REGISTERED NUMBER: |
Financial Statements |
for the Period |
27 July 2022 to 31 July 2023 |
for |
Joshi Property Group Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Period |
27 July 2022 to 31 July 2023 |
for |
Joshi Property Group Limited |
Joshi Property Group Limited (Registered number: 14260132) |
Contents of the Financial Statements |
for the Period 27 July 2022 to 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Joshi Property Group Limited |
Company Information |
for the Period 27 July 2022 to 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
Joshi Property Group Limited (Registered number: 14260132) |
Balance Sheet |
31 July 2023 |
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 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Joshi Property Group Limited (Registered number: 14260132) |
Balance Sheet - continued |
31 July 2023 |
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 |
Joshi Property Group Limited (Registered number: 14260132) |
Notes to the Financial Statements |
for the Period 27 July 2022 to 31 July 2023 |
1. | STATUTORY INFORMATION |
Joshi Property Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rents receivable on an accrual basis. |
Tangible fixed assets |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
Joshi Property Group Limited (Registered number: 14260132) |
Notes to the Financial Statements - continued |
for the Period 27 July 2022 to 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
Additions |
At 31 July 2023 |
DEPRECIATION |
Charge for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
Joshi Property Group Limited (Registered number: 14260132) |
Notes to the Financial Statements - continued |
for the Period 27 July 2022 to 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | (22,340 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2023 | 494,500 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
£ |
Cost | 516,840 |
Aggregate depreciation | (4,567 | ) |
The properties were revalued to their fair value when they were purchased which is based on the recent purchases and takes into account any refurbishments carried out. The Directors are satisfied that the properties value in the accounts is not materially different from their fair value as at 31st July 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
Directors' current accounts | 187,674 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans more 5 yr by instal |
Joshi Property Group Limited (Registered number: 14260132) |
Notes to the Financial Statements - continued |
for the Period 27 July 2022 to 31 July 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
£ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 374,146 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Mortgages | 374,146 |
Mortgages are secured on the properties to which they relate. |
10. | RELATED PARTY DISCLOSURES |
Included in creditors due within one year is a directors loan account balance of £187,674. This is unsecured and interest free. |