REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
J & PL PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
J & PL PROPERTIES LIMITED |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
J & PL PROPERTIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
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 |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
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. |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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 |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
J & PL Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 March 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 April 2022. |
Turnover |
The turnover shown in the profit and loss account relates to rental income receivable in the year from investment property and freehold property held in the United Kingdom. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life to its residual value or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold property is measured using the revaluation model under FRS 102 section 1 A, revaluations to be carried out with sufficient regularity. |
Freehold property | - nil |
Plant and machinery | - 25% on reducing balance |
Fixture and fittings | - 20% on cost |
Computer equipment | - 33.33% on cost |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties are revalued annually at their open market value in accordance with FRSSE (effective April 2015). Any surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit reduces the property below its historical cost, in which case it is taken to the profit and loss account. |
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provision of the FRSSE (effective April 2015) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. |
However the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2024 | 572,500 | - | - | - | 572,500 |
Cost | - | 191,233 | 3,571 | 2,709 | 197,513 |
572,500 | 191,233 | 3,571 | 2,709 | 770,013 |
If freehold property had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 424,976 | - |
Freehold property was valued on an open market basis on 31 March 2024 by the director . |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 1,375,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 880,621 | 864,809 |
Investment property was valued on an open market basis on 31 March 2024 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Other creditors |
Directors' loan accounts | 885,357 | 984,857 |
Accrued expenses |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 164,178 | 165,345 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Utilised during year | ( |
) |
Balance at 31 March 2024 |
J & PL PROPERTIES LIMITED (REGISTERED NUMBER: 08012686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.50 | 100 | 100 |
Ordinary A | £1.00 | 3 | 3 |
103 | 103 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |