REGISTERED NUMBER: 03910753 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2012

for

247 Jet Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P Mulligan

REGISTERED OFFICE:

Suite 6 Burley House

15 High Street

Rayleigh

Essex

SS6 7NZ

REGISTERED NUMBER:

03910753 (England and Wales)

ACCOUNTANTS:

Butlers Financial Limited

Suite 6 Burley House

15 High Street

Rayleigh

Essex

SS6 7NZ

FIXED ASSETS

Tangible assets

2

1,619,770

1,658,281

CURRENT ASSETS

Stocks

44,750

44,750

Debtors

1,636,596

1,421,765

Cash in hand

-

1,670

1,681,346

1,468,185

CREDITORS

Amounts falling due within one year

1,927,436

1,362,308

NET CURRENT (LIABILITIES)/ASSETS

(246,090

)

105,877

TOTAL ASSETS LESS CURRENT LIABILITIES

1,373,680

1,764,158

CREDITORS

Amounts falling due after more than one year

3

3,518,978

2,991,374

NET LIABILITIES

(2,145,298

)

(1,227,216

)

CAPITAL AND RESERVES

Called up share capital

4

5,000

5,000

Revaluation reserve

312,439

312,439

Profit and loss account

(2,462,737

)

(1,544,655

)

SHAREHOLDERS' FUNDS

(2,145,298

)

(1,227,216

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2012.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2012 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 7 June 2013 and were signed by:

P Mulligan - Director

1.	ACCOUNTING POLICIES

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 2011

1,928,348

Additions

559

At 30 June 2012

1,928,907

DEPRECIATION

At 1 July 2011

270,067

Charge for year

39,070

At 30 June 2012

309,137

NET BOOK VALUE

At 30 June 2012

1,619,770

At 30 June 2011

1,658,281

3.

CREDITORS

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

30.6.12

30.6.11

£

£

Repayable otherwise than by instalments

3,518,978

2,982,573

Details of shares shown as liabilities are as follows:

During the year 1,394,370 new preference shares of £1 each were issued. These shares are repayable over 5

years.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.12

30.6.11

value:

£

£

5,000

Ordinary

1

5,000

5,000