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JVS Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 29 February 2024

Registration number: 03729948

 

JVS Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

JVS Holdings Limited

Balance Sheet

29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2

648

Investment property

5

1,130,000

1,620,000

 

1,130,002

1,620,648

Current assets

 

Debtors

6

14,500

183

Cash at bank and in hand

 

487,050

87,973

 

501,550

88,156

Creditors: Amounts falling due within one year

7

(24,445)

(8,284)

Net current assets

 

477,105

79,872

Total assets less current liabilities

 

1,607,107

1,700,520

Provisions for liabilities

(98,906)

(133,981)

Net assets

 

1,508,201

1,566,539

Capital and reserves

 

Called up share capital

8

901

901

Profit and loss account

1,507,300

1,565,638

Shareholders' funds

 

1,508,201

1,566,539

 

JVS Holdings Limited

Balance Sheet

29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mrs P Salmon
Director

Company Registration Number: 03729948

 

JVS Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
The Gardens
Tweentown
Cheddar
Somerset
BS27 3JE

These financial statements were authorised for issue by the Board on 9 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue consists of rental income and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measued as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.

 

JVS Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

Tax

Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 

JVS Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 March 2023

4,368

4,368

At 29 February 2024

4,368

4,368

Depreciation

At 1 March 2023

3,720

3,720

Charge for the year

646

646

At 29 February 2024

4,366

4,366

Carrying amount

At 29 February 2024

2

2

At 28 February 2023

648

648

 

JVS Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

5

Investment properties

2024
£

At 1 March 2023

1,620,000

Disposals

(490,000)

At 29 February 2024

1,130,000

Investment property is carried at fair value determined annually by the Directors. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

6

Debtors

2024
£

2023
£

Prepayments

-

183

Other debtors

14,500

-

14,500

183

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

3,087

2,952

Other creditors

21,358

5,332

24,445

8,284

 

JVS Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

901

901

901

901

         

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Loans provided interest free and repayable on demand

-

14,500

14,500

       
     

 

10

Reserves

Included in the profit and loss reserve of £1,507,300 (2023 - £1,565,638) is £806,094 (2023 - £971,142) of non-distributable revaluation gains on investment property.