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REGISTERED NUMBER: 00942449 (England and Wales)













Financial Statements

for the Year Ended 28 February 2023

for

J & R Properties Limited

J & R Properties Limited (Registered number: 00942449)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J & R Properties Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr T Curtis
Mrs H E Curtis



SECRETARY: Mrs H E Curtis



REGISTERED OFFICE: The Gables
13 Blind Lane
Coleby
LINCOLN
Lincolnshire
LN5 0AL



REGISTERED NUMBER: 00942449 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: NatWest Bank Plc
225 High Street
LINCOLN
Lincolnshire
LN2 1AZ

J & R Properties Limited (Registered number: 00942449)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 364 429
Investment property 5 467,948 467,948
468,312 468,377

CURRENT ASSETS
Debtors 6 6,890 561
Cash at bank 16,678 35,583
23,568 36,144
CREDITORS
Amounts falling due within one year 7 6,254 4,639
NET CURRENT ASSETS 17,314 31,505
TOTAL ASSETS LESS CURRENT
LIABILITIES

485,626

499,882

PROVISIONS FOR LIABILITIES 103,367 78,555
NET ASSETS 382,259 421,327

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 382,159 421,227
SHAREHOLDERS' FUNDS 382,259 421,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J & R Properties Limited (Registered number: 00942449)

Statement of Financial Position - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2023 and were signed on its behalf by:





Mr T Curtis - Director


J & R Properties Limited (Registered number: 00942449)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

J & R Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents invoiced rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


J & R Properties Limited (Registered number: 00942449)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Leasing
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Investment properties
Investment properties are included in the balance sheet at their fair value.

Investment property is initially recognised at cost and subsequently remeasured to fair value with changes in fair value recognised in the Income Statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2022
and 28 February 2023 3,577 6,012 890 10,479
DEPRECIATION
At 1 March 2022 3,556 5,604 890 10,050
Charge for year 3 62 - 65
At 28 February 2023 3,559 5,666 890 10,115
NET BOOK VALUE
At 28 February 2023 18 346 - 364
At 28 February 2022 21 408 - 429

J & R Properties Limited (Registered number: 00942449)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 467,948
NET BOOK VALUE
At 28 February 2023 467,948
At 28 February 2022 467,948

Properties were all available for letting under operating leases. Rental income received from operating leases in the year was £40,468 (2022: £44,205).

If the properties were to be sold at the revalued amount there would be an additional charge to corporation tax of £78,559 (2021: £78,571).

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2022 467,948

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 32,280 32,280
Aggregate depreciation (14,835 ) (14,203 )

Investment property was valued on a fair value basis on 28 February 2023 by Mr T Curtis, director, at £467,948 .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 353 -
Prepayments 367 561
Belvoir account 6,170 -
6,890 561

J & R Properties Limited (Registered number: 00942449)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Social security & other taxes 116 42
Directors' current accounts 4,639 3,296
Accrued expenses 1,499 1,301
6,254 4,639

8. RELATED PARTY DISCLOSURES

Included within creditors falling due within one year are advances/loans from the directors and their close family amounting to £4,639 (2022: £3,296). These amounts are unsecured and interest free.