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Registration number: 09742739

Prepared for the registrar

Jools Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Jools Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Jools Properties Ltd

Company Information

Directors

J Milligan

L Milligan

Registered office

Olympus House
Britannia Road
Patchway
Bristol
BS34 5TA

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Jools Properties Ltd

(Registration number: 09742739)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

7,545,898

5,290,684

Investments

5

500

500

 

7,546,398

5,291,184

Current assets

 

Debtors

6

258,669

247,998

Cash at bank and in hand

 

760,452

255,216

 

1,019,121

503,214

Creditors: Amounts falling due within one year

7

(3,281,632)

(2,160,670)

Net current liabilities

 

(2,262,511)

(1,657,456)

Total assets less current liabilities

 

5,283,887

3,633,728

Creditors: Amounts falling due after more than one year

7

(2,669,946)

(2,561,319)

Net assets

 

2,613,941

1,072,409

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,613,841

1,072,309

Shareholders' funds

 

2,613,941

1,072,409

For the financial year ending 31 August 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 


J Milligan
Director

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

1

General information

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

The address of its registered office is:
Olympus House
Britannia Road
Patchway
Bristol
BS34 5TA

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts exemption

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company. 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.

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

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

The current 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

There has been no valuation of investment property by an independent valuer. The directors consider that the carrying value in the accounts to be in line with the market value of the properties.

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

500

500

Subsidiaries

£

Cost

At 1 September 2022 and at 31 August 2023

1,000,100

Provision

At 1 September 2022 and at 31 August 2023

999,600

Carrying amount

At 31 August 2022 and at 31 August 2023

500

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Marlborough Building Supplies Limited

Ordinary

100%

100%

 

England and Wales

     

168 UN Limited

Ordinary

100%

100%

 

England and Wales

     

Subsidiary undertakings

Marlborough Building Supplies Limited

The principal activity of Marlborough Building Supplies Limited is that of a dormant company.

168 UN Limited

The principal activity of 168 UN Limited is is that of a property holding company.

Both subsidiary companies have the same registered office as Jools Properties Limited.

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

1,200

-

Amounts owed by related parties

9

202,534

202,534

Other debtors

 

98

98

Deferred tax assets

54,837

45,366

   

258,669

247,998

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Bank loan

8

-

261,612

Trade creditors

 

36

4,200

Kellaway Building Supplies Limited intercompany account

 

2,834,540

1,586,856

Amounts owed to group undertakings

 

66,400

30,400

Social security and other taxes

 

10,190

8,036

Other creditors

 

-

1

Accrued expenses

 

232,152

221,099

Corporation tax liability

138,314

48,466

 

3,281,632

2,160,670

Due after one year

 

Bank loan

8

2,075,726

1,967,099

Director's loan account

 

594,220

594,220

 

2,669,946

2,561,319

The bank loan is secured.

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

261,612

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,075,726

1,967,099

Bank borrowings are secured and wholly repayable within 5 years.

 

9

Related party transactions

During the year, the company received rent of £368,500 (2022 - £344,000) from Kellaway Building Supplies Limited, a company under common control. The balance at the year end due to Kellaway Building Supplies Limited is £3,046,616 (2022 - £1,586,856). The loan is interest free and there are no fixed repayment terms.

At the balance sheet date, the company owes £184,220 (2022 - £631,267) to J Milligan in the form of a director's loan account. Interest is accrued on the loan at a rate of 6% per annum, and there are no fixed repayment terms.

At the balance sheet date, the company was owed £202,534 (2022 - £202,534) by Joseph Griggs & Company Limited, a related company. The loan is interest free and there are no fixed repayment terms.

 

10

Control

The company is controlled by J Milligan and L Milligan.

 

Jools Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

11

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.