1 March 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00truexbrli:purexbrli:sharesiso4217:GBP124552272022-03-012023-02-28124552272023-02-28124552272022-02-2812455227core:WithinOneYear2023-02-2812455227core:WithinOneYear2022-02-2812455227core:AfterOneYear2023-02-2812455227core:AfterOneYear2022-02-2812455227core:ShareCapital2023-02-2812455227core:ShareCapital2022-02-2812455227core:RevaluationReserve2023-02-2812455227core:RetainedEarningsAccumulatedLosses2023-02-2812455227core:RetainedEarningsAccumulatedLosses2022-02-2812455227bus:Director12022-03-012023-02-2812455227bus:RegisteredOffice2022-03-012023-02-2812455227core:LandBuildings2022-03-0112455227core:LandBuildings2022-03-012023-02-2812455227core:LandBuildings2023-02-2812455227core:LandBuildings2022-02-28124552272022-03-011245522712022-03-012023-02-28124552272021-03-012022-02-2812455227countries:EnglandWales2022-03-012023-02-2812455227bus:AuditExempt-NoAccountantsReport2022-03-012023-02-2812455227bus:PrivateLimitedCompanyLtd2022-03-012023-02-2812455227bus:SmallEntities2022-03-012023-02-2812455227bus:FullAccounts2022-03-012023-02-28
Company registration number:
12455227
Jomeada Properties Limited
Unaudited Filleted Financial Statements for the year ended
28 February 2023
Jomeada Properties Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Jomeada Properties Limited
Year ended
28 February 2023
As described on the statement of financial position, the Board of Directors of
Jomeada Properties Limited
are responsible for the preparation of the
financial statements
for the year ended
28 February 2023
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Thandi Nicholls Ltd
Glaisher Drive
Wolverhampton
WV10 9TG
United Kingdom
Jomeada Properties Limited
Statement of Financial Position
28 February 2023
20232022
Note££
Fixed assets    
Tangible assets 5
513,324
 
303,124
 
Current assets    
Debtors 6
1,339
 
1,111
 
Cash at bank and in hand
28,234
 
5,983
 
29,573
 
7,094
 
Creditors: amounts falling due within one year 7
(138,483
)
(103,096
)
Net current liabilities
(108,910
)
(96,002
)
Total assets less current liabilities 404,414   207,122  
Creditors: amounts falling due after more than one year 8
(393,953
)
(218,540
)
Provisions for liabilities
(2,013
) -  
Net assets/(liabilities)
8,448
 
(11,418
)
Capital and reserves    
Called up share capital
4
 
4
 
Revaluation reserve
54,000
  -  
Profit and loss account
(45,556
)
(11,422
)
Shareholders funds/(deficit)
8,448
 
(11,418
)
For the year ending
28 February 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 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
16 November 2023
, and are signed on behalf of the board by:
N Odei
Director
Company registration number:
12455227
Jomeada Properties Limited
Notes to the Financial Statements
Year ended
28 February 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
15 Eastwood Road
,
Rayleigh
,
Essex
,
SS6 7JD
, United Kingdom.
These financial statements are presented in GBP, which is the Company’s functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The consolidated financial statements have been prepared on a going concern basis, which assumes that the entity will be able to discharge its liabilities.

Investment properties

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2022: Nil).

5 Tangible assets

Land and buildings
£
Cost or valuation  
At
1 March 2022
303,124
 
Additions
156,284
 
Revaluations
54,000
 
Other movements
(84
)
At
28 February 2023
513,324
 
Depreciation  
At
1 March 2022
and
28 February 2023
-  
Carrying amount  
At
28 February 2023
513,324
 
At 28 February 2022
303,124
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20232022
££
Aggregate historical cost 459,324   303,124  
Carrying amount 459,324   303,124  
The valuations were provided by the mortgage broker as part of rearranging finance on the invstement properties held by the company.

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2023
£
Carrying amount at
1 March 2022
303,124
 
Additions
156,284
 
Fair value adjustments
54,000
 
Other movements
84
)
Carrying amount at
28 February 2023
513,324
 

6 Debtors

20232022
££
Other debtors
1,339
 
1,111
 
The debtors above include the following amounts falling due after more than one year:
20232022
££
Other debtors
1,339
 
1,111
 
Other debtors are prepayments for expenses.

7 Creditors: amounts falling due within one year

20232022
££
Other creditors
138,483
 
103,096
 
Other creditors noted in the accounts relate to accruals and the director's loan account.

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
393,953
 
218,540
 
The entity has secured a bank loan which has been secured over the related investment property held by the entity. The mortgage loan is on interest only basis for a term of 25 years.
The bank loan relates to the mortgage held on the investment property.

9 Director's advances, credit and guarantees

The following aggregate credits have been made to the directors
• Balance b/fwd - £102,556
• Plus advances in the year - £77,199
• Plus private transactions - £1,867
• Less amounts repaid - £45,063
• Balance c/fwd - £136,559