Registered number
NI658964
JJJAK Properties Limited
Report and Unaudited Accounts
30 September 2023
JJJAK Properties Limited
Company Information
Directors
Adam Lowry
Secretary
Jayne Lowry
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Ulster Bank Ltd
Belfast City Office
11-16 Donegall Square
Belfast
Co Antrim
BT1 5UB
Solicitors
Peden & Reid
22 Callender Street
Belfast
Co Antrim
BT1 5BU
Registered office
8/10 Church Street
Omagh
Co Tyrone
BT78 1DG
Registered number
NI658964
JJJAK Properties Limited
Registered number: NI658964
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,914,790 867,568
Current assets
Stocks 1,802,599 2,678,806
Debtors 4 21,000 4,468
Cash at bank and in hand 1,183,481 85,662
3,007,080 2,768,936
Creditors: amounts falling due within one year 5 (10,880) (4,600)
Net current assets 2,996,200 2,764,336
Total assets less current liabilities 5,910,990 3,631,904
Creditors: amounts falling due after more than one year 6 (5,899,128) (3,628,475)
Net assets 11,862 3,430
Capital and reserves
Called up, issued and fully paid share capital 5 5
Profit and loss account 11,857 3,425
Shareholders' funds 8 11,862 3,430
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 to 8 form an integral part of the accounts.
Adam Lowry
Director
Approved by the board on 29 February 2024
JJJAK Properties Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in UK Sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Income from investments
Income from investments is generated from rental income received and receivable.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Investment Property
£
Cost
At 1 October 2022 867,568
Additions 2,047,222
At 30 September 2023 2,914,790
Depreciation
At 30 September 2023 -
Net book value
At 30 September 2023 2,914,790
At 30 September 2022 867,568
4 Debtors 2023 2022
£ £
Trade debtors 21,000 2,500
Deferred tax asset - 384
Other debtors - 1,584
21,000 4,468
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 66 -
Taxes and social security costs 6,214 -
Other creditors 4,600 4,600
10,880 4,600
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 5,899,128 3,628,475
7 Provision for liabilities
Deferred Taxation
£
At 1 October 2022 (384)
Charged to the profit and loss 384
At 30 September 2023 -
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances (384) 384
(384) 384
8 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments.
9 Other information
JJJAK Properties Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
8/10 Church Street
Omagh
Co Tyrone
BT78 1DG
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