JOINT PROPERTIES SOUTH COAST LIMITED

Company Registration Number:
05666451 (England and Wales)

Unaudited abridged accounts for the year ended 31 January 2024

Period of accounts

Start date: 01 February 2023

End date: 31 January 2024

JOINT PROPERTIES SOUTH COAST LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Balance sheet
Notes

JOINT PROPERTIES SOUTH COAST LIMITED

Balance sheet

As at 31 January 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 200,000 190,000
Total fixed assets: 200,000 190,000
Current assets
Debtors: 4 310 189
Cash at bank and in hand: 4,923 5,784
Total current assets: 5,233 5,973
Creditors: amounts falling due within one year: 5 (29,816) (30,152)
Net current assets (liabilities): (24,583) (24,179)
Total assets less current liabilities: 175,417 165,821
Creditors: amounts falling due after more than one year: 6 (94,977) (94,977)
Total net assets (liabilities): 80,440 70,844
Capital and reserves
Called up share capital: 20 20
Other reserves: 89,337 77,718
Profit and loss account: (8,917) (6,894)
Shareholders funds: 80,440 70,844

The notes form part of these financial statements

JOINT PROPERTIES SOUTH COAST LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 17 October 2024
and signed on behalf of the board by:

Name: David Shepherd
Status: Director

The notes form part of these financial statements

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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 rent of the property.

Other accounting policies

Investment properties Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in value recognised in profit and loss. The methods and significant assumptions used to ascertain the fair value of £200,000 included in the profit and loss for the year, was valued by the directors with other similar properties in the same area taken into consideration given the estimated current market value. 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.

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Tangible Assets

Total
Cost £
At 01 February 2023 190,000
Revaluations 10,000
At 31 January 2024 200,000
Depreciation
At 01 February 2023 0
At 31 January 2024 0
Net book value
At 31 January 2024 200,000
At 31 January 2023 190,000

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Debtors

Other debtors - £310 (2023 - £189).

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Creditors: amounts falling due within one year note

Corporation tax - £Nil (2023 - £336). Other creditors - £29,816 (2023 - £29,816).

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Creditors: amounts falling due after more than one year note

Bank loans - £94,977 (2023 - £94,977). Creditors include: amounts payable otherwise than by instalments falling due for payment after more than five years - £94,977 (2023 - (£94,977). Secured bank loans - £94,977 (2023 - £94,977). Mortgage Express and The Mortgage Works (UK) PLC hold mortgage charges on the property 20 Melville Road, Gosport, Hampshire, PO12 4QU dated October and September 2006 respectively.

JOINT PROPERTIES SOUTH COAST LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

7. Related party transactions

Name of the related party: David Shepherd and William Shepherd
Relationship:
Directors
Description of the Transaction: The directors continue to provide the company with a loan in the period. The loan was interest free, unsecured and repayable on demand. At the Balance Sheet date the balance due to the directors was:
£
Balance at 01 February 2023 29,217
Balance at 31 January 2024 29,217