2 31/03/2022 2022-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09960960 2021-04-01 2022-03-31 09960960 2022-03-31 09960960 2020-04-01 2021-03-31 09960960 2021-03-31 09960960 bus:RegisteredOffice 2021-04-01 2022-03-31 09960960 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 09960960 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 09960960 bus:Director1 2021-04-01 2022-03-31 09960960 bus:Director2 2021-04-01 2022-03-31 09960960 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 09960960 core:WithinOneYear 2022-03-31 09960960 core:WithinOneYear 2021-03-31 09960960 core:AfterOneYear 2022-03-31 09960960 core:AfterOneYear 2021-03-31 09960960 core:ShareCapital 2022-03-31 09960960 core:ShareCapital 2021-03-31 09960960 core:RetainedEarningsAccumulatedLosses 2022-03-31 09960960 core:RetainedEarningsAccumulatedLosses 2021-03-31 09960960 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 09960960 bus:OrdinaryShareClass1 core:ShareCapital 2021-03-31 09960960 core:RevaluationPropertyPlantEquipmentDeferredTax 2022-03-31 09960960 core:RevaluationPropertyPlantEquipmentDeferredTax 2021-03-31 09960960 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 09960960 core:DeferredTaxation 2022-03-31 09960960 bus:SmallEntities 2021-04-01 2022-03-31 09960960 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 09960960 bus:FullAccounts 2021-04-01 2022-03-31 09960960 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 09960960 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
Company registration number: 09960960
JACCA Investments Limited
Unaudited filleted financial statements
31 March 2022
JACCA Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JACCA Investments Limited
Directors and other information
Directors Mr Adam Charles Gibbon
Mrs Amanda Bernadette Gibbon
Company number 09960960
Registered office 37 Webb's Road
London
SW11 6RX
Business address Copse Hill Greys Green
Rotherfield Greys
Henley-on-Thames
Oxon
RG9 4QQ
Accountants David Fishel Accountancy Services Limited
First Floor Winston House
349 Regents Park Road
London
N3 1DH
Bankers Handelsbanken
16 Porteus Place
Office 5
London
SW4 0AS
Solicitors Harold Benjamin
67-71 Lowlands Road
Harrow
Middlesex
HA1 3EQ
JACCA Investments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of JACCA Investments Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JACCA Investments Limited for the year ended 31 March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of JACCA Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of JACCA Investments Limited and state those matters that we have agreed to state to the board of directors of JACCA Investments Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JACCA Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that JACCA Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JACCA Investments Limited. You consider that JACCA Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JACCA Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
David Fishel Accountancy Services Limited
Chartered Accountants
First Floor Winston House
349 Regents Park Road
London
N3 1DH
Date: 15 August 2022
JACCA Investments Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 8,359,794 8,359,795
_______ _______
8,359,794 8,359,795
Current assets
Debtors 6 216,061 16,587
Cash at bank and in hand 21,010 123,527
_______ _______
237,071 140,114
Creditors: amounts falling due
within one year 7 ( 711,868) ( 686,850)
_______ _______
Net current liabilities ( 474,797) ( 546,736)
_______ _______
Total assets less current liabilities 7,884,997 7,813,059
Creditors: amounts falling due
after more than one year 8 ( 3,730,950) ( 3,800,950)
Provisions for liabilities 9 ( 111,473) ( 111,473)
_______ _______
Net assets 4,042,574 3,900,636
_______ _______
Capital and reserves
Called up share capital 11 429,706 429,706
Profit and loss account 12 3,612,868 3,470,930
_______ _______
Shareholders funds 4,042,574 3,900,636
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
Mr Adam Charles Gibbon
Director
Company registration number: 09960960
JACCA Investments Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 37 Webb's Road, London, SW11 6RX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents gross rents receivable (net of Value Added Tax) for the year from the company's investment properties
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
No depreciation is provided on the company's freehold property portfolio. This treatment may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy is therefore necessary for the accounts to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset or settle the liability immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2021 and 31 March 2022 8,359,794 8,359,794
_______ _______
Depreciation
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 8,359,794 8,359,794
_______ _______
At 31 March 2021 8,359,794 8,359,794
_______ _______
Investment property
The properties were acquired in specie from Languard New Homes Limited, a company in which Mr Gibbon has a one third interest, at market value. The valuation was made by London Surveyors and Valuers Limited acting on behalf of the company's bankers, Handelsbanken. One of the properties was in the course of development and was valued on acquisition at its value at the time. Subsequently the works have been completed and so the property has now been revalued to its full value. Other than this it is considered that there has been no material increase in valuation since acquisition.
6. Debtors
2022 2021
£ £
Other debtors 216,061 16,587
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 70,000 70,000
Corporation tax 31,063 32,805
Social security and other taxes 2,054 1,070
Other creditors 608,751 582,975
_______ _______
711,868 686,850
_______ _______
The bank loans are secured by charges over the company's investment portfolio.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 3,730,950 3,800,950
_______ _______
The bank loans are secured by charges over the company's investment portfolio.
Interest is being paid on the loans on a quarterly basis. Capital is being repaid on these loans at the rate of £70,000 per annum.
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 April 2021 and 31 March 2022 111,473 111,473
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 9) 111,473 111,473
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Revaluation of tangible assets 187,927 187,927
_______ _______
11. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 429,706 429,706 429,706 429,706
_______ _______ _______ _______
12. Reserves
Included in the Profit & Loss Account balance is £813,882 unrealised profits arising on the revaluation of investment properties.
13. Related party transactions
Mr A C Gibbon, one of the company's directors, has made an interest free loan to the company. At balance sheet date the amount of the loan was £187,960. In addition Greys Investments Limited, a company under the control of Mr Gibbon, has also made a loan to the company. At balance sheet date the amount of the loan was £415,000. Both of these loans are interest free with no stipulation as to repayment.