Jetskip Limited - Filleted accounts

Registered number

06479599

Jetskip Limited

Filleted Accounts

31 January 2019

Jetskip Limited
Registered number:		06479599
Balance Sheet
as at 31 January 2019

Notes			2019			2018
£				£
Fixed assets
Tangible assets	2		324			432

Current assets
Work in progress		99,731			46,579
Debtors	3	75,000			-
Cash at bank and in hand		102,178			177,844
		276,909			224,423

Creditors: amounts falling due within one year	4	(68,532)			(46,389)

Net current assets			208,377			178,034

Net assets			208,701			178,466

Capital and reserves
Called up share capital			10			10
Profit and loss account			208,691			178,456

Shareholders' funds			208,701			178,466

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




R W Sweetnam
Director
Approved by the board on 16 August 2019

Jetskip Limited
Notes to the Accounts
for the year ended 31 January 2019


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover consists of the invoiced amount of work done throughout the period net of value added tax.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Office equipment	25% reducing balance method.


	Work in progress
	Work in progress is valued by the director based on direct costs plus any attributable overheads of a project started in the year and carried forward until completion at a later date.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.


2	Tangible fixed assets
								Office equipment
£
	Cost
	At 1 February 2018							3,960
	At 31 January 2019							3,960

	Depreciation
	At 1 February 2018							3,528
	Charge for the year							108
	At 31 January 2019							3,636

	Net book value
	At 31 January 2019							324
	At 31 January 2018							432


3	Debtors					2019		2018
£							£

	Other debtors					75,000		-


4	Creditors: amounts falling due within one year					2019		2018
£							£

	Trade creditors					-		4,244
	Taxation and social security costs					9,444		9,051
	Other creditors					59,088		33,094
						68,532		46,389


5	Loans to/(from) directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	R W Sweetnam	(32,272)		(25,622)				(57,894)

		(32,272)		(25,622)		-		(57,894)


6	Other information

	Jetskip Limited is a private company limited by shares and incorporated in England. Its registered office is:
	25 Old Sneed Park
	Sneyd Park
	Bristol
	BS9 1RG

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