XJet World Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09093118 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

XJet World Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Stewart

A Alnaqbi

REGISTERED OFFICE:

Diamond Hangar

Long Border Road

London Stansted Airport

Stansted

Essex

CM24 1RE

REGISTERED NUMBER:

09093118 (England and Wales)

ACCOUNTANTS:

Steven Burton & Co Limited

Broomfield Park

Coggeshall Road

Earls Colne

Colchester

Essex

CO6 2JX

FIXED ASSETS

Tangible assets

4

587,807

460,577

CURRENT ASSETS

Debtors

5

307,776

381,206

Cash at bank and in hand

30,191

81,501

337,967

462,707

CREDITORS

Amounts falling due within one year

6

2,666,677

2,233,426

NET CURRENT LIABILITIES

(2,328,710

)

(1,770,719

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,740,903

)

(1,310,142

)

CREDITORS

Amounts falling due after more than one year

7

91,807

-

NET LIABILITIES

(1,832,710

)

(1,310,142

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(1,832,810

)

(1,310,242

)

SHAREHOLDER FUNDS

(1,832,710

)

(1,310,142

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 September 2018 and were signed on its behalf by:

J Stewart - Director

1.	STATUTORY INFORMATION

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

The company has retained losses of £1,832,810 (2016:£1,310,242). As such, the company's ability to trade is

based upon the continued support of its creditors and Directors. The company's Directors, believe sufficient

support will remain in place for the next 12 months and as such these accounts have been prepared on a going

concern basis.

Turnover

The company’s turnover represents the value, excluding value added tax, of goods and services supplied to

customers during the year.

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

-

in accordance with the property

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 transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

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 or 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2016 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

343,496

189,256

44,523

6,904

584,179

Additions

50,651

193,050

29,836

4,551

278,088

At 31 December 2017

394,147

382,306

74,359

11,455

862,267

DEPRECIATION

At 1 January 2017

75,206

31,884

13,959

2,553

123,602

Charge for year

61,464

74,545

12,649

2,200

150,858

At 31 December 2017

136,670

106,429

26,608

4,753

274,460

NET BOOK VALUE

At 31 December 2017

257,477

275,877

47,751

6,702

587,807

At 31 December 2016

268,290

157,372

30,564

4,351

460,577

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

109,702

149,282

Other debtors

198,074

231,924

307,776

381,206

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

29,822

-

Trade creditors

255,174

158,381

Taxation and social security

11,956

7,739

Other creditors

2,369,725

2,067,306

2,666,677

2,233,426

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

91,807

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

1

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2017

(1,310,242

)

Deficit for the year

(522,568

)

At 31 December 2017

(1,832,810

)

10.	RELATED PARTY DISCLOSURES

XJet Club LLC

A company in which the director J Stewart is CEO.

During the period XJet Club LLC loaned an additional $56,816 (2016: $270,237) to XJet World Ltd.

At the balance sheet date the amount of $1,525,393 (2016: $1,468,578) equivalent to £1,129,561 (2016:

£1,190,858) was owed to XJet Club LLC.

31.12.17

31.12.16

£

£

Amount due to related party at the balance sheet date

1,129,561

1,190,858

XJet DWC LLC

A company in which the director J Stewart is CEO.

During the period XJet DWC LLC transferred funds of £362,502 (2016: £824,806) to XJet World Ltd.

At the balance sheet date the amount of £1,187,308 (2015: £824,806) was owed to XJet DWC LLC.

31.12.17

31.12.16

£

£

Amount due to related party at the balance sheet date

1,187,308

824,806