JAVA ASSET MANAGEMENT LIMITED

Company Registration Number:
06181412 (England and Wales)

Unaudited statutory accounts for the year ended 29 December 2022

Period of accounts

Start date: 31 December 2021

End date: 29 December 2022

JAVA ASSET MANAGEMENT LIMITED

Contents of the Financial Statements

for the Period Ended 29 December 2022

Balance sheet
Additional notes
Balance sheet notes

JAVA ASSET MANAGEMENT LIMITED

Balance sheet

As at 29 December 2022

Notes 2022 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks: 3 0 948,439
Debtors: 4 4,014,355 9,752,992
Cash at bank and in hand: 12,793 8,136
Investments:   0 0
Total current assets: 4,027,148 10,709,567
Prepayments and accrued income: 49,059 1,243,142
Creditors: amounts falling due within one year: 5 ( 2,443,703 ) ( 10,932,325 )
Net current assets (liabilities): 1,632,504 1,020,384
Total assets less current liabilities: 1,632,504 1,020,384
Creditors: amounts falling due after more than one year: 6 ( 24,037 ) ( 34,167 )
Total net assets (liabilities): 1,608,467 986,217
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 1,608,465 986,215
Total Shareholders' funds: 1,608,467 986,217

The notes form part of these financial statements

JAVA ASSET MANAGEMENT LIMITED

Balance sheet statements

For the year ending 29 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 April 2024
and signed on behalf of the board by:

Name: D Burke
Status: Director

The notes form part of these financial statements

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Turnover is recognised on the sale completion of properties.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated life.

    Other accounting policies

    Financial instrumentsThe company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's statement of financial position when the companybecomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with thenet amounts presented in the financial statements, when there is a legally enforceable right to set off therecognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilitysimultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transactionprice including transaction costs and are subsequently carried at amortised cost using the effective interestmethod unless the arrangement constitutes a financing transaction, where the transaction is measured at thepresent value of the future receipts discounted at a market rate of interest. Financial assets classified asreceivable within one year are not amortised.Derecognition of financial assetsFinancial assets are derecognised only when the contractual rights to the cash flows from the asset expire or aresettled, or when the company transfers the financial asset and substantially all the risks and rewards of ownershipto another entity, or if some significant risks and rewards of ownership are retained but control of the asset hastransferred to another party that is able to sell the asset in its entirety to an unrelated third party.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferenceshares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes afinancing transaction, where the debt instrument is measured at the present value of the future paymentsdiscounted at a market rate of interest. Financial liabilities classified as payable within one year are notamortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Tradecreditors are obligations to pay for goods or services that have been acquired in the ordinary course of businessfrom suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Ifnot, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price andsubsequently measured at amortised cost using the effective interest method.Derecognition of financial liabilitiesFinancial liabilities are derecognised when the company's contractual obligations expire or are discharged orcancelled.TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except tothe extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted orsubstantively enacted by the balance sheet date.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balancesheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different fromthose in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws thathave been enacted or substantively enacted by the year end and that are expected to apply to the reversal of thetiming difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that theywill be recovered against the reversal of deferred tax liabilities or other future taxable profits.Hire purchase and leasing commitmentsRentals paid under operating leases are charged to profit or loss on a straight line basis over the period of thelease.Going concernThe director considers that the company has sufficient resources to enable it to remain in business for at least 12months following the approval of this financial statement and has the financial support of its shareholders andlenders for the foreseeable future. Consequently, the director considers it to be appropriate to prepare thefinancial statements on a going concern basis.

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 1 1

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

3. Stocks

2022 2021
£ £
Stocks 0 948,439
Total 0 948,439

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

4. Debtors

2022 2021
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 4,014,355 9,752,992
Total 4,014,355 9,752,992
Debtors due after more than one year: 0 0

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

5. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 10,800 10,000
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 53,027 166,985
Taxation and social security 446,233 382,530
Accruals and deferred income 13,260 1,503,500
Other creditors 1,920,383 8,869,310
Total 2,443,703 10,932,325

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

6. Creditors: amounts falling due after more than one year note

2022 2021
£ £
Bank loans and overdrafts 24,037 34,167
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 0 0
Total 24,037 34,167

JAVA ASSET MANAGEMENT LIMITED

Notes to the Financial Statements

for the Period Ended 29 December 2022

7. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
The following advances and credits to a director subsisted during the year ended 29 December 2022:
£
Balance at 30 December 2021 555,155
Advances or credits made: 1,404,371
Advances or credits repaid: 555,155
Balance at 29 December 2022 1,404,371

The director of the company has provided personal guarantees in respect of the cost and interest overrun on thecompany bank loans.The overdrawn director's loan account was repaid after the year end. Interest amounted to £27,537 has beencharged on the overdrawn loan account.