REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
JOANBRIDGE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
JOANBRIDGE LIMITED |
JOANBRIDGE LIMITED (REGISTERED NUMBER: 06790259) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Income Statement | 2 |
Statement of Financial Position | 3 |
Statement of Changes in Equity | 4 |
Notes to the Financial Statements | 5 |
JOANBRIDGE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
JOANBRIDGE LIMITED (REGISTERED NUMBER: 06790259) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2023 | 2022 |
$ | $ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | ( |
) | ( |
) |
Investment impairment provision reversal | 3,288,439 | 41,900 |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
JOANBRIDGE LIMITED (REGISTERED NUMBER: 06790259) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2023 |
2023 | 2022 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
JOANBRIDGE LIMITED (REGISTERED NUMBER: 06790259) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
$ | $ | $ |
Balance at 1st April 2021 | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st March 2022 | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2023 | ( |
) | ( |
) |
JOANBRIDGE LIMITED (REGISTERED NUMBER: 06790259) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Joanbridge Limited is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Disclosure exemptions |
In preparing these financial statements, advantage has been taken of the following disclosure exemptions available in FRS 102 Section 1A: |
- No cash flow statement has been presented |
- No disclosure of related party transactions entered into between two or more wholly owned members of a group has been given |
- Consolidated accounts have not been prepared for the company as these are included in the group accounts of the ultimate parent company |
- Certain disclosures in respect of the company's financial instruments have not been presented as these are included in the disclosures made in respect of the group |
Going concern |
The directors are required to make an assessment of the company's ability to continue as a going concern. The balance sheet reflects a net liability position and the directors have considered the future cashflow forecasts of the company and also obtained confirmation from the majority shareholder that they will not recall their loan until the company can make repayment without affecting its ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis. |
The following principal accounting policies have been applied: |
Preparation of consolidated financial statements |
The financial statements contain information about Joanbridge Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by the Companies Act 2006 not to produce consolidated financial statements because it is itself a majority owned subsidiary of its parent undertaking, Longbell Limited. Longbell Limited is a wholly owned subsidiary of Prime Commercial Properties Plc which is a wholly owned subsidiary of Prime Commercial Properties (Holdings) Limited which prepares and files consolidated accounts which incorporate the activities of the company and its subsidiary undertakings. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Fixed asset investment |
The investment is carried at cost, less any provision for impairment. |
Dividends |
Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Financial liabilities and equity |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. |
JOANBRIDGE LIMITED (REGISTERED NUMBER: 06790259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Loans to |
group |
undertakings |
$ |
Loan investment written off | ( |
) |
Repayment in year | ( |
) |
Reversal of investment impairment provision |
At 31st March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Tax |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Other loans |
Trade creditors |
Other creditors | 229 | - |
Accruals and deferred income |
The loan notes are unsecured and are repayable at par value on or before 1 December 2016 at the company's discretion. They have now expired and have been kept rolling, therefore are presented as repayable on demand. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | $ | $ |
Ordinary £1 shares | £1 | 163 | 163 |
8. | ULTIMATE CONTROLLING PARTY |
The intermediate parent company was Longbell Limited and the company's ultimate parent company was Prime Commercial Properties (Holdings) Limited.Copies of the consolidated financial statements of Prime Commercial Properties (Holdings) Limited are available from Companies House. The ultimate controlling party is The Robert Gubbay Settlement Trust. |