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Registration number: 11002959

JFAN Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2022

 

JFAN Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

JFAN Property Limited

Company Information

Director

Mr Fang-Chiao Fan

Registered office

64 Springfield Road
Rugeley
Staffordshire
WS15 2NH

Accountants

Property Tax Advice Ltd
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

JFAN Property Limited

(Registration number: 11002959)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

345,000

335,000

Current assets

 

Debtors

5

613

1,085

Cash at bank and in hand

 

12,076

13,900

 

12,689

14,985

Creditors: Amounts falling due within one year

6

(2,116)

(1,996)

Net current assets

 

10,573

12,989

Total assets less current liabilities

 

355,573

347,989

Creditors: Amounts falling due after more than one year

6

(404,436)

(403,751)

Net liabilities

 

(48,863)

(55,762)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(48,963)

(55,862)

Shareholders' deficit

 

(48,863)

(55,762)

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 September 2023
 

.........................................
Mr Fang-Chiao Fan
Director

 

JFAN Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

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:
64 Springfield Road
Rugeley
Staffordshire
WS15 2NH
United Kingdom

These financial statements were authorised for issue by the director on 4 September 2023.

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.

Investment property

The fair value of the properties at 31 October 2022 has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation of £345,000 was arrived at by reference to the market evidence of transaction prices for similar properties in the location the properties are situated.

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.

 

JFAN Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

4

Investment properties

2022
£

At 1 November

335,000

Fair value adjustments

10,000

At 31 October

345,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2022
£

2021
£

Prepayments

626

408

Other debtors

(13)

677

 

JFAN Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Accruals and deferred income

1,160

1,160

Other creditors

956

836

2,116

1,996

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

404,436

403,751

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

239,870

239,870

Other borrowings

164,566

163,881

404,436

403,751