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COMPANY REGISTRATION NUMBER: 11169245
JADE HOMES PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
JADE HOMES PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
JADE HOMES PROPERTIES LIMITED
BALANCE SHEET
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,370,485
2,368,754
Current assets
Debtors
5
163,083
165,092
Cash at bank and in hand
19,793
9,752
------------
------------
182,876
174,844
Creditors: amounts falling due within one year
6
( 886,402)
( 1,239,690)
------------
------------
Net current liabilities
( 703,526)
( 1,064,846)
------------
------------
Total assets less current liabilities
1,666,959
1,303,908
Creditors: amounts falling due after more than one year
7
( 1,570,553)
( 1,240,449)
------------
------------
Net assets
96,406
63,459
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
96,405
63,458
------------
------------
Shareholders funds
96,406
63,459
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 January 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 were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
J S Rehill
Director
Company registration number: 11169245
JADE HOMES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 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 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover shown in the profit and loss account represents rental income receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Investment properties FRS 102 requires that properties held for investment be held in the balance sheet at fair value in accordance with section 16 of FRS 102. The directors consider that to comply with this requirement would involve unjustifiable expense and investment properties are continuing to be stated at cost.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold Investment Properties
£
Cost
At 1 February 2022
2,368,754
Additions
1,731
------------
At 31 January 2023
2,370,485
------------
Depreciation
At 1 February 2022 and 31 January 2023
------------
Carrying amount
At 31 January 2023
2,370,485
------------
At 31 January 2022
2,368,754
------------
5. Debtors
2023
2022
£
£
Prepayments and accrued income
13,083
15,092
Other debtors
150,000
150,000
------------
------------
163,083
165,092
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,864
24,912
Trade creditors
1,746
16,101
Accruals and deferred income
5,766
14,918
Corporation tax
9,449
10,682
Directors' loan accounts
669,577
188,077
Other creditors
185,000
985,000
------------
------------
886,402
1,239,690
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,570,553
840,449
Other creditors
400,000
------------
------------
1,570,553
1,240,449
------------
------------
8. Secured indebtedness
2023
2022
£
£
Aggregate amount of secured liabilities
1,585,417
1,665,362
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
------------
------------
------------
------------
10. Related party transactions
The directors' loan accounts of £669,577 (2022: £188,077) included in creditors are unsecured, repayable on demand and currently interest free. Other debtors of £150,000 (2022: £150,000) is due from a company controlled by the directors. This loan is unsecured, repayable on demand and interest free. Other creditors includes £185,000 (2022: £185,000) due to a company controlled by 2 of the directors. This loan is unsecured, repayable on demand and interest free. Other creditors over one year of £nil (2022: £400,000) was a loan due to a family member of 2 of the directors. This loan unsecured, repayable on demand and interest was being charged at a rate of 6% per annum. The loan was repaid within the year. Freehold property additions include £1,731 (2022: £283,782) construction and purchase costs paid to a company controlled by the directors. The company is controlled by the directors.