Company Registration No. 12678824 (England and Wales)
JJ HULL PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JJ HULL PROPERTY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
JJ HULL PROPERTY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JJ HULL PROPERTY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JJ Hull Property Limited for the year ended 31 December 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of JJ Hull Property Limited, as a body, in accordance with the terms of our engagement letter dated 26 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of JJ Hull Property Limited and state those matters that we have agreed to state to the board of directors of JJ Hull Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JJ Hull Property Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that JJ Hull Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JJ Hull Property Limited. You consider that JJ Hull Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JJ Hull Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dutton Moore
25 April 2024
Chartered Accountants
Aldgate House
1-4 Market Place
Hull
East Yorkshire
HU1 1RS
JJ HULL PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
760,420
663,718
Current assets
Debtors
4
2,312
1,915
Cash at bank and in hand
23,960
9,013
26,272
10,928
Creditors: amounts falling due within one year
5
(4,104)
(89,896)
Net current assets/(liabilities)
22,168
(78,968)
Net assets
782,588
584,750
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
782,488
584,650
Total equity
782,588
584,750
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 April 2024 and are signed on its behalf by:
Mr J Gilchrist
Director
Company registration number 12678824 (England and Wales)
JJ HULL PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
94,138
94,238
Period ended 31 December 2022:
Profit and total comprehensive income
-
490,512
490,512
Balance at 31 December 2022
100
584,650
584,750
Year ended 31 December 2023:
Profit and total comprehensive income
-
197,838
197,838
Balance at 31 December 2023
100
782,488
782,588
JJ HULL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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1
Accounting policies
Company information
JJ Hull Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingston House, 7 Williamson Street, Hull, East Yorkshire, HU9 1EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
JJ HULL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment properties
2023
£
Fair value
At 1 January 2023
663,719
Additions
96,701
At 31 December 2023
760,420
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
506
Other debtors
1,806
1,915
2,312
1,915
JJ HULL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
681
Corporation tax
1,624
Other creditors
1,799
89,896
4,104
89,896
6
Control
The company is controlled by its directors.