Company registration number 11799381 (England and Wales)
J & K WILLIAMS PROPERTY LIMITED
Unaudited Financial Statements
for the Year Ended 31 January 2024
J & K WILLIAMS PROPERTY LIMITED
CONTENTS
Page
Company Information
Balance sheet
1
Notes to the financial statements
2 - 4
J & K WILLIAMS PROPERTY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
522,307
522,307
Current assets
Debtors
4
2,544
5,522
Cash at bank and in hand
19,337
4,094
21,881
9,616
Creditors: amounts falling due within one year
5
(531,853)
(525,049)
Net current liabilities
(509,972)
(515,433)
Net assets
12,335
6,874
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
12,235
6,774
Total equity
12,335
6,874
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr J D Williams
Mrs K O Williams
Director
Director
Company registration number 11799381 (England and Wales)
J & K WILLIAMS PROPERTY LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 2 -
1
Accounting policies
Company information
J & K Williams Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bedford House, Watery Lane, Dilwyn, Herefordshire, HR4 8JJ.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £493,472 (2023 - £515,433) and Net Assets of £28,835 (2023 - Net liabilities of £6,874). However creditors includes a loan from the directors of £233,888 (2023 - £243,641). In addition the directors are aware of the turnover and margins that the company needs to achieve in order to keep the company profit and they believe these targets can be met. The directors review realistic objectives at regular intervals, based on this periodic review, the company's plans and the continued support of the directors, they consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
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 Turnover when:
The amount of Turnover 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.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
J & K WILLIAMS PROPERTY LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
1
Accounting policies
- 3 -
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
522,307
There has been no valuation of investment property by an independent valuer.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,544
5,522
J & K WILLIAMS PROPERTY LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6
280,547
280,550
Other creditors
233,888
243,641
Accruals and deferred income
17,418
858
531,853
525,049
6
Loans and overdrafts
2024
2023
£
£
Bank loans
280,547
280,550
Payable within one year
280,547
280,550
Nottingham Building Society mortgage is secured over the property known as 36 Barton Road, Hereford, HR4 0AY. Interest is being charged at 3.4%. The amount due at the balance sheet date is £127,497 (2023 -£127,500)
Paragon mortgage is not secured. Interest is being charged at 2.990% The amount due at the balance sheet date is £153,050 (2023 - £153,050)