Company Registration No. 02610032 (England and Wales)
JONES STREET STUDIOS (2010) LIMITED
Unaudited accounts
for the year ended 31 May 2023
JONES STREET STUDIOS (2010) LIMITED
Unaudited accounts
Contents
JONES STREET STUDIOS (2010) LIMITED
Company Information
for the year ended 31 May 2023
Company Number
02610032 (England and Wales)
Registered Office
35 SPEEDWELL ROAD
WHITSTABLE
KENT
CT5 3RD
Accountants
Strattens
4 Conway Gardens
Enfield
Middlesex
EN2 9AD
JONES STREET STUDIOS (2010) LIMITED
Statement of financial position
as at 31 May 2023
Tangible assets
1,036
1,381
Investment property
1,150,000
1,150,000
Cash at bank and in hand
5,112
1,268
Creditors: amounts falling due within one year
(73,076)
(339,673)
Net current liabilities
(66,286)
(57,573)
Total assets less current liabilities
1,084,750
1,093,808
Creditors: amounts falling due after more than one year
(755,283)
(755,011)
Provisions for liabilities
Net assets
329,118
338,448
Called up share capital
200
200
Fair value reserve
151,049
151,049
Profit and loss account
177,869
187,199
Shareholders' funds
329,118
338,448
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 October 2023 and were signed on its behalf by
Camilla Jones
Director
Company Registration No. 02610032
JONES STREET STUDIOS (2010) LIMITED
Notes to the Accounts
for the year ended 31 May 2023
JONES STREET STUDIOS (2010) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02610032. The registered office is 35 SPEEDWELL ROAD, WHITSTABLE, KENT, CT5 3RD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration of rents received or receivable, net of discounts and rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance method
Investment property is initially included at cost, which includes the purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and changes in fair value are recognised in the fair value reserve.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
JONES STREET STUDIOS (2010) LIMITED
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2022
1,150,000
Investment property has been measured at fair value as at 31st May 2023.
Amounts falling due within one year
Other debtors
1,678
280,832
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
116
-
Loans from directors
65,560
337,636
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
755,283
755,011
Included in the creditors - amounts falling due after one year is an interest only loan from Shawbrook Bank, which is secured against the Freehold of the investment property held, 610 Finchley Road.
JONES STREET STUDIOS (2010) LIMITED
Notes to the Accounts
for the year ended 31 May 2023
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
637,427
195,732
317,043
516,116
637,427
195,732
317,043
516,116
11
Transactions with related parties
During the year Jones Street Studios Ltd collected rents on behalf of Jones Street Studios (2010) Ltd.
This was via a nominee bank account and the funds of £1,378 (2022: £280,832) held are shown in these accounts in current assets as they had not been passed to the company as at 31st May 2023.
12
Average number of employees
During the year the average number of employees was 1 (2022: 1).