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Company No: 01456725 (England and Wales)

JANBAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

JANBAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

JANBAR LIMITED

BALANCE SHEET

As at 31 December 2023
JANBAR LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 900,000 880,000
900,000 880,000
Current assets
Debtors 5 3,158 3,155
Cash at bank and in hand 83,150 23,349
86,308 26,504
Creditors: amounts falling due within one year 6 ( 147,354) ( 194,000)
Net current liabilities (61,046) (167,496)
Total assets less current liabilities 838,954 712,504
Creditors: amounts falling due after more than one year 7 ( 217,387) ( 117,842)
Provision for liabilities 2,107 2,570
Net assets 623,674 597,232
Capital and reserves
Called-up share capital 90 90
Fair value reserve 363,198 343,198
Profit and loss account 260,386 253,944
Total shareholder's funds 623,674 597,232

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Janbar Limited (registered number: 01456725) were approved and authorised for issue by the Director on 16 April 2024. They were signed on its behalf by:

P C Cleland
Director
JANBAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
JANBAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Janbar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 1,581 1,581
At 31 December 2023 1,581 1,581
Accumulated depreciation
At 01 January 2023 1,581 1,581
At 31 December 2023 1,581 1,581
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 880,000
Fair value movement 20,000
As at 31 December 2023 900,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the director. The assets have a current value of £900,000 (2022 - £880,000).

Historic cost

If the investment property had been accounted for under the cost accounting rules, the property would have been measured as follows:

2023 2022
£ £
Historic cost 536,802 536,802

5. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 3,104 3,104
Other debtors 54 51
3,158 3,155

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 1,700 0
Taxation and social security 2,827 5,720
Other creditors 142,827 188,280
147,354 194,000

Creditors include a bank loan of £1,700 (2022 - £nil) due in one year, which is secured by fixed and floating charges against the company's property and assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 217,387 117,842

Creditors include a bank loan of £217,387 (£117,842) due in more than one year which is secured by fixed and floating charges against the company's property and assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 210,586 117,842

8. Ultimate controlling party

Parent Company:

P Aiken Ltd
Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX