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Jacobs Property Management Ltd

trading as Jacobs Property Management

Annual Report and Financial Statements

for the Year Ended 28 February 2023

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

Company Information

Directors

Mr Richard George Jacobs

Mrs Anita Marie Jacobs

Registered office

Negys Gorthbow
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

11842353 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

(Registration number: 11842353)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

429,637

397,070

Current assets

 

Debtors

6

1,184

1,040

Cash at bank and in hand

 

1,994

5,712

 

3,178

6,752

Creditors: Amounts falling due within one year

7

(337,522)

(353,970)

Net current liabilities

 

(334,344)

(347,218)

Total assets less current liabilities

 

95,293

49,852

Provisions for liabilities

(3,124)

(1,331)

Net assets

 

92,169

48,521

Capital and reserves

 

Retained earnings

92,169

48,521

Shareholders' funds

 

92,169

48,521

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

(Registration number: 11842353)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 28 November 2023

and signed on its behalf by:
 

.........................................

Mr Richard George Jacobs
Director

.........................................

Mrs Anita Marie Jacobs
Director

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Negys Gorthbow
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, 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 specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & buildings

not provided

Plant & machinery

25% straight line

Office equipment

25% straight line

Fixtures & fittings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

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

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

6,797

8,752

Deferred taxation

Arising from changes in tax rates and laws

1,794

90

Tax expense in the income statement

8,591

8,842

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2022

387,179

2,012

19,315

566

Additions

29,961

-

10,332

440

At 28 February 2023

417,140

2,012

29,647

1,006

Depreciation

At 1 March 2022

-

1,161

10,606

235

Charge for the year

-

503

7,412

251

At 28 February 2023

-

1,664

18,018

486

Carrying amount

At 28 February 2023

417,140

348

11,629

520

At 28 February 2022

387,179

851

8,709

331

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

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

Total
£

Cost or valuation

At 1 March 2022

409,072

Additions

40,733

At 28 February 2023

449,805

Depreciation

At 1 March 2022

12,002

Charge for the year

8,166

At 28 February 2023

20,168

Carrying amount

At 28 February 2023

429,637

At 28 February 2022

397,070

Included within the net book value of land and buildings above is £417,140 (2022 - £387,179) in respect of freehold land and buildings.
 

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

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

6

debtors

Current

2023
£

2022
£

Trade debtors

407

460

Prepayments

777

580

 

1,184

1,040

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,575

1,730

Taxation and social security

9,126

8,752

Accruals and deferred income

1,320

1,347

Other creditors

319,501

342,141

337,522

353,970

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 March 2022

1,331

1,331

Increase (decrease) in existing provisions

1,793

1,793

At 28 February 2023

3,124

3,124

 

Jacobs Property Management Ltd

trading as Jacobs Property Management

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

10

Related party transactions

Summary of transactions with other related parties

Rental income was received from Driveline (GB) Ltd, a company under the control of R G Jacobs (a director) of £22,000 in the year (£22,000 2022).
Management fees were also paid to Driveline (GB) Ltd of £1,711 in the year (£nil 2022).