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Registration number: 09541429

J & B Properties (Midlands) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

J & B Properties (Midlands) Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 9

 

J & B Properties (Midlands) Ltd

Company Information

Directors

Mr Andrew John Bailey

Mr Philip Thomas Jefferies

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

J & B Properties (Midlands) Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew John Bailey

Mr Philip Thomas Jefferies

Principal activity

The principal activity of the company is that the letting of property.

Small companies provision statement

This report has 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.

Approved by the Board on 25 September 2024 and signed on its behalf by:

.........................................
Mr Andrew John Bailey
Director

.........................................
Mr Philip Thomas Jefferies
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J & B Properties (Midlands) Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J & B Properties (Midlands) Ltd for the year ended 31 December 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of J & B Properties (Midlands) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J & B Properties (Midlands) Ltd and state those matters that we have agreed to state to the Board of Directors of J & B Properties (Midlands) Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & B Properties (Midlands) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J & B Properties (Midlands) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J & B Properties (Midlands) Ltd. You consider that J & B Properties (Midlands) Ltd 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 accounts of J & B Properties (Midlands) Ltd. 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 accounts.

......................................

Pattinsons Business Services Ltd
Accountants
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

25 September 2024

 

J & B Properties (Midlands) Ltd

(Registration number: 09541429)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

339,000

287,781

Current assets

 

Debtors

5

567

897

Cash at bank and in hand

 

7,130

3,578

 

7,697

4,475

Creditors: Amounts falling due within one year

6

(120,876)

(119,563)

Net current liabilities

 

(113,179)

(115,088)

Total assets less current liabilities

 

225,821

172,693

Creditors: Amounts falling due after more than one year

6

(180,995)

(180,995)

Net assets/(liabilities)

 

44,826

(8,302)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

44,824

(8,304)

Shareholders' funds/(deficit)

 

44,826

(8,302)

For the financial year ending 31 December 2023 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.

 

J & B Properties (Midlands) Ltd

(Registration number: 09541429)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr Andrew John Bailey
Director

.........................................
Mr Philip Thomas Jefferies
Director

 

J & B Properties (Midlands) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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 sales/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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

J & B Properties (Midlands) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 January

287,781

Fair value adjustments

51,219

At 31 December

339,000

The current market value has been assessed based on an independent, online valuation provider.

 

J & B Properties (Midlands) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

2023
£

2022
£

Prepayments

162

81

Other debtors

405

816

567

897

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

74

1,320

Other creditors

 

120,802

118,243

 

120,876

119,563

Due after one year

 

Loans and borrowings

7

180,995

180,995

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

180,995

180,995

 

J & B Properties (Midlands) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

       

9

Reserves

Note

2023
 £

2022
 £

Distributable reserves

 

(6,395)

(8,304)

Non-distributable reserves

 

51,219

-

 

44,824

(8,304)

10

Financial commitments, guarantees and contingencies

The Mortgage Works (UK) PLC have registered a charge over the investment property included within the financial statements on 9 April 2021. This is in relation to funds advanced to J & B Properties Ltd to acquire the property 71 Regent Street, Bedworth, CV12 9BN.

The Mortgage Works (UK) PLC have registered a charge over the investment property included within the financial statements on 24 October 2022. This is in relation to funds advanced to J & B Properties Ltd to acquire the property 13 Rosemullion Close, Exhall, Coventry, CV7 9NQ.

11

Related party transactions

J & B Holdings Ltd

During the year the company advanced funds totalling £Nil (2022: Nil) to and received £3,049 (2022: £70,413) from J & B Holdings Ltd, a company under common control. At the end of the year £94,115 was outstanding (2022: £91,066) in relation to this balance.