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Company registration number: 09507306
Java Properties Limited
Pages for filing with Registrar
30 November 2021
Java Properties Limited
Contents
Statement of financial position
Notes to the financial statements
Java Properties Limited
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 1,740,841 1,740,841
_______ _______
1,740,841 1,740,841
Current assets
Debtors 6 8,838 52,659
Cash at bank and in hand 2,799 7,995
_______ _______
11,637 60,654
Creditors: amounts falling due
within one year 7 ( 1,193,599) ( 1,237,968)
_______ _______
Net current liabilities ( 1,181,962) ( 1,177,314)
_______ _______
Total assets less current liabilities 558,879 563,527
_______ _______
Net assets 558,879 563,527
_______ _______
Capital and reserves
Called up share capital 200 200
Share premium account 48,167 48,167
Profit and loss account 510,512 515,160
_______ _______
Shareholders funds 558,879 563,527
_______ _______
For the year ending 30 November 2021 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2022 , and are signed on behalf of the board by:
S Vadhera
Director
Company registration number: 09507306
Java Properties Limited
Notes to the financial statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 103 Jesmond Park West, Newcastle upon Tyne, NE7 7BY.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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 the total value of rental income receivable during the year, net of discounts and Value Added Tax.
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.
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.
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 December 2020 and 30 November 2021 1,740,841 1,740,841
_______ _______
Carrying amount
At 30 November 2021 1,740,841 1,740,841
_______ _______
At 30 November 2020 1,740,841 1,740,841
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 December 2020 and 30 November 2021 1,740,841
_______
There has been no valuation of investment property by an independent valuer.
6. Debtors
2021 2020
£ £
Trade debtors 4,744 49,263
Other debtors 4,094 3,396
_______ _______
8,838 52,659
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 4,174 3,462
Corporation tax 14,984 24,776
Social security and other taxes 6,540 19,321
Other creditors 1,167,901 1,190,409
_______ _______
1,193,599 1,237,968
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
S Vadhera ( 601,256) 48,000 ( 553,256)
N Vadhera ( 553,087) 48,000 ( 505,087)
_______ _______ _______
( 1,154,343) 96,000 ( 1,058,343)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
S Vadhera ( 637,256) 36,000 ( 601,256)
N Vadhera ( 589,087) 36,000 ( 553,087)
_______ _______ _______
( 1,226,343) 72,000 ( 1,154,343)
_______ _______ _______
Loans to the company from the directors we provided interest free and are repayable on demand.