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JARVIS RESIDENTIAL (MEDWAY) LIMITED
Unaudited filleted financial statements
31 March 2024
Company registration number 10297194
JARVIS RESIDENTIAL (MEDWAY) LIMITED
Contents
Statement of financial position
Notes to the financial statements
JARVIS RESIDENTIAL (MEDWAY) LIMITED
Statement of financial position
31 March 2024
31/03/24 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 4 3,133,011 2,265,000
_______ _______
3,133,011 2,265,000
Current assets
Debtors 5 1,386 849
Cash at bank and in hand 25,570 101,555
_______ _______
26,956 102,404
Creditors: amounts falling due
within one year 6 ( 2,305,739) ( 1,556,640)
_______ _______
Net current liabilities ( 2,278,783) ( 1,454,236)
_______ _______
Total assets less current liabilities 854,228 810,764
Provisions for liabilities ( 52,209) ( 39,680)
_______ _______
Net assets 802,019 771,084
_______ _______
Capital and reserves
Called up share capital 1 1
Fair value reserve 156,630 169,160
Profit and loss account 645,388 601,923
_______ _______
Shareholder funds 802,019 771,084
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
C.A. Jarvis
Director
Company registration number: 10297194
JARVIS RESIDENTIAL (MEDWAY) LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Bloors Lane, Rainham, Kent, ME8 7EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Investment properties are depreciated on a straight line over 50 years to net realisable value
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2023 2,265,000 2,265,000
Additions 868,011 868,011
_______ _______
At 31 March 2024 3,133,011 3,133,011
_______ _______
Depreciation
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 3,133,011 3,133,011
_______ _______
At 31 March 2023 2,265,000 2,265,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 April 2023 2,265,000
Additions 868,011
_______
At 31 March 2024 3,133,011
_______
5. Debtors
31/03/24 31/03/23
£ £
Other debtors 1,386 849
_______ _______
6. Creditors: amounts falling due within one year
31/03/24 31/03/23
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,290,204 1,430,204
Corporation tax 14,395 125,476
Other creditors 1,140 960
_______ _______
2,305,739 1,556,640
_______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Year Period Year Period
ended ended ended ended
31/03/24 31/03/23 31/03/24 31/03/23
£ £ £ £
Jarvis Holdings (Medway) Limited ( 860,000) 420,000 ( 2,290,204) ( 1,430,204)
_______ _______ _______ _______
The company received an interest free loan during the year from its parent company, Jarvis Holdings (Medway) Limited .
8. Controlling party
The company is under the control of Jarvis Holdings (Medway) Limited which owns 100% of the issued share capital.
9. Going concern
As at 31 March 2024 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.