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Registered number: 14501770
Jmullen Property Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 14501770
2023
Notes £ £
FIXED ASSETS
Tangible Assets 4 541,070
541,070
CURRENT ASSETS
Debtors 100
Cash at bank and in hand 2,206
2,306
Creditors: Amounts Falling Due Within One Year 5 (364,679 )
NET CURRENT ASSETS (LIABILITIES) (362,373 )
TOTAL ASSETS LESS CURRENT LIABILITIES 178,697
Creditors: Amounts Falling Due After More Than One Year 6 (180,000 )
NET LIABILITIES (1,303 )
CAPITAL AND RESERVES
Called up share capital 7 100
Profit and Loss Account (1,403 )
SHAREHOLDERS' FUNDS (1,303)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 J Mullen
Director
14 August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Jmullen Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14501770 . The registered office is 7 St Petersgate, Stockport, Cheshire, SK1 1EB.
2. Accounting Policies
2.1. 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.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. 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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
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.
Current 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 tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1
1
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4. Tangible Assets
Investment Properties
£
Cost
As at 1 December 2022 -
Additions 541,070
As at 30 November 2023 541,070
Net Book Value
As at 30 November 2023 541,070
As at 1 December 2022 -
5. Creditors: Amounts Falling Due Within One Year
2023
£
Other creditors 364,679
6. Creditors: Amounts Falling Due After More Than One Year
2023
£
Other loans 180,000
7. Share Capital
2023
£
Allotted, Called up and fully paid 100
8. Related Party Transactions
At the year end, the company owed the director £358,452.
No interest is charged on the balance and the amount is repayable on demand.
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr J Mullen by virtue of his ownership of 100% of the issued share capital in the company.
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