Jay House Commercial Ltd 14360483 false 2022-09-16 2023-09-30 2023-09-30 The principal activity of the company is that of the investment in and leasing of commercial property. Digita Accounts Production Advanced 6.30.9574.0 true true 14360483 2022-09-16 2023-09-30 14360483 2023-09-30 14360483 bus:OrdinaryShareClass1 2023-09-30 14360483 bus:Original 2023-09-30 14360483 core:CurrentFinancialInstruments 2023-09-30 14360483 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 14360483 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 14360483 core:OtherPropertyPlantEquipment 2023-09-30 14360483 bus:SmallEntities 2022-09-16 2023-09-30 14360483 bus:AuditExemptWithAccountantsReport 2022-09-16 2023-09-30 14360483 bus:FullAccounts 2022-09-16 2023-09-30 14360483 bus:SmallCompaniesRegimeForAccounts 2022-09-16 2023-09-30 14360483 bus:RegisteredOffice 2022-09-16 2023-09-30 14360483 bus:Director1 2022-09-16 2023-09-30 14360483 bus:OrdinaryShareClass1 2022-09-16 2023-09-30 14360483 bus:PrivateLimitedCompanyLtd 2022-09-16 2023-09-30 14360483 core:OtherPropertyPlantEquipment 2022-09-16 2023-09-30 14360483 core:PlantMachinery 2022-09-16 2023-09-30 14360483 countries:England 2022-09-16 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14360483

Jay House Commercial Ltd

Unaudited Financial Statements

for the Period from 16 September 2022 to 30 September 2023

 

Jay House Commercial Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jay House Commercial Ltd

(Registration number: 14360483)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

427

Investment property

5

406,404

 

406,831

Current assets

 

Debtors

6

115,798

Cash at bank and in hand

 

2,035

 

117,833

Creditors: Amounts falling due within one year

7

(419,663)

Net current liabilities

 

(301,830)

Total assets less current liabilities

 

105,001

Creditors: Amounts falling due after more than one year

7

(20,000)

Provisions for liabilities

(16,743)

Net assets

 

68,258

Capital and reserves

 

Called up share capital

100

Other reserves

89,880

Retained earnings

(21,722)

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:

The members have not required the company to obtain an audit of its accounts for the period 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.

 

Jay House Commercial Ltd

(Registration number: 14360483)
Balance Sheet as at 30 September 2023

Approved and authorised by the director on 29 February 2024
 


Mr R Hewland
Director

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023

1

General information

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

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
13 Alyth Road
Bournemouth
BH3 7DF

These financial statements were authorised for issue by the director on 29 February 2024.

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.

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

The investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Any changes in fair value are recognised in the profit and loss account. The accounting policy is in accordance with FRS102.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

436

436

At 30 September 2023

436

436

Depreciation

Charge for the period

9

9

At 30 September 2023

9

9

Carrying amount

At 30 September 2023

427

427

5

Investment properties

2023
£

Additions

838,689

Disposals

(543,248)

Fair value adjustments

110,963

At 30 September

406,404

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.

6

Debtors

Current

Note

2023
£

Trade debtors

 

484

Amounts owed by related parties

9

101,817

Prepayments

 

8,230

Other debtors

 

5,267

   

115,798

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Period from 16 September 2022 to 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

21,099

Accruals and deferred income

13,163

Other creditors

385,401

419,663

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

20,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

100

100

     

New shares allotted

During the period 100 Ordinary shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £100. The shares were allotted on incorporation of the company.

9

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.