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COMPANY REGISTRATION NUMBER: 12768842
Jagly Properties Limited
Filleted Unaudited Financial Statements
31 July 2023
Jagly Properties Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
184,364
184,364
Current assets
Debtors
5
2,204
3,155
Cash at bank and in hand
63
1,150
-------
-------
2,267
4,305
Creditors: amounts falling due within one year
6
61,502
61,454
--------
--------
Net current liabilities
59,235
57,149
---------
---------
Total assets less current liabilities
125,129
127,215
Creditors: amounts falling due after more than one year
7
132,245
132,245
---------
---------
Net liabilities
( 7,116)
( 5,030)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 7,216)
( 5,130)
-------
-------
Shareholders deficit
( 7,116)
( 5,030)
-------
-------
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.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Jagly Properties Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mr G Harris
Director
Company registration number: 12768842
Jagly Properties Limited
Notes to the Financial Statements
Year ended 31 July 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 40 Kimbolton Road, Bedford, MK40 2NR.
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 a going concern basis which is dependent upon the continued financial support of the company's director.
Revenue recognition
The turnover shown in the profit and loss account represents rent due for the year.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Land and buildings
£
Cost
At 1 August 2022 and 31 July 2023
184,364
---------
Depreciation
At 1 August 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
184,364
---------
At 31 July 2022
184,364
---------
5. Debtors
2023
2022
£
£
Other debtors
2,204
3,155
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
61,502
61,454
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
132,245
132,245
---------
---------
The loan included in due after one year is secured by a fixed charge held on the property held in the company, and a personal guarantee by the director.
8. Director's advances, credits and guarantees
The overdrawn directors loan account of £1,840 was repaid within 9 months of the year end.