Abbreviated Company Accounts - LUXURY JETS LIMITED

LUXURY JETS LIMITED - Company Information

08327004 LUXURY JETS LIMITED 2016-03-31 false 2015-04-01 2016-03-31 true 08327004 2015-04-01 2016-03-31 08327004 2016-03-31 08327004 2015-03-31 08327004 uk-gaap-cd-bus:Director1 2015-04-01 2016-03-31 08327004 uk-gaap-cd-bus:Director2 2015-04-01 2016-03-31 uk-gaap-cd-bus:Director3 2015-04-01 2016-03-31 uk-gaap-cd-bus:Director3 2016-03-31 uk-gaap-cd-bus:Director3 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-04-01 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-03-31 iso4217:GBP shares

Registered Number 08327004

LUXURY JETS LIMITED

Abbreviated Accounts

31 March 2016

LUXURY JETS LIMITED Registered Number 08327004

Abbreviated Balance Sheet as at 31 March 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	614	1,058
		614	1,058
Current assets
Debtors		900	3,685
Cash at bank and in hand		778	3,946
		1,678	7,631
Creditors: amounts falling due within one year		(7,447)	(25,614)
Net current assets (liabilities)		(5,769)	(17,983)
Total assets less current liabilities		(5,155)	(16,925)
Accruals and deferred income		(650)	(650)
Total net assets (liabilities)		(5,805)	(17,575)
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		(5,905)	(17,675)
Shareholders' funds		(5,805)	(17,575)

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 29 December 2016

And signed on their behalf by:
Ms S Sanderson, Director

LUXURY JETS LIMITED Registered Number 08327004

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write of the cost or valuation, less any estimated residual value, over their expected useful economic life, as follows:
Computer equipment – 33% straight line

Intangible assets amortisation policy
N/A

Valuation information and policy
N/A

Other accounting policies
Hire purchase and leasing
Rental payable under operating leases are charge in the profit and loss account of a sty right line basis over the lease term.

Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2Tangible fixed assets

	£
Cost
At 1 April 2015	1,346
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2016	1,346
Depreciation
At 1 April 2015	288
Charge for the year	444
On disposals	-
At 31 March 2016	732
Net book values
At 31 March 2016	614
At 31 March 2015	1,058

3Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
100 Ordinary shares of £1 each	100	100

4Transactions with directors

Name of director receiving advance or credit:	Ms S Sanderson
Description of the transaction:	Directors loan to the company
Balance at 1 April 2015:	£ 0
Advances or credits made:	£ 578
Advances or credits repaid:	-
Balance at 31 March 2016:	£ 578

As at 31 March 2016, the company owed £578 (2015: £100 owed to the company) to Ms S Sanderson (director). The balance is included in other creditors. There are no fixed repayments terms and no interest is due.

As at 31 March 2016, Mr S Westlake (husband of Ms S Sanderson, director) owed the company £nil (2015: £2,915). The balance is included in other debtors and interest has been charged at 5%.

As at 31 March 2016, the company owed £5,573 (2015: £17,500) to Private Jet Consultants Limited which is a company controlled by Mr S Westlake (husband of Ms S Sanderson, director). The balance is included in trade creditors. Normal trading terms apply.