Registered number
SC554043
Jassal Enterprises Ltd
Filleted Accounts
31 January 2023
Jassal Enterprises Ltd
Registered number: SC554043
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 312,473 309,073
Current assets
Cash at bank and in hand 64,443 8,849
Creditors: amounts falling due within one year 4 (68,404) (46,325)
Net current liabilities (3,961) (37,476)
Total assets less current liabilities 308,512 271,597
Creditors: amounts falling due after more than one year 5 (230,945) (227,216)
Net assets 77,567 44,381
Capital and reserves
Called up share capital 100 100
Profit and loss account 77,467 44,281
Shareholder's funds 77,567 44,381
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Gurminder Singh Jassal
Director
Approved by the board on 10 October 2023
Jassal Enterprises Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
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.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 February 2022 309,073
Additions 3,400
At 31 January 2023 312,473
Investment property comprises commercial units at Chancellor St, Glasgow and Beechwood Road, Beith. The fair value of the investment properties were arrived at on the basis of a valuation carried out in March 2021 by Shepherds Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director perceives this valuation is still relevant at the year end due to his knowledge of the local property market.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 620 620
Taxation and social security costs 7,784 5,705
Other creditors 60,000 40,000
68,404 46,325
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 83,345 99,615
Other creditors 147,600 127,601
230,945 227,216
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 49,397 56,023
The bank loan is secured over the assets of the company.
6 Controlling party
The company was under the control of the director during the year.
7 Other information
Jassal Enterprises Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
145 Kilmarnock Road
Glasgow
G41 3JA
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