Company registration number 03111863 (England and Wales)
JORDAN FUTURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
JORDAN FUTURE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
JORDAN FUTURE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. S Mehson
Ms. N Mehson
Secretary
Ms. N Mehson
Company number
03111863
Registered office
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
JORDAN FUTURE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
634
846
Investment properties
4
1,556,636
1,636,636
1,557,270
1,637,482
Current assets
Debtors
5
-
0
4,250
Cash at bank and in hand
458,551
452,810
458,551
457,060
Creditors: amounts falling due within one year
6
(322,651)
(273,954)
Net current assets
135,900
183,106
Total assets less current liabilities
1,693,170
1,820,588
Creditors: amounts falling due after more than one year
7
(49,833)
(89,234)
Provisions for liabilities
(142,936)
(160,818)
Net assets
1,500,401
1,570,536
Capital and reserves
Called up share capital
2
2
Fair value reserve
559,787
584,157
Profit and loss reserves
940,612
986,377
Total equity
1,500,401
1,570,536
JORDAN FUTURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -

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 20 September 2024 and are signed on its behalf by:
Ms. N Mehson
Director
Company Registration No. 03111863
The notes on pages 4 to 8 form part of these financial statements
JORDAN FUTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Jordan Future Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Acorn Business Centre, Northarbour Road, Cosham, Portsmouth, Hampshire, PO6 3TH.

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 pound.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received for rent provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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:

Office equipment
25% reducing balance

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.

1.4
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. The surplus or deficit on revaluation is recognised in the profit and loss account.

JORDAN FUTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash at bank and in hand

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.

1.6
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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
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.

JORDAN FUTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023 and 31 December 2023
1,799
Depreciation and impairment
At 1 January 2023
953
Depreciation charged in the year
212
At 31 December 2023
1,165
Carrying amount
At 31 December 2023
634
At 31 December 2022
846
4
Investment property
2023
£
Fair value
At 1 January 2023
1,636,636
Disposals
(37,800)
Revaluations
(42,200)
At 31 December 2023
1,556,636

Investment property comprises land and buildings which is rented out. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at 31 December 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

JORDAN FUTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 7 -

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
854,073
891,873
Accumulated depreciation
-
-
Carrying amount
854,073
891,873
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
4,250
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,905
3,408
Trade creditors
37,000
-
0
Taxation and social security
-
0
10,712
Other creditors
280,347
255,274
Accruals and deferred income
2,399
4,560
322,651
273,954

The aggregate of secured creditors falling due within one year is £2,905 (2022 - £3,408).

JORDAN FUTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
49,833
52,234
Trade creditors
-
0
37,000
49,833
89,234

The aggregate of secured creditors falling due after more than one year is £49,833 (2022 - £52,234).

Amounts included above which fall due after five years are as follows:
Payable by instalments
38,213
38,601
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