REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2022 to 28 November 2023 |
for |
JSP Estates Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2022 to 28 November 2023 |
for |
JSP Estates Limited |
JSP Estates Limited (Registered number: 04604237) |
Contents of the Financial Statements |
for the Period 1 December 2022 to 28 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JSP Estates Limited |
Company Information |
for the Period 1 December 2022 to 28 November 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
JSP Estates Limited (Registered number: 04604237) |
Balance Sheet |
28 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)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
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. |
JSP Estates Limited (Registered number: 04604237) |
Balance Sheet - continued |
28 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
JSP Estates Limited (Registered number: 04604237) |
Notes to the Financial Statements |
for the Period 1 December 2022 to 28 November 2023 |
1. | STATUTORY INFORMATION |
JSP Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company continued to be that of rental of properties. |
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. |
TURNOVER |
Turnover represents amounts receivable for goods and services net of trade discounts. |
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. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Computer equipment 25% on reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
JSP Estates Limited (Registered number: 04604237) |
Notes to the Financial Statements - continued |
for the Period 1 December 2022 to 28 November 2023 |
2. | ACCOUNTING POLICIES - continued |
PENSION |
DEFINED CONTRIBUTION PENSION PLAN |
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a plan under which the Company pays fixed contributions into separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the company are held separately from the Company in an independently administered fund. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
GOING CONCERN |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 December 2022 |
and 28 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for period |
At 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 30 November 2022 |
JSP Estates Limited (Registered number: 04604237) |
Notes to the Financial Statements - continued |
for the Period 1 December 2022 to 28 November 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 December 2022 |
Additions |
At 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 30 November 2022 |
Investment property comprises of 4 properties. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties by directors. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements. |
Cost or valuation at 28 November 2023 is represented by: |
£ |
Valuation in 2018 | 239,435 |
Valuation in 2019 | 99,999 |
Valuation in 2020 | 56,292 |
Valuation in 2021 | 63,005 |
Cost | 1,439,501 |
1,898,232 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by associates |
Other debtors |
The directors consider the carrying value of trade and other receivables approximate to their fair values. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to associates | 13,441 | 347 |
Taxation and social security | ( |
) |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
JSP Estates Limited (Registered number: 04604237) |
Notes to the Financial Statements - continued |
for the Period 1 December 2022 to 28 November 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
The directors consider the carrying amounts of long term liabilities approximate to their fair values. |
Securities Provided for Long Term Loans as follows:- |
1. Property at 72a Brigstock Road, Thornton Heath, Croydon |
2. Property at 4 Bensham Manor Road, Thornton Heath, Croydon |
3. Property at 130 Spilsby Road, Boston |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 57,975 | 58,041 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during period | ( |
) |
Balance at 28 November 2023 |
10. | RESERVES |
PROFIT AND LOSS RESERVES |
Retained earnings consist of fair value adjustments and deferred tax in relation to investment properties. |
At the balance sheet date the reserves therefore comprise of the following: |
Distributable reserves - £125,249 |
Non Distributable reserves - £281,645 |
11. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,048 (2022 - £903). |
Contributions totalling £201 (2022 - £201) were payable to fund at the balance sheet date and are included in other creditors. |
JSP Estates Limited (Registered number: 04604237) |
Notes to the Financial Statements - continued |
for the Period 1 December 2022 to 28 November 2023 |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date included in short term other creditors are amounts payable to the director, J Powell of £150,830 (2022 - £56,320) for short term and of £50,000 (2022 - £50,000) for long term. This loan is interest free and repayable on demand. |
At the balance sheet date included in amounts owed by associates are amount due from Powell Estates Ltd of £103,500 (2022 - £80,000). Both companies are under the common control of J Powell. |
At the balance sheet date included in amounts owed to associates are amount due to Green & Tidy Ltd of £11,622 (2022 - £347). Both companies are under the common control of J Powell. |
At the balance sheet date included in amounts owed to associates are amount due to 18 Approach Road Service Charge of £1,819 (2022 - £1,078 included in amounts owed by associates). |