Registered number
10022097
Jessannell Ltd
Filleted Accounts
28 February 2023
Jessannell Ltd
Registered number: 10022097
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Investments 4 475,000 473,000
Current assets
Debtors 6 61,600 33,905
Investments held as current assets 7 180,315 224,216
Cash at bank and in hand 170,844 97,731
412,759 355,852
Creditors: amounts falling due within one year 8 (43,136) (128,638)
Net current assets 369,623 227,214
Total assets less current liabilities 844,623 700,214
Creditors: amounts falling due after more than one year 9 (418,842) (47,624)
Net assets 425,781 652,590
Capital and reserves
Called up share capital 1 1
Revaluation reserve 11 (27,855) (29,855)
Profit and loss account 453,635 682,444
Shareholder's funds 425,781 652,590
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 and delivered 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.
R M Hainsby
Director
Approved by the board on 28 November 2023
Jessannell Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 856
At 28 February 2023 856
Depreciation
At 1 March 2022 856
At 28 February 2023 856
Net book value
At 28 February 2023 -
4 Investments
Other
investments
£
Cost
At 1 March 2022 473,000
Revaluation 2,000
At 28 February 2023 475,000
Historical cost
At 1 March 2022 502,855
At 28 February 2023 502,855
The investment consists of a residential property purchased 15 December 2021. The property was valued 1 September 2023 by Harrisons Estate Agents. The directors are satisfied this represents fair value as at 28 February 2023. The movement on revaluation is shown separately on the balance sheet as a revaluation reserve. The movement is not allowable for corporation tax purposes. A capital gain or loss will be calculated on the eventual disposal of the property. No deferred tax provision has been made on the basis a capital gain is not currently expected as the fair value is lower than the original cost.
5 Fair value adjustments
Original cost 502,855
Fair value adjustment year ended 28 February 2022 (29,855)
Fair value adjustment year ended 28 February 2023 2,000
Fair value at 28 February 2023 475,000
6 Debtors 2023 2022
£ £
Trade debtors 61,600 33,905
7 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 180,315 224,216
Investments managed through CMC Markets an independent financial services company.
8 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,749 3,363
Taxation and social security costs 27,474 123,210
Other creditors 10,913 2,065
43,136 128,638
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 418,842 47,624
10 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 378,665 -
Secured bank loans 378,665 -
In May 2022 the company obtained an interest only 25 year loan secured on the investment property with CHL Mortgages.
11 Revaluation reserve 2023 2022
£ £
At 1 March 2022 (29,855) -
Gain/(loss) on revaluation of land and buildings 2,000 (29,855)
At 28 February 2023 (27,855) (29,855)
12 Related party transactions
Other creditors
The amounts shown under other creditors represent amounts owed to the two directors by the company.
13 Controlling party
The company was under the control of the directors throughout this and the previous period.
14 Other information
Jessannell Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Marlings Park Avenue
Chislehurst
Kent
BR7 6QW
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