JH Property Ltd
Registered number: 10874764
Statement of Financial Position
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 900,526 744,999
Current assets
Cash at bank and in hand 9,714 137,617
Creditors: amounts falling due within one year 4 (415,096) (402,712)
Net current liabilities (405,382) (265,095)
Total assets less current liabilities 495,144 479,904
Creditors: amounts falling due after more than one year 5 (142,117) (142,142)
Provisions for liabilities (48,562) (48,562)
Net assets 304,465 289,200
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 207,026 207,026
Profit and loss account 97,339 82,074
Shareholder's funds 304,465 289,200
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Hannant
Director
Approved by the board on 14 November 2023
JH Property Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rental income which is declared in the period that the rent is due.
Tangible fixed assets
Investment property is included at fair value. Changes in fair value/Impairment losses are included in the statement of income. Deferred taxation is provided on unrealised gains at the rate expected to apply when the gain is realised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2022 744,999
Additions 155,527
At 31 July 2023 900,526
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 900,526
At 31 July 2022 744,999
Freehold land and buildings: 2023 2022
£ £
Historical cost 644,938 489,411
Cumulative depreciation based on historical cost - -
644,938 489,411
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 66 66
Accruals 822 791
Corporation tax 3,581 19,326
Other creditors 410,627 382,529
415,096 402,712
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 142,117 142,142
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 142,117 142,142
The mortgage lender holds a fixed security and negative pledge against the property at 24 Patrick's Copse Road.
7 Revaluation reserve 2023 2022
£ £
At 1 August 2022 207,026 182,727
Gain on revaluation of land and buildings - 29,999
Deferred taxation arising on the revaluation of land and buildings - (5,700)
At 31 July 2023 207,026 207,026
8 Other information
JH Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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