Registration number:
Jay House Commercial Ltd
for the Period from 16 September 2022 to 30 September 2023
Jay House Commercial Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Jay House Commercial Ltd
(Registration number: 14360483)
Balance Sheet as at 30 September 2023
Note |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
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Other reserves |
89,880 |
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Retained earnings |
(21,722) |
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Shareholders' funds |
68,258 |
For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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.
Jay House Commercial Ltd
(Registration number: 14360483)
Balance Sheet as at 30 September 2023
Approved and authorised by the
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Jay House Commercial Ltd
Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
13 Alyth Road
Bournemouth
BH3 7DF
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net current liabilities of £301,830 and retained losses of £21,722. At the time of approving the financial statements, the director has a reasonable expectation that the company has access to adequate resources to continue in operational existence for the forseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Jay House Commercial Ltd
Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable on rental income from investment properties, net of Value Added Tax.
Tax
The tax expense for the period comprises 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.
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 |
Plant & Machinery |
25% Straight Line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from tenants in respect of rental income on investment properties.
Trade debtors are recognised at the transaction price.
Trade debtors are reviewed on an annual basis and any provision for bad debts are taken through profit and loss.
Jay House Commercial Ltd
Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023
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 at the transaction price.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Jay House Commercial Ltd
Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 30 September 2023 |
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Depreciation |
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Charge for the period |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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Investment properties |
2023 |
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Additions |
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Disposals |
( |
Fair value adjustments |
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At 30 September |
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The above amount is considered to be the open market value of the investment properties held at the balance sheet date as valued by an external valuer.
Debtors |
Current |
Note |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Jay House Commercial Ltd
Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
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No. |
£ |
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100 |
New shares allotted
During the period |
Related party transactions |
Transactions with the director |
At the balance sheet date, the company owed Mr R Hewland, director and shareholder, £51,061. There are no fixed terms for repayment of this balance and no interest is being charged.
At the balance sheet date the company also owed £20,000 on a loan facilitated by Rebuilding Society. The lender of this loan is Mr R Hewland, director & shareholder and interest is being charged at 17% per annum.
Jay House Commercial Ltd
Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023
Summary of transactions with other related parties
At the balance sheet date, the company was owed £101,817 from Jay House Property Limited, company under common control. There are no fixed terms for repayment and interest is not being charged.
At the balance sheet date, the company also owed £334,340 to Jay House SSAS, a pension fund in which the director, Mr R Hewland, is the trustee. There are no fixed terms for repayment and no interest is being charged.