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REGISTERED NUMBER:
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JET MACHINERY LIMITED |
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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JET MACHINERY LIMITED |
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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JET MACHINERY LIMITED (REGISTERED NUMBER: 06721582) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Company Information | 1 |
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Chartered Accountant's Report | 2 |
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Abridged Statement of Financial Position | 3 | to | 4 |
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Notes to the Financial Statements | 5 | to | 6 |
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JET MACHINERY LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANT: |
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55 Newhall Street |
Birmingham |
United Kingdom |
B3 3RB |
CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
JET MACHINERY LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial |
statements of Jet Machinery Limited for the year ended 31 December 2017 which comprise the Income Statement, |
Abridged Statement of Financial Position and the related notes from the company's accounting records and from |
information and explanations you have given me. |
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As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Jet Machinery Limited in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Jet Machinery Limited and state those matters that I have agreed to state to the director of Jet Machinery Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Jet Machinery Limited and its director for my work or for this report. |
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It is your duty to ensure that Jet Machinery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jet Machinery Limited. You consider that Jet Machinery Limited is exempt from the statutory audit requirement for the year. |
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I have not been instructed to carry out an audit or a review of the financial statements of Jet Machinery Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. |
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55 Newhall Street |
Birmingham |
United Kingdom |
B3 3RB |
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JET MACHINERY LIMITED (REGISTERED NUMBER: 06721582) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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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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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JET MACHINERY LIMITED (REGISTERED NUMBER: 06721582) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 December 2017 |
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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 director on
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JET MACHINERY LIMITED (REGISTERED NUMBER: 06721582) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Jet Machinery Limited is a
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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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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 |
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Motor vehicles | - |
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Office equipment | - |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
JET MACHINERY LIMITED (REGISTERED NUMBER: 06721582) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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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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Going concern |
The financial statements have been prepared using the going concern basis of accounting. |
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3. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 January 2017 | 17,995 |
Transfer to ownership | (17,995 | ) |
At 31 December 2017 | - |
DEPRECIATION |
At 1 January 2017 | 10,403 |
Charge for year | 1,898 |
Transfer to ownership | (12,301 | ) |
At 31 December 2017 | - |
NET BOOK VALUE |
At 31 December 2017 | - |
At 31 December 2016 | 7,592 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees and directors during the year was 6 (2016 - 7). |