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Sage Accounts Production 21.0 - FRS102_2021
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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
|
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Directors |
Mr Adam Charles Gibbon |
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Mrs Amanda Bernadette Gibbon |
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Company number |
09960960 |
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Registered office |
37 Webb's Road |
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London |
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SW11 6RX |
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Business address |
Copse Hill Greys Green |
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Rotherfield Greys |
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Henley-on-Thames |
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Oxon |
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RG9 4QQ |
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Accountants |
David Fishel Accountancy Services Limited |
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First Floor Winston House |
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349 Regents Park Road |
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London |
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N3 1DH |
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Bankers |
Handelsbanken |
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16 Porteus Place |
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Office 5 |
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London |
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SW4 0AS |
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Solicitors |
Harold Benjamin |
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67-71 Lowlands Road |
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Harrow |
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Middlesex |
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HA1 3EQ |
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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 |
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|
2021 |
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|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
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|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
8,359,794 |
|
|
|
8,359,795 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
8,359,794 |
|
|
|
8,359,795 |
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|
|
|
|
|
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|
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Current assets |
|
|
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|
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|
|
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Debtors |
|
6 |
216,061 |
|
|
|
16,587 |
|
|
Cash at bank and in hand |
|
|
21,010 |
|
|
|
123,527 |
|
|
|
|
|
_______ |
|
|
|
_______ |
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|
|
|
|
237,071 |
|
|
|
140,114 |
|
|
Creditors: amounts falling due |
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|
|
|
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within one year |
|
7 |
(
711,868) |
|
|
|
(
686,850) |
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|
|
|
|
_______ |
|
|
|
_______ |
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Net current liabilities |
|
|
|
|
(
474,797) |
|
|
|
(
546,736) |
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|
|
|
|
_______ |
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|
_______ |
Total assets less current liabilities |
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|
7,884,997 |
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7,813,059 |
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Creditors: amounts falling due |
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|
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after more than one year |
|
8 |
|
|
(
3,730,950) |
|
|
|
(
3,800,950) |
|
|
|
|
|
|
|
|
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|
Provisions for liabilities |
|
9 |
|
|
(
111,473) |
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|
|
(
111,473) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
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|
_______ |
Net assets |
|
|
|
|
4,042,574 |
|
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3,900,636 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
11 |
|
|
429,706 |
|
|
|
429,706 |
Profit and loss account |
|
12 |
|
|
3,612,868 |
|
|
|
3,470,930 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
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|
|
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4,042,574 |
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|
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3,900,636 |
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|
|
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_______ |
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_______ |
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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 |
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|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
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At 1 April 2021 and 31 March 2022 |
8,359,794 |
8,359,794 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
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Depreciation |
|
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|
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|
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At 1 April 2021 and 31 March 2022 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
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|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2022 |
8,359,794 |
8,359,794 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2021 |
8,359,794 |
8,359,794
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|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
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|
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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.