Company registration number 13867478 (England and Wales)
JMR (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
JMR (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JMR (LONDON) LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
4
123,387
Current assets
Debtors
5
170
Cash at bank and in hand
4,885
5,055
Creditors: amounts falling due within one year
6
(43,855)
Net current liabilities
(38,800)
Total assets less current liabilities
84,587
Creditors: amounts falling due after more than one year
7
(86,250)
Net liabilities
(1,663)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(1,763)
Total equity
(1,663)
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 period ended 31 May 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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 18 October 2023 and are signed on its behalf by:
Thomas Michael Pearce
Director
Company registration number 13867478 (England and Wales)
JMR (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
JMR (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Reporting period
The company was incorporated on 24 January 2022 and the accounting period was extended to 31st May 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Turnover
Rental income is recognised on a straight line basis over the term of the relevant lease.
1.4
Investment property
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.
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
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.
JMR (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
Investment property
2023
£
Fair value
At 24 January 2022
Additions
123,387
At 31 May 2023
123,387
The investment property was acquired on the 25th April 2023 and its fair value has been arrived on the basis of its arms length purchased price. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and in the directors opinion the market value has not significantly changed since acquisition.
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
170
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
135
Directors' current account
42,730
Other creditors
990
43,855
JMR (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2023
- 4 -
7
Creditors: amounts falling due after more than one year
2023
Notes
£
Bank loans and overdrafts
86,250
The bank loan is secured by a fixed charge over the investment property of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
210,165
8
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
9
Ultimate controlling party
The company was controlled by the two directors of the company by virtue of the fact that between them they own the entire issued share capital of the company.