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Financial Statements for the Year Ended 31 August 2020 |
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JETAIR (CENTRAL ACCOUNTING) LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 August 2020 |
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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 2020 |
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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 (CENTRAL ACCOUNTING) LIMITED |
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Company Information |
for the year ended 31 August 2020 |
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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 2020 |
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2020 | 2019 |
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 and authorised for issue 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 2020 |
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1. | STATUTORY INFORMATION |
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JetAir (Central Accounting) Limited is a
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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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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. |
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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 (CENTRAL ACCOUNTING) LIMITED (REGISTERED NUMBER: 06491917) |
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Notes to the Financial Statements - continued |
for the year ended 31 August 2020 |
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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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Going concern |
The financial statements have been prepared on the going concern basis. The directors have considered relevant information including the company budget and cash flows and the impact of subsequent events in making their assessment. COVID-19 has inevitably introduced uncertainties over the future and the ensuing economic shutdown has had a significant effect on the company's operations. However, the company has been able to continue to function efficiently despite deploying the measures required for social distancing. The company's trading remains satisfactory and the COVID-19 pandemic has also provided the company with new opportunities. In response to the COVID-19 pandemic, the directors have carried out an analysis at group level of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. |
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Based on these assessments and having regard to the resources available to the company the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.. |
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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 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for year |
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At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
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. | 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 2020 |
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8. | 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, JetAir (Dormant) Limited, JetAir (Travel Logistics) Limited, JetAir (Central Accounting) Limited, Staff Logistics Limited, London Procurement Limited and Speed Aviation Limited. The total exposure under this agreement at 31 August 2020 was £nil (2019: £nil). |
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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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9. | RELATED PARTY DISCLOSURES |
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During the year , the company paid consultancy fees to PP Ltd of £194,514 (2019: £194,514). At the end of the year €15,600 was due to PP Ltd (2019:£Nil). PP Ltd retains a commission on the consultancy fees paid. R P Lewis and C M Hawkes are directors and shareholders of PP Ltd. |
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10. | 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. |