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Company registration number: 13334627
JCL Property Limited
Unaudited filleted financial statements
31 March 2023
JCL Property Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
JCL Property Limited
Directors and other information
Directors Richard Meager
Lucy Meager
Company number 13334627
Registered office 1 Cockerel Rise
Desborough
Kettering
NN14 2WE
Accountants Clifford Towers
The Hall
Priory Hill
Rugby Road
CV8 3FZ
JCL Property Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 1,100,000 1,100,000
_______ _______
1,100,000 1,100,000
Current assets
Debtors 5 20,952 14,197
Cash at bank and in hand 59,090 553
_______ _______
80,042 14,750
Creditors: amounts falling due
within one year 6 ( 129,328) ( 77,437)
_______ _______
Net current liabilities ( 49,286) ( 62,687)
_______ _______
Total assets less current liabilities 1,050,714 1,037,313
Creditors: amounts falling due
after more than one year 7 ( 449,108) ( 489,270)
_______ _______
Net assets 601,606 548,043
_______ _______
Capital and reserves
Called up share capital 548,141 548,141
Profit and loss account 53,465 ( 98)
_______ _______
Shareholders funds 601,606 548,043
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Richard Meager
Director
Company registration number: 13334627
JCL Property Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 - - -
Profit/(loss) for the year ( 98) ( 98)
_______ _______ _______
Total comprehensive income for the year - ( 98) ( 98)
Issue of shares 548,141 548,141
_______ _______ _______
Total investments by and distributions to owners 548,141 - 548,141
At 31 March 2022 (as previously reported) 548,141 10,143 558,284
Prior period adjustments (-) (10,241) (10,241)
_______ _______ _______
At 31 March 2022 (restated) and 1 April 2022 548,141 ( 98) 548,043
Profit/(loss) for the year 54,883 54,883
_______ _______ _______
Total comprehensive income for the year - 54,883 54,883
Dividends paid and payable ( 1,320) ( 1,320)
_______ _______ _______
Total investments by and distributions to owners - ( 1,320) ( 1,320)
_______ _______ _______
At 31 March 2023 548,141 53,465 601,606
_______ _______ _______
JCL Property 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 & Wales. The address of the registered office is 1 Cockerel Rise, Desborough, Kettering, NN14 2WE.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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
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:
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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 .
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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 and leasehold properties Total
£ £
Cost
At 1 April 2022 and 31 March 2023 1,100,000 1,100,000
_______ _______
Depreciation
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 1,100,000 1,100,000
_______ _______
At 31 March 2022 1,100,000 1,100,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 April 2022 and 31 March 2023 1,100,000
_______
The 2023 valuation was made by the directors at an open market value for existing existing use basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold and leasehold properties Total
£ £
At 31 March 2023
Aggregate cost 1,100,000 1,100,000
Aggregate depreciation - -
_______ _______
Carrying amount 1,100,000 1,100,000
_______ _______
At 31 March 2022
Aggregate cost - -
Aggregate depreciation - -
_______ _______
Carrying amount - -
_______ _______
5. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 127
Other debtors 20,952 14,070
_______ _______
20,952 14,197
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 69,907 59,562
Trade creditors 28,125 -
Corporation tax 12,541 -
Other creditors 18,755 17,875
_______ _______
129,328 77,437
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 449,108 489,270
_______ _______
The bank loan is secured by a fixed and floating charge over all of the company's assets as well as a negative pledge.
8. Prior period errors
The following adjustments were made to 31st March 2022 accounts:Accrued rental income receivable was understated by £2,430 and an accrual for rent payable of £15,625 was omitted from the accounts. An inter-company balance of £127 was incorrectly written off. The corporation tax accrual of £2,826 has been reversed
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 37,500 26,000
Later than 1 year and not later than 5 years 150,000 104,000
Later than 5 years 2,400,000 1,690,000
_______ _______
2,587,500 1,820,000
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Richard Meager ( 500) - 400 ( 100)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Richard Meager - ( 500) - ( 500)
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023 2022
£ £
Richard Meager 400 500
_______ _______
Director's loan - interest free and repayable on demand.
12. Controlling party
JCL Property Holdings Limited is the company's controlling party by virtue of its 100% shareholding. Its registered address is 1 Cockerell Drive, Desborough, Kettering, Northamptonshire, NN14 2WE.
JCL Property Limited
The following pages do not form part of the statutory accounts.
JCL Property Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of JCL Property 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 JCL Property Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity 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, 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 JCL Property 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 JCL Property Limited and state those matters that we have agreed to state to the board of directors of JCL Property 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 JCL Property Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that JCL Property 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 JCL Property Limited. You consider that JCL Property 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 JCL Property 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.
Clifford Towers
Chartered Accountants
The Hall
Priory Hill
Rugby Road
CV8 3FZ
31 October 2023