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REGISTERED NUMBER: 08012686 (England and Wales)



















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: Mr P Latham





REGISTERED OFFICE: 260 - 270
Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: Montagues Farm
Loves Green
Highwood
Chelmsford
Essex
CM1 3QG





REGISTERED NUMBER: 08012686 (England and Wales)





ACCOUNTANTS: Foxley Kingham
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 4 587,309 591,974
Investment property 5 1,375,000 1,375,000
1,962,309 1,966,974

CURRENT ASSETS
Debtors 6 95,742 93,058
Cash at bank 91,184 145,339
186,926 238,397
CREDITORS
Amounts falling due within one year 7 899,140 999,156
NET CURRENT LIABILITIES (712,214 ) (760,759 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,250,095

1,206,215

PROVISIONS FOR LIABILITIES 8 164,178 165,345
NET ASSETS 1,085,917 1,040,870

CAPITAL AND RESERVES
Called up share capital 9 103 103
Revaluation reserve 10 110,643 110,643
Retained earnings 975,171 930,124
SHAREHOLDERS' FUNDS 1,085,917 1,040,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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


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 director and authorised for issue on 15 August 2024 and were signed by:





Mr P Latham - Director


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 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.

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 572,500 191,233 3,571 2,272 769,576
Additions - - - 437 437
At 31 March 2024 572,500 191,233 3,571 2,709 770,013
DEPRECIATION
At 1 April 2023 - 172,109 3,571 1,922 177,602
Charge for year - 4,781 - 321 5,102
At 31 March 2024 - 176,890 3,571 2,243 182,704
NET BOOK VALUE
At 31 March 2024 572,500 14,343 - 466 587,309
At 31 March 2023 572,500 19,124 - 350 591,974

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 1,375,000
NET BOOK VALUE
At 31 March 2024 1,375,000
At 31 March 2023 1,375,000

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 86,775 85,000
Prepayments 8,967 8,058
95,742 93,058

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 12,400 12,916
Other creditors 400 400
Directors' loan accounts 885,357 984,857
Accrued expenses 983 983
899,140 999,156

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 164,178 165,345

Deferred
tax
£   
Balance at 1 April 2023 165,345
Utilised during year (1,167 )
Balance at 31 March 2024 164,178

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: £    £   
2,000 Ordinary £0.50 100 100
3 Ordinary A £1.00 3 3
103 103

10. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 110,643