Company registration number 09058815 (England and Wales)
JWP PROPERTIES (EA) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
JWP PROPERTIES (EA) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
JWP PROPERTIES (EA) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
456,085
474,295
Current assets
Debtors
4
436
106
Cash at bank and in hand
20,337
22,070
20,773
22,176
Creditors: amounts falling due within one year
5
(2,873)
(4,321)
Net current assets
17,900
17,855
Total assets less current liabilities
473,985
492,150
Provisions for liabilities
(25,717)
(11,346)
Net assets
448,268
480,804
Capital and reserves
Called up share capital
2
2
Revaluation reserve
6
135,353
153,563
Profit and loss reserves
312,913
327,239
Total equity
448,268
480,804
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 November 2023
Mr JW Powell
Director
Company Registration No. 09058815
JWP PROPERTIES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
JWP Properties (EA) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Church Plain, Great Yarmouth, Norfolk, England, NR30 1PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
JWP PROPERTIES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
3
Investment property
2023
£
Fair value
At 1 June 2022
474,295
Revaluations
(18,210)
At 31 May 2023
456,085
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
436
106
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,042
Corporation tax
2,139
2,596
Other creditors
734
683
2,873
4,321
6
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
135,353
153,563
Error! B/fwd does not agree to c/fwd last year by:
(18,210)