REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
JB PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
JB PROPERTY INVESTMENTS LIMITED |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Contents of the Financial Statements |
for the year ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JB PROPERTY INVESTMENTS LIMITED |
Company Information |
for the year ended 30 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
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. |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Balance Sheet - continued |
30 November 2023 |
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 |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Notes to the Financial Statements |
for the year ended 30 November 2023 |
1. | STATUTORY INFORMATION |
JB Property Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
As at 30th November 2023 the company has net current liabilities of £333,141 which includes amounts owed to the director of £312,582. Accordingly the company is dependent upon the continued support of its director to meet its day to day working capital requirements. The director has confirmed that he will continue to support the company for a period of at least one year from the approval date of these financial statements. On this basis the director considers it appropriate to prepare the financial statements on a going concern basis. |
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities. |
Revenue recognition |
Consultancy fees |
Consultancy represents the total amount receivable, excluding value added tax, for services provided in the ordinary course of business during the period. |
Rental income |
Rental income consists of gross rental income calculated on an accruals basis and excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Investment property |
Investment properties are accounted for in accordance with section 16 of FRS 102 whereby investment properties are included at fair value. Gains or losses 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. |
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. |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
a) Basic financial assets |
Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit and loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments 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 company after deducting all of its liabilities. |
Trade creditors, other loans and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Bank loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Revaluations | 62,444 |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The director is of the opinion that the the fair value of the property at the year end date is as noted in the accounts. |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2017 | 9,554 |
Valuation in 2019 | 7,900 |
Valuation in 2023 | 62,444 |
Cost | 660,102 |
740,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Called up share capital not paid |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 312,582 | 330,785 |
Accruals and deferred income |
The director's current account is interest free and repayable on demand. |
Other loans represent CBILs loan which is due for repayment in full in 2030. Interest on this loan is charged at a rate of 2.5% per annum. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans more 5 yrs non-inst | 147,500 | 147,500 |
Other loans - 1-2 years | 4,168 | 4,065 |
Other loans - 2-5 years | 21,283 | 25,451 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Other loans represent CBILs loan which is due for repayment in full in 2030. Interest on this loan is charged at a rate of 2.5% per annum. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured against one of the company's investment property. The facility is an interest only facility where capital amount is due for repayment in full in May 2036. |
The company's other investment property is secured by way of a mortgage facility which is in the name of Mr J Bannister. |
JB PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07083947) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 19,975 | 3,316 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Charge on fair value gain | 16,659 |
Balance at 30 November 2023 |
11. | CALLED UP SHARE CAPITAL |
The company's issued share capital at 30 November 2023 is £2 (2022: £2), comprising of 20 ordinary shares of £0.1 (2022: 20 ordinary shares of £0.1) each. |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
At 30 November 2023 |
Within retained earnings, there is an amount of £59,924 in relation to the fair value surplus on the company's investment property net of deferred tax provision. This amount does not form part of the company's distributable reserves. |
13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |