London Jet Centre (Stanstead) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09093118 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

London Jet Centre (Stanstead) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Prince A Eze

M Foley

Registered office:

Diamond Hangar,

Long Border Road,

London Stansted Airport

Stansted

Essex

CM24 1RE

Registered number:

09093118 (England and Wales)

Accountants:

Benjamin Taylor Diner Limited

120 New Cavendish Street,

London

W1W 6XX

Fixed assets

Tangible assets

4

329,349

461,023

Current assets

Debtors

5

320,857

406,787

Cash at bank

23,745

209,233

344,602

616,020

Creditors

Amounts falling due within one year

6

268,211

3,740,466

Net current assets/(liabilities)

76,391

(3,124,446

)

Total assets less current liabilities

405,740

(2,663,423

)

Creditors

Amounts falling due after more than one year

7

19,407

57,733

Net assets/(liabilities)

386,333

(2,721,156

)

Capital and reserves

Called up share capital

8

100

100

Retained earnings

9

386,233

(2,721,256

)

Shareholders' funds

386,333

(2,721,156

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 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 1 December 2020 and were signed on its behalf by:

Prince A Eze - Director

M Foley - Director

1.	Statutory information

The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is The Diamond Hangar, Long Border Road, London Stansted Airport, Stansted, Essex CM24 1RE.

The principal activity of the company in the year under review was that of hospitality, concierge and handling services supplied to customers in the aviation industry.

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.

Improvements to property

-

Over the life of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

The company occupies leasehold property on a seven year lease. Improvements to leasehold property are depreciated over the length of this lease.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. The company will be continuing to rely on Prince Eze's support in that he will be providing funds when they are needed. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	Employees and directors

The average number of employees during the year was 20 (2018 - 19 ) .

4.	Tangible fixed assets

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2019

and 31 December 2019

410,525

385,424

78,327

11,455

885,731

Depreciation

At 1 January 2019

202,810

175,659

39,275

6,964

424,708

Charge for year

67,988

52,441

9,763

1,482

131,674

At 31 December 2019

270,798

228,100

49,038

8,446

556,382

Net book value

At 31 December 2019

139,727

157,324

29,289

3,009

329,349

At 31 December 2018

207,715

209,765

39,052

4,491

461,023

5.

Debtors: amounts falling due within one year

31.12.19

31.12.18

£

£

Trade debtors

184,736

72,970

Other debtors

136,121

333,817

320,857

406,787

6.

Creditors: amounts falling due within one year

31.12.19

31.12.18

£

£

Hire purchase contracts

38,326

34,074

Trade creditors

159,512

296,472

Taxation and social security

20,478

13,702

Other creditors

49,895

3,396,218

268,211

3,740,466

7.

Creditors: amounts falling due after more than one year

31.12.19

31.12.18

£

£

Hire purchase contracts

19,407

57,733

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

100

Ordinary

£1

100

100

Called-up share capital represents the nominal value of shares that have been issued.

9.

Reserves

Retained

earnings

£

At 1 January 2019

(2,721,256

)

Profit for the year

3,107,489

At 31 December 2019

386,233

The retained earnings reserve records retained earnings and accumulated losses.

10.	Directors' advances, credits and guarantees

J. Stewart

During the year the company had the following loan with J. Stewart a director and shareholder to 7th October 2019:

31.12.19

31.12.18

£

£

Monies owed to J. Stewart brought forward

(1,774,023

)

-

Monies advanced to the company

(11,018

)

(1,774,023

)

Loans waived

1,785,041

-

Monies owed to J. Stewart carried forward

-

(1,774,023

)

The above loan was unsecured, interest free and repayable on demand.

11.	Related party disclosures

Xjet Aviation Services, LLC

During the year the company had the following loan with Xjet Aviation Services, LLC a company in which J. Stewart is a shareholder and director:

31.12.19

31.12.18

£

£

Monies owed to Xjet Aviation Services, LLC brought forward

(1,533,032

)

-

Monies advanced to the company

(310,264

)

(1,533,032

)

Loans waived

1,843,296

-

Monies owed to Xjet Aviation Services, LLC carried forward

-

(1,533,032

)

Diamond Hangar Limited

During the year the company had the following loan with Diamond Hangar Limited a company controlled by Prince A. Eze:

31.12.19

31.12.18

£

£

Monies advanced to Diamond Hangar Limited

7,506

-

Monies owed to the company carried forward

7,506

-

During the year the company had the following sales ledger transactions with Diamond Hangar Limited a company controlled by Prince A. Eze:

31.12.19

31.12.18

£

£

Monies owed by Diamond Hangar Limited brought forward

1,694

108

Services supplied to Diamond Hangar Limited

106

9.332

Monies paid to Diamond Hangar Limited

-

(7,746

)

Monies waived

(1,350

)

-

Monies owed by Diamond Hangar Limited carried forward

450

1,694

During the year the company had the following purchase ledger transactions with Diamond Hangar Limited a company controlled by Prince A. Eze:

31.12.19

31.12.18

£

£

Monies owed to Diamond Hangar Limited brought forward

(83,321

)

(80,315

)

Services supplied by Diamond Hangar Limited

(649,548

)

(594,446

)

Monies paid to Diamond Hangar Limited

606,185

591,440

Monies waived

93,657

-

Monies owed to Diamond Hangar Limited carried forward

(33,027

)

(83,321

)

Executive & Business Aviation Support Limited

During the year the company had the following sales ledger transactions with Executive & Business Aviation Support Limited a company controlled by Prince A. Eze:

31.12.19

31.12.18

£

£

Monies owed by Executive & Business Aviation Support Limited brought forward

3,889

2,598

Services supplied to Executive & Business Aviation Support Limited

14,400

26,748

Monies paid by Executive & Business Aviation Support Limited

-

(25,457

)

Loans waived

(18,289

)

-

Monies owed by Executive & Business Aviation Support Limited carried forward

-

3,889

The above loans are interest free, unsecured and repayable on demand.

12.	Ultimate controlling party

The company was under the control of J. Stewart from 1st January 2019 to 7th October 2019 by virtue of his majority ownership of the issued share capital of the company.

From the 7th October 2019 the directors regard Prince Arthur Eze as the ultimate controlling party.