Company Registration No. 10643899 (England and Wales)
JPL Property & Lettings Ltd
Unaudited accounts
for the year ended 31 March 2024
JPL Property & Lettings Ltd
Unaudited accounts
Contents
JPL Property & Lettings Ltd
Company Information
for the year ended 31 March 2024
Director
Parkinson, James Michael
Company Number
10643899 (England and Wales)
Registered Office
Hope Street Xchange
C/O Office 516
Sunderland
SR1 3QD
England
Accountants
Waite Accountants Limited
Hope Street Xchange
1-3 Hind Street
Sunderland
SR1 3QD
JPL Property & Lettings Ltd
Statement of financial position
as at 31 March 2024
Investment property
5,256,000
3,195,000
Cash at bank and in hand
118,336
220,458
Creditors: amounts falling due within one year
(22,076)
(319,086)
Net current assets/(liabilities)
120,793
(97,029)
Total assets less current liabilities
5,376,793
3,097,971
Creditors: amounts falling due after more than one year
(3,744,932)
(1,991,570)
Provisions for liabilities
Deferred tax
(326,388)
(214,951)
Net assets
1,305,473
891,450
Called up share capital
20
20
Profit and loss account
1,305,453
891,430
Shareholders' funds
1,305,473
891,450
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 August 2024 and were signed on its behalf by
Parkinson, James Michael
Director
Company Registration No. 10643899
JPL Property & Lettings Ltd
Notes to the Accounts
for the year ended 31 March 2024
JPL Property & Lettings Ltd is a private company, limited by shares, registered in England and Wales, registration number 10643899. The registered office is Hope Street Xchange, C/O Office 516, Sunderland, SR1 3QD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements have been prepared on a going concern basis which, in the opinion of the director, is the appropriate basis. The company's ability to continue trading is dependent upon the on-going support of its shareholders. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.
Turnover represents rents receivable in accordance with the underlying property leases.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 April 2023
3,195,000
Net gain from fair value adjustments
586,511
At 31 March 2024
5,256,000
Investment property has been valued at fair value based on estimates by the director.
JPL Property & Lettings Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Accrued income and prepayments
-
1,599
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
6,667
6,667
Taxes and social security
-
1,508
Loans from directors
14,500
309,733
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
2,110,933
1,594,570
Amounts owed to group undertakings and other participating interests
387,000
-
Other creditors
1,246,999
397,000
Aggregate of amounts that fall due for payment after five years
3,744,932
1,991,570
8
Transactions with related parties
Amount due to related party
2024- £14,500
2023- £309,733
No interest is charged on the above loan.
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).