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Registered number: 11242739
TMJR Property Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Optimise Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11242739
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 796,805 770,629
796,805 770,629
CURRENT ASSETS
Debtors 4 417 -
Cash at bank and in hand 50,526 40,387
50,943 40,387
Creditors: Amounts Falling Due Within One Year 5 (2,111 ) (1,440 )
NET CURRENT ASSETS (LIABILITIES) 48,832 38,947
TOTAL ASSETS LESS CURRENT LIABILITIES 845,637 809,576
Creditors: Amounts Falling Due After More Than One Year 6 (653,939 ) (652,008 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (34,855 ) (29,915 )
NET ASSETS 156,843 127,653
CAPITAL AND RESERVES
Called up share capital 7 120 120
Fair Value Reserve 8 21,060 -
Profit and Loss Account 135,663 127,533
SHAREHOLDERS' FUNDS 156,843 127,653
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James McDonald
Director
14/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 20% Reducing balance method
1.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
Page 3
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3. Tangible Assets
Investment Properties Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 June 2023 770,629 - 770,629
Additions - 220 220
Revaluation 26,000 - 26,000
As at 31 May 2024 796,629 220 796,849
Depreciation
As at 1 June 2023 - - -
Provided during the period - 44 44
As at 31 May 2024 - 44 44
Net Book Value
As at 31 May 2024 796,629 176 796,805
As at 1 June 2023 770,629 - 770,629
4. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 417 -
417 -
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income - 1,440
Directors' loan accounts 2,111 -
2,111 1,440
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Kent reliance mortgage 159,507 159,107
Paragon mortgage 89,342 89,342
The mortgage works 84,932 84,003
Other loan 35,000 35,000
Aldermore mortgage 202,540 202,530
Directors loan account 82,618 82,026
653,939 652,008
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120 120
8. Reserves
Fair Value Reserve
£
Transfer to profit and loss 21,060
As at 31 May 2024 21,060
9. Ultimate Controlling Party
There is no ultimate controlling party due to the shares being held in equal proportions.
10. General Information
TMJR Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11242739 . The registered office is Bramley House 2a, 15 Bramley Road, Long Eaton, Nottingham, NG10 3SX.
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