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Financial Statements for the Year Ended 31 August 2018 |
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JETAIR (CENTRAL ACCOUNTING) 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 (CENTRAL ACCOUNTING) LIMITED |
JETAIR (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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Contents of the Financial Statements |
for the year ended 31 August 2018 |
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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 (CENTRAL ACCOUNTING) 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 (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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Balance Sheet |
31 August 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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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 (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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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 (Central Accounting) 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. The parent company has |
confirmed it's continuing support 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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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Plant & machinery etc - 33% on cost and 15% on cost |
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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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
JETAIR (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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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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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. |
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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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Leases |
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. |
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Rentals payable under operating leases, including any lease incentives received, are charged to income on a |
straight-line basis over the term of the relevant lease. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
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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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JETAIR (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2017 |
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Additions |
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Disposals | ( |
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At 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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The trade and other debtors within the company have been pooled from JetAir Group Limited subsidiaries. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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The trade and other creditors have been pooled from JetAir Group Limited subsidiaries. All debts are subject to a |
fixed and floating charge granted to the holding company. |
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7. | LEASING AGREEMENTS |
At 31 August 2018, the company had total commitments under non-cancellable premises operating leases over |
the remaining life of those leases of £23,416 (2017: £69,217). |
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8. | 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 (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2018 |
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9. | OTHER 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 - £730,520). |
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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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10. | RELATED PARTY DISCLOSURES |
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The company paid consultancy fees to PP Ltd of £250,815 (2017: £155,402), and recharged certain expenses to |
PP Ltd in 2017 in the sum of £49,282. At the end of the year no amount was due from PP Ltd (2017:£49,282). R |
P Lewis and C M Hawkes are directors and shareholders of PP Ltd. |
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11. | 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. |