Jubilee Airways Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01466107 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

JUBILEE AIRWAYS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C E Campbell

S Klinge

M Klinge

SECRETARY:

R Templeton

REGISTERED OFFICE:

One

Fleet Place

London

EC4M 7WS

BUSINESS ADDRESS:

1 Bessemer Drive

East Kilbride

G75 0QX

REGISTERED NUMBER:

01466107 (England and Wales)

AUDITORS:

McLay, McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St. Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

5

737,019

771,791

CURRENT ASSETS

Debtors

6

166,746

51,033

Cash at bank

500

500

167,246

51,533

CREDITORS

Amounts falling due within one year

7

45,404

30,491

NET CURRENT ASSETS

121,842

21,042

TOTAL ASSETS LESS CURRENT LIABILITIES

858,861

792,833

PROVISIONS FOR LIABILITIES

9

132,407

136,837

NET ASSETS

726,454

655,996

CAPITAL AND RESERVES

Called up share capital

8

8

Retained earnings

726,446

655,988

726,454

655,996

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2020 and were signed on its behalf by:

M Klinge - Director

1.	STATUTORY INFORMATION

Jubilee Airways Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Short leasehold

-

By equal instalments over the term lease

Plant and machinery

-

25% on reducing balance, 10% on cost and 2.5% on cost

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

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

sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4.	AUDITORS' REMUNERATION

31.12.19

31.12.18

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

2,500

2,500

5.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

75,971

1,459,048

1,535,019

DEPRECIATION

At 1 January 2019

75,971

687,257

763,228

Charge for year

-

34,772

34,772

At 31 December 2019

75,971

722,029

798,000

NET BOOK VALUE

At 31 December 2019

-

737,019

737,019

At 31 December 2018

-

771,791

771,791

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Amounts owed by group undertakings

162,932

47,727

Other debtors

3,814

3,306

166,746

51,033

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

1,907

4,574

Taxation and social security

40,997

23,617

Other creditors

2,500

2,300

45,404

30,491

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

5,800

5,800

Between one and five years

17,400

23,200

23,200

29,000

9.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

Accelerated capital allowances

132,407

136,837

Deferred

tax

£

Balance at 1 January 2019

136,837

Credit to Income Statement during year

(4,430

)

Balance at 31 December 2019

132,407

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

George Macshannon (Senior Statutory Auditor)

for and on behalf of McLay, McAlister & McGibbon LLP