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31/12/2023
2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
06801577
James Properties South West Limited
Unaudited filleted abridged financial statements
for the year ended
31 December 2023
James Properties South West Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
James Properties South West Limited
Directors and other information
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Directors |
Mr T J Lethaby |
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Mrs C V Lethaby |
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Secretary |
Mr T J Lethaby |
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Company number |
06801577 |
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Registered office |
Office 8 The Barns |
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Caddsdown Industrial Park |
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Bideford |
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Devon |
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EX39 3BT |
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Business address |
Middle Barton |
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Blakewell |
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Barnstaple |
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Devon |
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EX31 4ET |
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Accountants |
Giffords LLP |
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Office 8 The Barns |
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Caddsdown Industrial Park |
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Bideford |
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Devon |
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EX39 3BT |
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James Properties South West Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of James Properties South West Limited
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 James Properties South West Limited for the year ended 31 December 2023 which comprise the abridged statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of James Properties South West 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 James Properties South West Limited and state those matters that we have agreed to state to the board of directors of James Properties South West Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Properties South West Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that James Properties South West 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 James Properties South West Limited. You consider that James Properties South West Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of James Properties South West 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.
Giffords LLP
Chartered Accountants
Office 8 The Barns
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
Date: 31 July 2024
James Properties South West Limited
Abridged statement of financial position
31 December 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investment property |
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5 |
784,332 |
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741,000 |
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________ |
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________ |
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784,332 |
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741,000 |
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Current assets |
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Debtors |
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1,252 |
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- |
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Cash at bank and in hand |
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1,428 |
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1,364 |
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________ |
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________ |
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2,680 |
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1,364 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
54,928) |
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(
25,154) |
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________ |
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________ |
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Net current liabilities |
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(
52,248) |
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(
23,790) |
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________ |
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________ |
Total assets less current liabilities |
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732,084 |
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717,210 |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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(
66,816) |
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(
76,632) |
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Provisions for liabilities |
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(
119,592) |
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(
108,759) |
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________ |
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________ |
Net assets |
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545,676 |
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531,819 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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10,000 |
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10,000 |
Fair value reserve |
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326,277 |
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326,277 |
Profit and loss account |
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209,399 |
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195,542 |
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________ |
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________ |
Shareholders funds |
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545,676 |
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531,819 |
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________ |
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________ |
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For the 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.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
26 June 2024
, and are signed on behalf of the board by:
Mr T J Lethaby
Director
Company registration number:
06801577
James Properties South West Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office 8 The Barns, Caddsdown Industrial Park, Bideford, Devon, EX39 3BT.
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.
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.
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.
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.
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Investment property
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£ |
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Cost |
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At 1 January 2023 |
741,000 |
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Additions |
43,332 |
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________ |
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At 31 December 2023 |
784,332 |
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________ |
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Impairment |
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At 1 January 2023 and 31 December 2023 |
- |
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________ |
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Carrying amount |
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At 31 December 2023 |
784,332 |
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________ |
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At 31 December 2022 |
741,000 |
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________ |
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The investment properties are rented to third parties at open market rents.
6.
Creditors: amounts falling due within one year
The NatWest bank loans are secured by way of a legal charge dated 7 December 2012. NatWest also have a debenture over all fixed and floating assets dated 2 September 2010.
7.
Creditors: amounts falling due after more than one year
The NatWest bank loans are secured by way of a legal charge dated 7 December 2012. NatWest also have a debenture over all fixed and floating assets dated 2 September 2010.
8.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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2023 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr T J & Mrs C V Lethaby |
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2,580 |
(
2,580) |
- |
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________ |
________ |
________ |
________ |
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9.
Related party transactions
The investment properties owned by the company were valued on 31 December 2019 by Peninsula Management SW Limited.
Mr T J Lethaby
is a director and shareholder of Peninsula Management SW Limited.