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REGISTERED NUMBER: 11290196 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

JPIC PROPERTIES LIMITED

JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JPIC PROPERTIES LIMITED

Company Information
for the year ended 31 March 2024







DIRECTOR: J R Purvis





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 11290196 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 1,125,000 1,125,000

CURRENT ASSETS
Debtors 5 6,148 4,535
Cash at bank 26,923 70,037
33,071 74,572
CREDITORS
Amounts falling due within one year 6 (669,638 ) (624,527 )
NET CURRENT LIABILITIES (636,567 ) (549,955 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

488,433

575,045

CREDITORS
Amounts falling due after more than one
year

7

(299,472

)

(398,550

)

PROVISIONS FOR LIABILITIES 9 (38,569 ) (38,569 )
NET ASSETS 150,392 137,926

CAPITAL AND RESERVES
Called up share capital 10 1 1
Other reserves 115,707 115,707
Retained earnings 34,684 22,218
SHAREHOLDERS' FUNDS 150,392 137,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 August 2024 and were signed by:





J R Purvis - Director


JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

JPIC Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the fair value of consideration received or receivable. Revenue from rental income is recognised at the point it is earned. Rental income paid in advance is treated as deferred income and paid in arrears is treated as accrued income.

Investment property
Investment property for which fair value can be measured reliably without undue cost or effort 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 methods and significant assumptions used to ascertain the fair value at the balance sheet date and fair value movement included in the profit (or loss) for the year are as follows:

The properties have been valued using an open market valuation on freehold basis, conducted annually by
J R Purvis, the director.

Financial instruments
Financial liabilities, assets and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities

Taxation
Taxation for the year 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 year 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.

JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,125,000
NET BOOK VALUE
At 31 March 2024 1,125,000
At 31 March 2023 1,125,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 (3,182 )
Valuation in 2021 (13,740 )
Valuation in 2022 96,787
Valuation in 2023 74,410
Cost 970,725
1,125,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,150 2,800
Other debtors 3,998 1,735
6,148 4,535

JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 2,935 2,510
Other creditors 666,703 622,017
669,638 624,527

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 299,472 398,550

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 yrs 299,472 398,550

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 299,472 398,550

The bank loan is secured against a fixed and floating charge over all the property or undertaking of the company.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 38,569 38,569

Deferred
tax
£   
Balance at 1 April 2023 38,569
Deferred Tax from Revaluation
Balance at 31 March 2024 38,569

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

JPIC PROPERTIES LIMITED (REGISTERED NUMBER: 11290196)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

11. RELATED PARTY DISCLOSURES

JPIC Holdings Ltd

At 31 March 2024, the company owed JPIC Holdings Ltd, a company under the control of the director, £663,022 (2023: £618,381). The loan is interest free and payable on demand.

JPIC Group Ltd

At 31 March 2024, JPIC Group Ltd, a company under the control of the director, owed the company £207 (2023: £207).