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Registration number: 12774615

JESP Conjugal Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

JESP Conjugal Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

JESP Conjugal Ltd

Company Information

Directors

Mr P A James

Mrs V E James

Registered office

32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

 

JESP Conjugal Ltd

(Registration number: 12774615)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

819,352

819,352

Current assets

 

Cash at bank and in hand

 

46,131

25,901

Creditors: Amounts falling due within one year

5

(340,663)

(337,921)

Net current liabilities

 

(294,532)

(312,020)

Total assets less current liabilities

 

524,820

507,332

Creditors: Amounts falling due after more than one year

5

(543,720)

(543,720)

Net liabilities

 

(18,900)

(36,388)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(19,000)

(36,488)

Shareholders' deficit

 

(18,900)

(36,388)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

JESP Conjugal Ltd

(Registration number: 12774615)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................
Mr P A James
Director

.........................................
Mrs V E James
Director

 

JESP Conjugal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

These financial statements were authorised for issue by the Board on 9 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Under Section 16 of FRS 102 investment property is not depreciated, but is remeasured to fair value at each reporting date. In the opinion of the directors the fair value of the investment properties has not materially changed at the Balance Sheet date from the original purchase costs.

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.

 

JESP Conjugal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 August

819,352

At 31 July

819,352

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

 

JESP Conjugal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

650

-

Accruals and deferred income

750

750

Other creditors

339,263

337,171

340,663

337,921

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

543,720

543,720

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

543,720

543,720

-

-

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

543,720

543,720

 

JESP Conjugal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Bank borrowings

Bank borrowings are in respect of interest only mortgages on the purchase of investment properties and is denominated in sterling with a nominal interest rate of 3.16%, and the final instalment is due on 8 August 2053. The carrying amount at year end is £543,720 (2022 - £543,720).

The mortgage loans outstanding are secured by charges on the company's investment properties.