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Registered number: 11916305










JARVALE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JARVALE PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Directors
A J Lee 
H L Lee 
N W Lee 
R Lee 




Registered number
11916305



Registered office
Unit 2
Navigation Way

Dronfield

Derbyshire

S18 2YA




Accountants
Shorts
Chartered Accountants

2 Ashgate Road

Chesterfield

S40 4AA




Bankers
HSBC UK





 
JARVALE PROPERTIES LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 9


 
JARVALE PROPERTIES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JARVALE PROPERTIES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jarvale Properties Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Jarvale Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jarvale Properties Limited and state those matters that we have agreed to state to the Board of Directors of Jarvale Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jarvale Properties Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Jarvale Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jarvale Properties Limited. You consider that Jarvale Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Jarvale Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Shorts
 
Chartered Accountants
  
2 Ashgate Road
Chesterfield
S40 4AA
2 April 2024
Page 1

 
JARVALE PROPERTIES LIMITED
REGISTERED NUMBER: 11916305

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
48,445
-

Investment property
 5 
2,190,000
2,190,000

Current assets
  

Debtors: amounts falling due within one year
 6 
125,800
599,119

Cash at bank and in hand
  
11,590
55,165

  
137,390
654,284

Creditors: amounts falling due within one year
 7 
(2,618,832)
(3,186,567)

Net current liabilities
  
 
 
(2,481,442)
 
 
(2,532,283)

Creditors: amounts falling due after more than one year
 8 
(247,806)
(274,522)

Provisions for liabilities
  

Deferred tax
 9 
(10,658)
-

Net liabilities
  
(501,461)
(616,805)


Capital and reserves
  

Called up share capital 
  
40
40

Profit and loss account
  
(501,501)
(616,845)

  
(501,461)
(616,805)


Page 2

 
JARVALE PROPERTIES LIMITED
REGISTERED NUMBER: 11916305
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 directors acknowledge their 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 2 April 2024.




A J Lee
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
JARVALE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Jarvale Properties Limited is a private Company limited by shares, incorporated in England and Wales
(registered number: 11916305). Its registered office is Unit 2, Navigation Way, Dronfield, Derbyshire, England, S18 2YA. The principal activity of the Company throughout the year continued to be that of property management and investment. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at the year end the company had an excess of liabilities over its total assets. The ability of the company to meet its liabilities as they fall due is dependent on the future profitability and cash generation of the company. The directors are confident that the company will be able to pay its debts as they fall due and accordingly these accounts are 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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
JARVALE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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, as follows.

Depreciation is provided on the following basis:

PV System
-
5%
straight line

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.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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 the Statement of Income and Retained Earnings.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Page 5

 
JARVALE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings. 

The current 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.


3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


Additions
48,750



At 31 December 2023

48,750



Depreciation


Charge for the year on owned assets
305



At 31 December 2023

305



Net book value



At 31 December 2023
48,445



At 31 December 2022
-

Page 6

 
JARVALE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,190,000



At 31 December 2023
2,190,000

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






Page 7

 
JARVALE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
20,322
8,379

Other debtors
4,407
486,585

Prepayments and accrued income
101,071
104,155

125,800
599,119



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
23,015
17,087

Trade creditors
2,489
-

Amounts owed to associated companies
2,551,193
3,125,564

Corporation tax
23,503
27,070

Accruals and deferred income
18,632
16,846

2,618,832
3,186,567



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
247,806
274,522


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
146,146
206,174

Included in creditors falling due within one year and after more than one year are bank loans of £23,015 and £247,806 that are secured against the Investment property via a fixed charge.

Page 8

 
JARVALE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






Charged to the Statement of Income & Retained Earnings
10,658



At end of year
10,658

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,658
-

 
Page 9