Company Registration No. 05669559 (England and Wales)
JET HELICOPTERS LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
JET HELICOPTERS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
JET HELICOPTERS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,336,361
2,331,076
Current assets
Debtors
42,828
63,124
Cash at bank and in hand
7,406
15,647
50,234
78,771
Creditors: amounts falling due within one year
(1,606,312)
(1,429,635)
Net current liabilities
(1,556,078)
(1,350,864)
Total assets less current liabilities
780,283
980,212
Creditors: amounts falling due after more than one year
3
(1,000,430)
(1,155,739)
(220,147)
(175,527)
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(220,247)
(175,627)
Shareholders' funds
(220,147)
(175,527)
JET HELICOPTERS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 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 year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 December 2016
Mr C Mann
Mr J Webb
Director
Director
Company Registration No. 05669559
JET HELICOPTERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements have been prepared on a going concern basis, notwithstanding the net current liabilities of £1,556,078 and net liabilities of £220,147, which the directors believe to be appropriate because they have provided the company with an undertaking that they will continue to provide financial support for the foreseeable future and specifically for a period of not less than 12 months from the date of signing these financial statements, such that the company can meet its liabilities as they fall due. On this basis the directors believe that the going concern assumption remains appropriate for the company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised as services are provided to customers.
Revenue is recognised as services are provided to customers.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
Between 4% and 25% on costs
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
JET HELICOPTERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
2,336,643
Additions
8,625
At 31 March 2016
2,345,268
Depreciation
At 1 April 2015
5,567
Charge for the year
3,340
At 31 March 2016
8,907
Net book value
At 31 March 2016
2,336,361
At 31 March 2015
2,331,076
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Net obligations under hire purchase contracts
Repayable after five years
(327,960)
(501,312)
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100