Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false2022-08-01Development of building projects11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06956344 2022-08-01 2023-07-31 06956344 2021-08-01 2022-07-31 06956344 2023-07-31 06956344 2022-07-31 06956344 c:Director1 2022-08-01 2023-07-31 06956344 d:FreeholdInvestmentProperty 2022-08-01 2023-07-31 06956344 d:FreeholdInvestmentProperty 2023-07-31 06956344 d:FreeholdInvestmentProperty 2022-07-31 06956344 d:CurrentFinancialInstruments 2023-07-31 06956344 d:CurrentFinancialInstruments 2022-07-31 06956344 d:Non-currentFinancialInstruments 2023-07-31 06956344 d:Non-currentFinancialInstruments 2022-07-31 06956344 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 06956344 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 06956344 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 06956344 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 06956344 d:ShareCapital 2023-07-31 06956344 d:ShareCapital 2022-07-31 06956344 d:RevaluationReserve 2023-07-31 06956344 d:RevaluationReserve 2022-07-31 06956344 d:RetainedEarningsAccumulatedLosses 2023-07-31 06956344 d:RetainedEarningsAccumulatedLosses 2022-07-31 06956344 c:OrdinaryShareClass1 2022-08-01 2023-07-31 06956344 c:OrdinaryShareClass1 2023-07-31 06956344 c:OrdinaryShareClass1 2022-07-31 06956344 c:FRS102 2022-08-01 2023-07-31 06956344 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 06956344 c:FullAccounts 2022-08-01 2023-07-31 06956344 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06956344 2 2022-08-01 2023-07-31 06956344 5 2022-08-01 2023-07-31 06956344 d:OtherDeferredTax 2023-07-31 06956344 d:OtherDeferredTax 2022-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06956344









3 JESTERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
3 JESTERS LIMITED
REGISTERED NUMBER: 06956344

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,816,781
1,777,210

  
1,816,781
1,777,210

Current assets
  

Debtors: amounts falling due within one year
 5 
3,370
2,224

Cash at bank and in hand
  
16,947
139,998

  
20,317
142,222

Creditors: amounts falling due within one year
 6 
(112,299)
(261,514)

Net current liabilities
  
 
 
(91,982)
 
 
(119,292)

Total assets less current liabilities
  
1,724,799
1,657,918

Creditors: amounts falling due after more than one year
 7 
(769,218)
(695,154)

Provisions for liabilities
  

Deferred tax
 8 
(151,367)
(151,367)

  
 
 
(151,367)
 
 
(151,367)

Net assets
  
804,214
811,397


Capital and reserves
  

Called up share capital 
 9 
300
300

Revaluation reserve
  
79,000
79,000

Profit and loss account
  
724,914
732,097

  
804,214
811,397


Page 1

 
3 JESTERS LIMITED
REGISTERED NUMBER: 06956344
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2024.




Talwinder Singh Mandair
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 06956344.  The Company's registered office is 79 Vernon Road, Birmingham, B16 9SQ.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

 
2.2

Going concern

These accounts have been prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 7

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 8

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
1,777,210


Additions at cost
39,571



At 31 July 2023
1,816,781

The 2023 valuations were made by the dircetor, on an open market value for existing use basis.




Page 9

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Prepayments and accrued income
3,370
2,224

3,370
2,224



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
12,991
44,764

Other creditors
98,012
215,610

Accruals and deferred income
1,296
1,140

112,299
261,514


The following liabilities were secured:

2023
2022
£
£



Bank loans
12,991
42,462

12,991
42,462

Details of security provided:

Bank loans are secured by fixed and floating charges over the assets of the company in favour of Barclays Bank PLC.

Page 10

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
769,218
695,154

769,218
695,154


The following liabilities were secured:

2023
2022
£
£



Bank loans
769,218
688,685

769,218
688,685

Details of security provided:

Bank loans are secured by fixed and floating charges over the assets of the company in favour of Barclays Bank PLC.


8.


Deferred taxation




2023


£






At beginning of year
(151,367)



At end of year
(151,367)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of Investment Property
(151,367)
(151,367)

(151,367)
(151,367)

Page 11

 
3 JESTERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300 (2022 - 300) Ordinary shares of £1.00 each
300
300



10.


Transactions with directors

As at the balance sheet date £42,680 (2022: £30,279) was due to the director. The loan is interest free and repayable on demand. 

 
Page 12