JAK Rentals Limited 06589513 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is residential property letting. Digita Accounts Production Advanced 6.30.9574.0 true 06589513 2023-06-01 2024-05-31 06589513 2024-05-31 06589513 core:CurrentFinancialInstruments 2024-05-31 06589513 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 06589513 1 2024-05-31 06589513 2 2024-05-31 06589513 bus:SmallEntities 2023-06-01 2024-05-31 06589513 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06589513 bus:FilletedAccounts 2023-06-01 2024-05-31 06589513 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06589513 bus:RegisteredOffice 2023-06-01 2024-05-31 06589513 bus:Director1 2023-06-01 2024-05-31 06589513 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06589513 core:InvestmentPropertyIncludedWithinPPE 2023-06-01 2024-05-31 06589513 countries:AllCountries 2023-06-01 2024-05-31 06589513 1 2023-06-01 2024-05-31 06589513 2 2023-06-01 2024-05-31 06589513 2023-05-31 06589513 1 2023-05-31 06589513 2 2023-05-31 06589513 2022-06-01 2023-05-31 06589513 2023-05-31 06589513 core:CurrentFinancialInstruments 2023-05-31 06589513 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 06589513 1 2023-05-31 06589513 1 2022-06-01 2023-05-31 06589513 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 06589513

JAK Rentals Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

JAK Rentals Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

JAK Rentals Limited

(Registration number: 06589513)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,016,000

1,016,000

Current assets

 

Debtors

1,858

-

Cash at bank and in hand

 

30,715

35,575

 

32,573

35,575

Creditors: Amounts falling due within one year

5

(11,469)

(26,150)

Net current assets

 

21,104

9,425

Total assets less current liabilities

 

1,037,104

1,025,425

Provisions for liabilities

(46,274)

(46,274)

Net assets

 

990,830

979,151

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

988,830

977,151

Shareholders' funds

 

990,830

979,151

 

JAK Rentals Limited

(Registration number: 06589513)
Statement of Financial Position as at 31 May 2024 (continued)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 


Mr A W Kenton
Director

 

JAK Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Popinjays
Northover Road
Chard
Somerset
TA20 1LQ

Principal activity

The principal activity of the company is residential property letting.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

JAK Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold investment property

No depreciation charged

Impairment

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

JAK Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 June

1,016,000

At 31 May

1,016,000

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

626

Taxation and social security

7,374

13,324

Accruals and deferred income

1,342

1,273

Other creditors

2,753

10,927

11,469

26,150

6

Reserves

Tangible assets
2024
£

Total amount of revalued assets

1,016,000

Amount of revaluation brought forward

358,670

Total carrying amount of assets had they not been revalued

657,330

Profit and loss account:

This reserve records retained earnings and accumulated losses. The profit and loss accounts contains non distributable reserves of £358,670.

 

JAK Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Other payments made to company by director
£

At 31 May 2024
£

Directors

(10,927)

8,174

(2,753)

-

-

-

 

(10,927)

8,174

(2,753)

     

 

2023

At 1 June 2022
£

Other payments made to company by director
£

At 31 May 2023
£

Directors

(9,747)

(1,180)

(10,927)

(9,747)

(1,180)

(10,927)