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Registered Number: 00983778
England and Wales

 

 

 

J MOULD PROPERTY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2022

End date: 30 September 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 4,737,019    4,837,523 
4,737,019    4,837,523 
Current assets      
Stocks 4 3,281,605    3,987,102 
Debtors 5 114,193    347,781 
Cash at bank and in hand 67,073    19,899 
3,462,871    4,354,782 
Creditors: amount falling due within one year 6 (3,608,099)   (3,839,294)
Net current assets (145,228)   515,488 
 
Total assets less current liabilities 4,591,791    5,353,011 
Creditors: amount falling due after more than one year 7 (413,755)   (399,755)
Net assets 4,178,036    4,953,256 
 

Capital and reserves
     
Called up share capital 378    378 
Reserves 8 2,551,476    2,920,413 
Profit and loss account 1,626,182    2,032,465 
Shareholders' funds 4,178,036    4,953,256 
 


For the year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 03 September 2024 and were signed by:


-------------------------------
J Mould
Director
1
General Information
J Mould Property Limited is a private company, limited by shares, registered in England and Wales, registration number 00983778, registration address Merlin House, Brunel Road, Theale, Reading, Berkshire, RG7 4AB. The trading address of the company is 1 Pingewood Close , Burghfield, Reading, RG30 8HN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The company meets its day to day working capital requirements partially through the support of its director, creditors and bankers. The director has considered the projected trading activities of the company during the foreseeable post year-end period. The company is currently in negotiations for the sale of the major part of its property portfolio and it is anticipated that this will be sufficient to settle the bank borrowings which are due for repayment within the next 12 months. On the basis of this review and assuming a positive outcome to negotiations the director considers the company will continue to operate within the available finance facilities. However the margin of finance facilities over requirements is not large and inherently there can be no certainty in relation to this matter. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the company's creditors or bankers.
Turnover
Turnover comprises net invoiced rental charges receivable net of value added tax and the sale of buildings on completion.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:



At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Fixtures and Fittings 25% Reducing Balance
Land and Buildings 2% Straight Line
Motor Vehicles 25% Straight Line
Plant and Machinery 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Stocks
Stocks comprise trading properties which are either completed or in the course of construction and which are held for resale and are valued at the lower of cost and market value.
Buildings that are reclassified from current assets to fixed assets, as business premises, are done so at current market value.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Investment properties   Total
  £   £   £   £   £   £
At 01 October 2022 5,217,163    594,141    19,195    12,454      5,842,953 
Additions          
Disposals          
Revaluations (368,937)           (368,937)
Transfers         305,096    305,096 
At 30 September 2023 4,848,226    594,141    19,195    12,454    305,096    5,779,112 
Depreciation
At 01 October 2022 387,458    586,323    19,195    12,454      1,005,430 
Charge for year 32,288    4,375          36,663 
On disposals          
At 30 September 2023 419,746    590,698    19,195    12,454      1,042,093 
Net book values
Closing balance as at 30 September 2023 4,428,480    3,443        305,096    4,737,019 
Opening balance as at 01 October 2022 4,829,705    7,818          4,837,523 

Cost or valuation at 30 September 2023 is represented by:
.   Land & buildings
£
  Plant & machinery
£
  Fixtures & fittings
£
  Motor vehicles
£
  Total
£
Valuation in 2000 1,466,746  1,466,746 
Valuation in 2002 231,790  231,790 
Valuation in 2003 1,221,877  1,221,877 
Valuation in 2023 (368,937) (368,937)
Cost 2,601,846  594,141  12,454  19,195  2,922,540 
5,153,322  594,141  12,454  19,195  5,474,016 

The investment property was valued by the director on an open market basis at 30 September 2023. 



4.

Stocks

2023
£
  2022
£
Work in Progress 3,281,605    3,987,102 
3,281,605    3,987,102 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 114,193    347,781 
114,193    347,781 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 29,869    42,710 
Bank Loans & Overdrafts (Secured) 3,429,312    3,591,389 
Corporation Tax 19,664    136,276 
PAYE & Social Security 5,913    29,754 
Accrued Expenses 52,541    3,000 
Other Creditors 70,800    36,165 
3,608,099    3,839,294 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Directors' Loan Accounts 413,755    399,755 
413,755    399,755 
Secured Debts
The overdraft facility and bank loans of £3,429,312 (2022 - £3,591,389) have been secured by personal guarantees of £1.5m from J Mould backed by legal charges over certain properties owned by the company and the director personally.

8.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 2,920,413    2,920,413 
Revaluation of Fixed Assets (368,937)  
2,551,476    2,920,413 

9.

Ultimate controlling party

The company is under the control of its director J Mould by virtue of his shareholding in the company.
2