REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
JUKES PROPERTIES LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
JUKES PROPERTIES LIMITED |
JUKES PROPERTIES LIMITED (REGISTERED NUMBER: 04563417) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
JUKES PROPERTIES LIMITED (REGISTERED NUMBER: 04563417) |
Balance Sheet |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
JUKES PROPERTIES LIMITED (REGISTERED NUMBER: 04563417) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Jukes Properties Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's year end was changed to 31 May last financial year. As a result, the comparative period, year ended 31 May 2022 covered a 17 month period and will not be entirely comparable. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Directors have reviewed the depreciation policy for all categories of fixed assets and decided that the above rates are a more reasonable reflection of the useful life of the assets and changed the policies accordingly. |
Investment property |
The Investment propery is held to earn rentals, capital appreciation or both. The Investment property is initially measured at cost, including transaction costs. Subsequently the investment propery whose fair value can be measured reliably without undue cost or effect on an on-going basis is measured at fair value. Gains and losses arising from changes in the fair value are included in profit or loss in the period in which they arise. Any unrealised profits or losses are subsequently transferred to the fair value reserve. |
JUKES PROPERTIES LIMITED (REGISTERED NUMBER: 04563417) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the 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 or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Covid-19 and going concern |
The company emerged in a strong position post Covid-19, with the effects on the company being limited due to the nature of the market in which it's tenant's operate. |
All properties are occupied and producing rental income. |
The company will continue to be supported by Jukes Group Limited. |
The company has continued to prepare the accounts on a going concern basis and deem this appropriate. The directors do not consider that a material uncertainty about the going concern status currently exists. In making this assessment they have considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
JUKES PROPERTIES LIMITED (REGISTERED NUMBER: 04563417) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
Additions |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2022 | (58,900 | ) |
Cost | 710,004 |
651,104 |
The investment property was valued at open market value by KWB Property Management Ltd, Chartered Valuation Surveyors, on 24 September 2021 and S Jukes, the director, considers this value plus additional costs incurred this financial year to be the appropriate value at 31 May 2023. |
If the investment property had not been revalued, it would have been included at £710,004 cost. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 252,500 | 269,236 |
JUKES PROPERTIES LIMITED (REGISTERED NUMBER: 04563417) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
The bank loans are secured by way of charges over Land lying to the North of Elwell Street, West Bromwich; 26 Tamworth Street, Lichfield; Land on the North side of Grovehill Road, Beverley; land lying to the south of The Lindens, Upton-Upon-Severn and an unlimited debenture dated 5 December 2014. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2022 |
and 31 May 2023 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 31 May 2023 and the period ended 31 May 2022: |
31.5.23 | 31.5.22 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is charged at 3% on this loan. |
13. | RELATED PARTY DISCLOSURES |
The investment property is rented to a company owned and controlled by an individual connected with the directors, at below market value. Market value is estimated to be in the region of £32,000 per annum and the company has agreed a rental of £15,000. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Jukes Group Limited .The registered office address is 26a Tamworth Street, Lichfeld, Staffordshire, WS13 6JJ. |