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REGISTERED NUMBER: 10867675 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

FJN Asset Ltd

FJN Asset Ltd (Registered number: 10867675)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FJN Asset Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs C Huang
S S Mei





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 10867675 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

FJN Asset Ltd (Registered number: 10867675)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 12,558,000 11,385,000

CURRENT ASSETS
Debtors 5 892,081 566,422
Cash at bank 199,077 275,294
1,091,158 841,716
CREDITORS
Amounts falling due within one year 6 3,604,036 3,050,182
NET CURRENT LIABILITIES (2,512,878 ) (2,208,466 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,045,122

9,176,534

CREDITORS
Amounts falling due after more than one
year

7

(8,181,785

)

(8,159,156

)

PROVISIONS FOR LIABILITIES 8 (523,349 ) (256,703 )
NET ASSETS 1,339,988 760,675

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 1,339,888 760,575
SHAREHOLDERS' FUNDS 1,339,988 760,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 10 July 2024 and were signed on its behalf by:





S S Mei - Director


FJN Asset Ltd (Registered number: 10867675)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

FJN Asset Ltd 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.

At 31 December 2023, the company's current liabilities exceeded its current assets by £2,512,878 (2022: £2,208,466).

The directors have confirmed their intention to provide support to the company for at least one year from the date these financial statements are approved. This will be achieved by only requiring repayment of inter-company balances when the company has adequate working capital to do so. On this basis the directors believe that there is no uncertainty over the company's ability to continue trading and accordingly believes it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at fair value. Fair value is determined by the directors based on their assessment of current market conditions. Revaluation surpluses and deficits are recognised in the income statement. Deferred taxation is provided on these gains or losses at the rate expected to apply when the property is sold.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

FJN Asset Ltd (Registered number: 10867675)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 11,385,000
Additions 287,903
Revaluations 885,097
At 31 December 2023 12,558,000
NET BOOK VALUE
At 31 December 2023 12,558,000
At 31 December 2022 11,385,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 223,320
Valuation in 2022 429,328
Valuation in 2023 885,097
Cost 11,020,255
12,558,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,020,255 10,732,352

Investment property was valued on an open market basis on 31 December 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 492,586 156,839
Other debtors 399,495 409,583
892,081 566,422

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 69,734 182,742
Taxation and social security 49,471 51,269
Other creditors 3,484,831 2,816,171
3,604,036 3,050,182

FJN Asset Ltd (Registered number: 10867675)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 8,181,785 8,159,156

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 138,916 93,541
Other timing differences 384,433 163,162
523,349 256,703

Deferred
tax
£   
Balance at 1 January 2023 256,703
Provided during year 266,646
Balance at 31 December 2023 523,349

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. RESERVES

Included within retained earnings is a balance of £1,153,309 (2022: £489,486) relating the revaluation of investment property. This balance is considered to be non-distributable.

11. RELATED PARTY DISCLOSURES

Included within other creditors are aggregate balances owed of £10,705,698 (2022: £10,480,466) to companies in which a director has a controlling interest.

12. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by S S Mei, by virtue of his shareholding in the parent company, FJN Holdings Ltd