Registered number
13156423
Jesouth Property Limited
Filleted Accounts
31 January 2022
Jesouth Property Limited
Registered number: 13156423
Balance Sheet
as at 31 January 2022
Notes 2022
£
Fixed assets
Tangible assets 3 388,744
Current assets
Cash at bank and in hand 1,288
Creditors: amounts falling due within one year 4 (1,453)
Net current liabilities (165)
Total assets less current liabilities 388,579
Creditors: amounts falling due after more than one year 5 (396,073)
Net liabilities (7,494)
Capital and reserves
Called up share capital 2
Profit and loss account (7,496)
Shareholders' funds (7,494)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Janet Ofosu
Director
Approved by the board on 30 August 2022
Jesouth Property Limited
Notes to the Accounts
for the period from 25 January 2021 to 31 January 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At 31st January 2022, the company had net current liabilities of £165 and a net deficit of £7,494. As a result, the company relies on the financial support of its directors.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022
Number
Average number of persons employed by the company -
3 Tangible fixed assets
Land and buildings
£
Cost
Additions 388,744
At 31 January 2022 388,744
Depreciation
At 31 January 2022 -
Net book value
At 31 January 2022 388,744
4 Creditors: amounts falling due within one year 2022
£
Other creditors 1,453
5 Creditors: amounts falling due after one year 2022
£
Other loans 396,073
6 Loans 2022
£
Creditors include:
Secured bank loans 249,525
The loans are secured against the land and buildings held by the company.
7 Related party transactions
During the financial period, the company received an interest-free loan of £146,548 from Jesouth Property Limited, a company controlled by Ernest Ofosu and Janet Ofosu. This amount is repayable on demand and is included in Other loans.
8 Controlling party
The company is controlled by Ernest Ofosu and Janet Ofosu.
9 Other information
Jesouth Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Bounty Drive
Kingswood
Hull
HU7 3FN
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