 January 2026	171,846		187,741		102,283		179,743		641,613
Net book value
At 31 January 2026	874,147		209,641		29,510		23,674		1,136,972
At 31 January 2025	560,545		121,232		38,816		21,275		741,868
Leased assets included above:
Net book value
At 31 January 2026	0		0		25,771		0		25,771
At 31 January 2025	0		0		35,142		0		35,142

Revaluation of tangible assets

Freehold land and buildings and leasehold improvements 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:

	2026		2025
	£		£
Historical cost	1,416,282		965,510
Accumulated depreciation	(398,186)		(351,852)
Carrying value	1,018,096		613,658

5. Investment property

	Investment property
	£
Valuation
As at 01 February 2025	270,437
As at 31 January 2026	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 (2025 - £270,437).

Historic cost

If the investment properties had been accounted for under historic cost, they would have been measured as follows:

	2026		2025
	£		£
Historic cost	270,437		270,437

6. Debtors

	2026		2025
	£		£
Trade debtors	95,847		95,114
Amounts owed by connected companies	210,051		172,741
Other debtors	146,556		375,422
	452,454		643,277

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	44,855		17,262
Taxation and social security	90,955		142,407
Obligations under finance leases and hire purchase contracts (secured)	3,822		3,014
Other creditors	83,614		22,092
	223,246		184,775

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

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

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts (secured)	27,022		30,844

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 2025, the balance owed by the directors was £206,063. During the year, £297,463 was advanced to the directors, and £444,129 was repaid by the directors. At 31 January 2026, the balance owed by the directors was £59,397.

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.