247 Jet Ltd - Limited company - abbreviated

REGISTERED NUMBER: 03910753 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2014

for

247 Jet Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P Mulligan

R M Ahmed

REGISTERED OFFICE:

Suite 6 Burley House

15 High Street

Rayleigh

Essex

SS6 7EW

REGISTERED NUMBER:

03910753 (England and Wales)

ACCOUNTANTS:

Butlers Financial Limited

Suite 6 Burley House

15 High Street

Rayleigh

Essex

SS6 7EW

FIXED ASSETS

Tangible assets

2

2,515,583

2,577,630

CURRENT ASSETS

Stocks

50,500

58,000

Debtors

643,026

978,795

Cash at bank

14,159

24,212

707,685

1,061,007

CREDITORS

Amounts falling due within one year

1,845,110

2,016,941

NET CURRENT LIABILITIES

(1,137,425

)

(955,934

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,378,158

1,621,696

CREDITORS

Amounts falling due after more than one
year

3

5,360,460

4,972,385

NET LIABILITIES

(3,982,302

)

(3,350,689

)

CAPITAL AND RESERVES

Called up share capital

4

5,000

Revaluation reserve

258,425

Profit and loss account

(4,245,727

)

(3,614,114

)

SHAREHOLDERS' FUNDS

(3,982,302

)

(3,350,689

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 March 2015 and were signed on its behalf by:

P Mulligan - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis. This assumes that the company will

continue in existence for the foreseeable future.

The validity of this assumption depends on the continued financial support of the directors and creditors.

If the company were unable to continue in operational existence, adjustments would have to be made to reduce

the balance sheet values of assets to their recoverable amounts, and to provide for any further liabilities that

might arise and to reclassify fixed assets as current assets. Long term liabilities would also have to be

reclassified as current liabilities.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service

contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Aircraft

-

2% on cost

Other tangible assets

-

33% on reducing balance

Motor vehicles

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

and 30 June 2014

2,951,608

DEPRECIATION

At 1 July 2013

373,978

Charge for year

62,047

At 30 June 2014

436,025

NET BOOK VALUE

At 30 June 2014

2,515,583

At 30 June 2013

2,577,630

3.

CREDITORS

Creditors include the following debts falling due in more than five years:

30.6.14

30.6.13

£

Repayable otherwise than by instalments

5,360,460

4,972,385

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

1,394,370

Preference shares

£1

1,394,370

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

5,000

Ordinary

1

5,000