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Company registration number: 08189523
JTK Properties Limited
Unaudited filleted financial statements
31 March 2023
JTK Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JTK Properties Limited
Directors and other information
Directors Dr Andreas Tobias Keyser
Mrs Janet Marie Keyser
Company number 08189523
Registered office Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
Accountants Forshaws Accountants Limited
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
JTK Properties Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of JTK Properties Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JTK Properties Limited for the year ended 31 March 2023 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 JTK Properties 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 JTK Properties Limited and state those matters that we have agreed to state to the board of directors of JTK Properties 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 JTK Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that JTK Properties 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 JTK Properties Limited. You consider that JTK Properties 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 JTK Properties 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.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
20 September 2023
JTK Properties Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 3,042,000 1,570,653
_______ _______
3,042,000 1,570,653
Current assets
Cash at bank and in hand 53,250 31,509
_______ _______
53,250 31,509
Creditors: amounts falling due
within one year 5 ( 1,789,074) ( 1,292,717)
_______ _______
Net current liabilities ( 1,735,824) ( 1,261,208)
Provisions for liabilities 6 ( 236,778) -
_______ _______
Net assets 1,069,398 309,445
_______ _______
Capital and reserves
Called up share capital 8 100 100
Revaluation reserve 710,333 -
Profit and loss account 358,965 309,345
_______ _______
Shareholders funds 1,069,398 309,445
_______ _______
For the year ending 31 March 2023 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 20 September 2023 , and are signed on behalf of the board by:
Dr Andreas Tobias Keyser
Director
Company registration number: 08189523
JTK Properties Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crossens Way Business Park, Crossens Way, Southport, PR9 9LY.
The principal activity of the company is that of property rental.
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.
Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Stated at fair market value
Long leasehold property - Stated at fair market value
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.
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.
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.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. Tangible assets
Freehold property Long leasehold property Total
£ £ £
Cost or valuation
At 1 April 2022 1,329,875 240,778 1,570,653
Additions 524,236 - 524,236
Revaluation 866,889 80,222 947,111
_______ _______ _______
At 31 March 2023 2,721,000 321,000 3,042,000
_______ _______ _______
Depreciation
At 1 April 2022 and 31 March 2023 - - -
_______ _______ _______
Carrying amount
At 31 March 2023 2,721,000 321,000 3,042,000
_______ _______ _______
At 31 March 2022 1,329,875 240,778 1,570,653
_______ _______ _______
At the balance sheet date, the directors have valued the properties and consider them to be at fair market value.
5. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 11,639 11,004
Other creditors 1,777,435 1,281,713
_______ _______
1,789,074 1,292,717
_______ _______
At the balance sheet date, other creditors included £1,775,305 (2022: £1,280,705) due to the directors of the company. This balance is unsecured, interest free and repayable on demand.
6. Provisions
Deferred tax (note 7) Total
£ £
At 1 April 2022 - -
Additions 236,778 236,778
_______ _______
At 31 March 2023 236,778 236,778
_______ _______
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 6) 236,778 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
Revaluation of tangible assets 236,778 -
_______ | _______ |
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Controlling party
The Company is controlled by Dr T & Mrs J Keyser by virtue of their combined 100% holding of the issued share capital in the Company.