Registered number
11110282
J & P Property Investments Limited
Unaudited Filleted Accounts
31 December 2023
J & P Property Investments Limited
Registered number: 11110282
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 472,000 472,000
Current assets
Debtors 4 125,542 96,514
Cash at bank and in hand 9,717 28,047
135,259 124,561
Creditors: amounts falling due within one year 5 (127,739) (129,379)
Net current assets/(liabilities) 7,520 (4,818)
Total assets less current liabilities 479,520 467,182
Creditors: amounts falling due after more than one year 6 (339,755) (339,755)
Provisions for liabilities (24,424) (24,424)
Net assets 115,341 103,003
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 110,155 110,155
Profit and loss account 5,086 (7,252)
Shareholders' funds 115,341 103,003
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Cross
Director
Approved by the board on 20 September 2024
J & P Property Investments Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property Not depreciated
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 472,000
At 31 December 2023 472,000
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 472,000
At 31 December 2022 472,000
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 5,220
Other debtors 125,542 91,294
125,542 96,514
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 18,033 18,033
Taxation and social security costs 1,630 -
Other creditors 108,076 111,346
127,739 129,379
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 339,755 339,755
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 178,893 178,893
Secured bank loans 357,787 357,787
The bank loan is secured against the relevant fixed asset.
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 110,155 110,155
At 31 December 2023 110,155 110,155
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr P Dermody
Loan from the director 61,606 (13,360) 48,246
61,606 - (13,360) 48,246
10 Related party transactions
The company has loaned a pension scheme £20,000.
The Pension scheme belongs to a director.
The company has been loaned a total of £59,436 from Paul Dermody Solutions Ltd.
The comapny has made loans to CDO Property Investments Ltd, Spring Lane Developemnts Ltd and Mills Warehouse Ltd£32,276, £5,000 and £4,000 respectively. All companies have common ownership with the directors.
11 Controlling party
The company is untilmately controlled by the directors.
12 Other information
J & P Property Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
22a Main Road
Gedling
Nottingham
NG4 3HP
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