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Financial Statements for the Year Ended 31 August 2018 |
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JETAIR (TRAVEL LOGISTICS) LIMITED |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 August 2018 |
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for |
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JETAIR (TRAVEL LOGISTICS) LIMITED |
JETAIR (TRAVEL LOGISTICS) LIMITED (REGISTERED NUMBER: 05539992) |
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Contents of the Financial Statements |
for the year ended 31 August 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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JETAIR (TRAVEL LOGISTICS) LIMITED |
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Company Information |
for the year ended 31 August 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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JETAIR (TRAVEL LOGISTICS) LIMITED (REGISTERED NUMBER: 05539992) |
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Balance Sheet |
31 August 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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JETAIR (TRAVEL LOGISTICS) LIMITED (REGISTERED NUMBER: 05539992) |
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Notes to the Financial Statements |
for the year ended 31 August 2018 |
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1. | STATUTORY INFORMATION |
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JetAir (Travel Logistics) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
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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 current liabilities. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is recognised on the date of departure. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
JETAIR (TRAVEL LOGISTICS) LIMITED (REGISTERED NUMBER: 05539992) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies |
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 receipts discounted at a market rate of interest. |
Financial liabilities classified as payable within one year are not amortised. |
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Equity Instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
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All called up share capital is allotted and fully paid. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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The trade and other debtors of the JetAir Group Limited subsidiary companies have been pooled and are reflected |
in the trade and other debtors balances of JetAir (Central Accounting) Limited, having been settled through the |
intercompany loan account with JetAir (Central Accounting) Limited. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Taxation and social security |
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The trade and other creditors of the JetAir Group Limited subsidiary companies have been pooled and are |
reflected in the trade and other debtors balances of JetAir (Central Accounting) Limited, having been settled |
through the intercompany loan account with JetAir (Central Accounting) Limited. |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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JETAIR (TRAVEL LOGISTICS) LIMITED (REGISTERED NUMBER: 05539992) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2018 |
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7. | OTHER FINANCIAL COMMITMENTS |
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A cross guarantee and debenture exists in relation to liabilities owed to NatWest plc between Speed Group |
(Holdings) Limited, JetAir Group Limited (previously known as Speed Group Limited), JetAir (Dormant) Limited, |
JetAir (Travel Logistics) Limited, JetAir (Central Accounting) Limited, Staff Logistics Limited, London Procurement |
Limited, Speed Aviation Limited and Driftstone Limited. The total exposure under this agreement at the year end |
was £666,610 (2017 - £730,350). |
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All the assets within the company are secured by the parent company, Speed Group (Holdings) Limited, which is |
subordinate to the bank guarantee. |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Speed Group (Holdings) Limited by virtue of 100% shareholding in the company |
(or parent company if applicable). The registered office is Driftstone Manor, Middle Way, Kingston Gorse, East |
Preston, West Sussex, BN16 1SB. |
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The ultimate controlling party is R P Lewis by virtue of his shareholding in the ultimate parent company Speed |
Group (Holdings) Limited. |