Registered number
11773858
J & J FOSTER PROPERTY LTD
Filleted Accounts
31 December 2023
J & J FOSTER PROPERTY LTD
Registered number: 11773858
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment properties 3 165,000 165,000
Current assets
Debtors 4 2,260 -
Cash at bank and in hand 43,743 45,428
46,003 45,428
Creditors: amounts falling due within one year 5 (67,964) (66,710)
Net current liabilities (21,961) (21,282)
Total assets less current liabilities 143,039 143,718
Creditors: amounts falling due after more than one year 6 (80,749) (80,749)
Provisions for liabilities (9,419) (9,548)
Net assets 52,871 53,421
Capital and reserves
Called up share capital 100 100
Non-distributable reserve 7 40,704 40,704
Profit and loss account 12,067 12,617
Shareholders' funds 52,871 53,421
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.
Mr J Foster
Director
Approved by the board on 12 July 2024
J & J FOSTER PROPERTY 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.
Investment properties
Investment properties are included in the statement of financial position at their open market value in accordance with the FRS 102- Section 1A and are not depreciated. The investment properties held by the company are periodically valued by the directors on an open market, existing use basis. The directors then assesses whether the valuation is reasonable or requires amending at each year end.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
(This includes the directors).
3 Investment property
Investment property
£
Valuation
At 1 January 2023 165,000
At 31 December 2023 165,000
The revaluations were made by the directors on an open market value.The historical cost is £114,748.
4 Debtors 2023 2022
£ £
Trade debtors 2,260 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Amount owed to connected company 60,000 60,000
Trade creditors 1,333 -
Taxation and social security costs - 59
Other creditors 6,631 6,651
67,964 66,710
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 80,749 80,749
7 Non-distributable reserve 2023 2022
£ £
At 1 January 2023 40,704 8,304
Gain on revaluation of land and buildings - 40,000
Deferred taxation arising on the revaluation of land and buildings - (7,600)
At 31 December 2023 40,704 40,704
8 Related party transactions
There is an amount owed to the directors at the year end of £5,411 (2022 £5,481). There is an amount owed to FOSTERS FINANCIAL LIMITED of £60,000 which is a connected company (2022 £60,000).
9 Controlling party
The company is controlled by the directors Mr J Foster and Mrs J Foster.
10 Other information
J & J FOSTER PROPERTY LTD is a private company limited by shares and incorporated in England. Its registered office is:
Nordmann House
All Saints Road
Creeting St Mary
Ipswich
IP6 8PJ
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