Registered number
13312912
Joel Holdings Ltd
Filleted Accounts
31 December 2023
Joel Holdings Ltd
Registered number: 13312912
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 195,784 199,863
Investments 4 1,000 1,000
196,784 200,863
Current assets
Debtors 5 3,754 4,000
Cash at bank and in hand 59,840 71,056
63,594 75,056
Creditors: amounts falling due within one year 6 (30,156) (33,108)
Net current assets 33,438 41,948
Total assets less current liabilities 230,222 242,811
Creditors: amounts falling due after more than one year 7 (106,414) (121,386)
Net assets 123,808 121,425
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 122,808 120,425
Shareholders' funds 123,808 121,425
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S V Lane
Director
Approved by the board on 25 July 2024
Joel Holdings Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 203,942
At 31 December 2023 203,942
Depreciation
At 1 January 2023 4,079
Charge for the year 4,079
At 31 December 2023 8,158
Net book value
At 31 December 2023 195,784
At 31 December 2022 199,863
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 1,000
At 31 December 2023 1,000
Historical cost
At 1 January 2023 1,000
At 31 December 2023 1,000
5 Debtors 2023 2022
£ £
Trade debtors 1,754 -
Other debtors 2,000 4,000
3,754 4,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,200 11,245
Amounts owed to group undertakings and undertakings in which the company has a participating interest 13,952 20,000
Taxation and social security costs 2,454 1,313
Other creditors 550 550
30,156 33,108
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 106,414 121,386
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 119,614 132,631
The loan is secured by way of a mortgage on 16 Oaklpands Park.
9 Controlling party
Mr J & Mrs S Lane are the ultimate controlling party by virtue of their 100% shareholding.
10 Other information
Joel Holdings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
16 Oaklands Park
Bury St Edmunds
IP33 2RW
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