J & ES Properties Limited
Unaudited Financial Statements
For the year ended 31 January 2023
Pages for Filing with Registrar
Company Registration No. 08835515 (England and Wales)
J & ES Properties Limited
Company Information
Directors
M Locatelli
G C Locatelli
(Appointed 17 November 2022)
Company number
08835515
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
J & ES Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
J & ES Properties Limited
Balance Sheet
As at 31 January 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,329
1,772
Investment properties
4
985,000
985,000
986,329
986,772
Current assets
Debtors
5
1,426
1,268
Cash at bank and in hand
78,671
140,966
80,097
142,234
Creditors: amounts falling due within one year
6
(41,946)
(11,851)
Net current assets
38,151
130,383
Total assets less current liabilities
1,024,480
1,117,155
Creditors: amounts falling due after more than one year
7
(1,000,357)
(1,100,357)
Net assets
24,123
16,798
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
24,122
16,797
Total equity
24,123
16,798

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

J & ES Properties Limited
Balance Sheet (Continued)
As at 31 January 2023
Page 2

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
M  Locatelli
Director
Company Registration No. 08835515
J & ES Properties Limited
Notes to the Financial Statements
For the year ended 31 January 2023
Page 3
1
Accounting policies
Company information

J & ES Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year the company made a profit (loss) of £7,325 (2022: £15,302). At the reporting date the company had net assets (liabilities) of £24,123 (2022: £16,798), which included loans due to the shareholders of £1,000,357 (2022: £1,100,357). The company is reliant on the ongoing support of the shareholders. The shareholders have confirmed that sufficient support will be available to enable the company to continue to trade and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. They have also confirmed that amounts owed to them will not be called for repayment until such time as the company is able to pay these amounts without compromising its ability to continue to trade and meet its liabilities as they fall due.

1.3
Turnover

Turnover represents amounts receivable from the letting of residential property and consideration received on the sale of property held for resale.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Investment property acquired in the year are included in the balance sheet at cost. Where commitments to purchase property “off plan” have been entered into the property is reported at the full purchase price, and the unpaid purchase amount is reported in creditors. Investment properties are held at cost and no depreciation is charged.

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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 at the reporting end date. Changes in fair value are recognised in profit or loss.

J & ES Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

J & ES Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
Page 5
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2022 and 31 January 2023
6,766
Depreciation and impairment
At 1 February 2022
4,994
Depreciation charged in the year
443
At 31 January 2023
5,437
Carrying amount
At 31 January 2023
1,329
At 31 January 2022
1,772
J & ES Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 6
4
Investment property
2023
£
At 1 February 2022 and 31 January 2023
985,000

The director considers the valuation at the year end to be in line with the market value.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,426
1,268
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,205
3,879
Corporation tax
1,822
3,727
Accruals and deferred income
5,742
4,245
16,769
11,851
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Shareholder loans
1,000,357
1,100,357
The shareholders loans are interest free and unsecured.

 

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
2023-01-312022-02-01false17 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityM LocatelliG C Locatelli088355152022-02-012023-01-3108835515bus:Director12022-02-012023-01-3108835515bus:Director22022-02-012023-01-3108835515bus:RegisteredOffice2022-02-012023-01-31088355152023-01-31088355152022-01-3108835515core:OtherPropertyPlantEquipment2023-01-3108835515core:OtherPropertyPlantEquipment2022-01-3108835515core:CurrentFinancialInstruments2023-01-3108835515core:CurrentFinancialInstruments2022-01-3108835515core:Non-currentFinancialInstruments2023-01-3108835515core:Non-currentFinancialInstruments2022-01-3108835515core:ShareCapital2023-01-3108835515core:ShareCapital2022-01-3108835515core:RetainedEarningsAccumulatedLosses2023-01-3108835515core:RetainedEarningsAccumulatedLosses2022-01-3108835515core:FurnitureFittings2022-02-012023-01-31088355152021-02-012022-01-3108835515core:OtherPropertyPlantEquipment2022-01-3108835515core:OtherPropertyPlantEquipment2022-02-012023-01-31088355152022-01-3108835515bus:PrivateLimitedCompanyLtd2022-02-012023-01-3108835515bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3108835515bus:FRS1022022-02-012023-01-3108835515bus:AuditExemptWithAccountantsReport2022-02-012023-01-3108835515bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP