Company registration number 02137847 (England and Wales)
J.S. Property Company Limited
Financial Statements
For the year ended
30 April 2024
Pages for filing with registrar
J.S. Property Company Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
J.S. Property Company Limited
Statement Of Financial Position
As at 30 April 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,352
3,525
Investment property
5
850,000
850,000
865,352
853,525
Current assets
Debtors
6
329,843
259,847
Cash at bank and in hand
12,154
8,171
341,997
268,018
Creditors: amounts falling due within one year
7
(204,271)
(212,395)
Net current assets
137,726
55,623
Total assets less current liabilities
1,003,078
909,148
Creditors: amounts falling due after more than one year
8
(10,951)
(20,922)
Net assets
992,127
888,226
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
892,127
788,226
Total equity
992,127
888,226
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 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.
J.S. Property Company Limited
Statement Of Financial Position (Continued)
As at 30 April 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
J. Sanchez
Director
Company registration number 02137847 (England and Wales)
J.S. Property Company Limited
Notes To The Financial Statements
For the year ended 30 April 2024
- 3 -
1
General information
J.S. Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wall Garden Farm, Sipson Lane, West Drayton, Middlesex, United Kingdom, UB7 0JG.
2
Accounting policies
2.1
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover represents rents receivable.
2.3
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:
Plant and equipment
15% Straight line
Motor vehicles
20% straight line
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.
2.4
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
2.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
J.S. Property Company Limited
Notes To The Financial Statements (Continued)
For the year ended 30 April 2024
2
Accounting policies
(Continued)
- 4 -
2.7
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.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
2.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
3
Employees
There were no employees in the current and preceding years.
2024
2023
Number
Number
Total
5
J.S. Property Company Limited
Notes To The Financial Statements (Continued)
For the year ended 30 April 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
4,500
4,500
Additions
13,759
13,759
At 30 April 2024
13,759
4,500
18,259
Depreciation and impairment
At 1 May 2023
975
975
Depreciation charged in the year
1,032
900
1,932
At 30 April 2024
1,032
1,875
2,907
Carrying amount
At 30 April 2024
12,727
2,625
15,352
At 30 April 2023
3,525
3,525
5
Investment property
2024
£
Fair value
At 1 May 2023
850,000
Additions
14,000
Revaluations
(14,000)
At 30 April 2024
850,000
The freehold investment property has been valued by the director based on fair value.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
194,243
169,957
Other debtors
135,600
89,890
329,843
259,847
J.S. Property Company Limited
Notes To The Financial Statements (Continued)
For the year ended 30 April 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
10,648
Trade creditors
24,374
34,723
Corporation tax
59,584
57,167
Other taxation and social security
43,550
33,422
Other creditors
66,115
76,435
204,271
212,395
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,951
20,922
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
35,778
10
Directors' transactions
Dividends totalling £65,000 (2023 - £200,000) were paid in the year in respect of shares held by the company's directors.