Registered number
11378238
JOL Properties (NE) Limited
Filleted Accounts
31 July 2023
JOL Properties (NE) Limited
Registered number: 11378238
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 220,000 178,568
Current assets
Debtors 4 1,150 1,150
Cash at bank and in hand 2,209 2,157
3,359 3,307
Creditors: amounts falling due within one year 5 (3,646) (3,828)
Net current liabilities (287) (521)
Total assets less current liabilities 219,713 178,047
Creditors: amounts falling due after more than one year 6 (172,143) (170,943)
Provisions for liabilities (7,872) -
Net assets 39,698 7,104
Capital and reserves
Called up share capital 100 100
Profit and loss account 39,598 7,004
Transfer of investment property gain revaluation to fair value non-distributable reserve (33,560)
Fair value non-distributable reserve 33,560
Shareholders' funds 39,698 7,104
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.
Stephen Harper
Director
Approved by the board on 10 February 2024
JOL Properties (NE) Limited
Notes to the Accounts
for the year ended 31 July 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 (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the rent received and is recognised by reference to the date of receipt.
Investments
Investment properties measured at fair value. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 178,568 1,004 179,572
Surplus on revaluation 41,432 - 41,432
At 31 July 2023 220,000 1,004 221,004
Depreciation
At 1 August 2022 - 1,004 1,004
At 31 July 2023 - 1,004 1,004
Net book value
At 31 July 2023 220,000 - 220,000
At 31 July 2022 178,568 - 178,568
Freehold land and buildings: 2023 2022
£ £
Historical cost 178,568 -
Cumulative depreciation based on historical cost - -
178,568 -
4 Debtors 2023 2022
£ £
Other debtors 1,150 1,150
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,000 800
Tenants' bonds held 1,150 1,150
Taxation and social security costs 1,496 1,878
3,646 3,828
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 132,656 132,656
Other creditors 39,487 38,287
172,143 170,943
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years (132,656) (132,656)
Secured bank loans (132,656) (132,656)
Loans are secured by way of mortgages on the investment properties.
8 Fair value non-distributable reserve 2023 2022
£ £
Gain on revaluation of investment properties 41,432
Provision for deferred taxation (7,872)
At 31 July 2023 33,560 -
9 Other information
JOL Properties (NE) Limited is a private company limited by shares and incorporated in England. Its registered office is:
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