REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
JPIC PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
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 |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more than 5 yrs |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
Deferred Tax from Revaluation |
Balance at 31 March 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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). |