REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Jayan Property Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Jayan Property Ltd |
Jayan Property Ltd (Registered number: 13045842) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Jayan Property Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Rectory |
Springhead Road |
Northfleet |
Kent |
DA11 8HN |
Jayan Property Ltd (Registered number: 13045842) |
Abridged Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Jayan Property Ltd (Registered number: 13045842) |
Abridged Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Jayan Property Ltd (Registered number: 13045842) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Jayan Property Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. |
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows: |
Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established. |
Revenue from the sale of property that is fully built is recognised at the date of exchange of unconditional contracts. Revenue from the sale of property with construction still in progress is recognised at the date of sale completion. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date. |
Jayan Property Ltd (Registered number: 13045842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 50 |
NET BOOK VALUE |
At 31 March 2023 | 50 |
At 31 March 2022 | 50 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.23 | 31.3.22 |
£ | £ |
Repayable otherwise than by instalments |
Mortgages |
Jayan Property Ltd (Registered number: 13045842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Mortgages | 1,118,595 | 2,447,020 |
Mortgages are secured against properties included as stock and investment properties. |
9. | RELATED PARTY DISCLOSURES |
During the period the company repaid £6,020 of a loan from VNM Properties Ltd. VNM Properties Ltd holds a controlling share of the company and the directors of the company are also directors of VNM Properties Ltd. At the end of the period the amount owed to VNM Properties Ltd was £1,372,232 (2022: £1,378,252). The balance is included within creditors due within one year, is free of interest and is repayable on demand. |
During the period the company repaid £5,100 loaned from the directors. At the end of the period the amount owed to the directors was £0 (2022: £5,100). The balance is included within creditors due within one year, is free of interest and is repayable on demand. |
During the period the company borrowed £99,276 from VM Property Ltd. The company holds shares in VM Property Ltd. At the end of the period the amount owed to VM Property Ltd was £99,276 (2022: £0). The balance is included within creditors due within one year, is free of interest and is repayable on demand. |
During the period the company loaned £880,000 to Jayan Ltd. Jayan Ltd is under the control of two of the directors of the company. At the end of the period the amount owed by Jayan Ltd was £880,000 (2022: £0). The balance is included within debtors due within one year, is free of interest and is repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is VNM Properties Ltd. |
11. | GOING CONCERN |
The accounts have been prepared on a going concern basis. At the end of the period, the company had negative reserves. The directors consider that the company will be able to continue to trade for 12 months from the date of signing the accounts, as the current liabilities are related group companies. |