Company registration number 10590264 (England and Wales)
J KING PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
J KING PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
J KING PROPERTIES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF J KING PROPERTIES LTD FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J King Properties Ltd for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of J King Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 10 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of J King Properties Ltd and state those matters that we have agreed to state to the board of directors of J King Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J King Properties Ltd and its board of directors as a body, for our work or for this report.

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

Carpenter Box
24 October 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
J KING PROPERTIES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,901
14,132
Investment property
4
8,736,520
5,490,000
8,761,421
5,504,132
Current assets
Stocks
55,995
127,049
Debtors
5
43,605
30,113
Cash at bank and in hand
18,535
21,773
118,135
178,935
Creditors: amounts falling due within one year
6
(444,338)
(568,266)
Net current liabilities
(326,203)
(389,331)
Total assets less current liabilities
8,435,218
5,114,801
Creditors: amounts falling due after more than one year
7
(82,500)
(332,500)
Provisions for liabilities
(861,531)
(47,001)
Net assets
7,491,187
4,735,300
Capital and reserves
Called up share capital
8
3,300,010
3,300,010
Non-distributable profits reserve
9
2,572,290
137,400
Distributable profit and loss reserves
1,618,887
1,297,890
Total equity
7,491,187
4,735,300

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 March 2024 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.

J KING PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr J King
Director
Company registration number 10590264 (England and Wales)
J KING PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

J King Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite G, KBF House, 55 Victoria Road, Burgess Hill, West Sussex, RH15 9LH.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

 

The directors will also provide their continued support in meeting the company's liabilities as needed. The financial statements do not include any adjustments that would result from a withdrawal of the directors' support.

1.3
Turnover

Turnover represents amounts receivable for the sale of goods and rents, and is shown net of VAT. The rent received from investment properties is recognised on a time apportioned basis,

1.4
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:

Leasehold improvements
5% per annum on a straight line basis
Plant and equipment
20% per annum on a straight line basis
Computers
20% per annum on a straight line basis
Motor vehicles
25% per annum on a diminishing balance basis

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.

J KING PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

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.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
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.

1.10
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.

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

J KING PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
17,024
225
-
0
-
0
17,249
Additions
-
0
4,570
2,064
6,312
12,946
At 31 March 2024
17,024
4,795
2,064
6,312
30,195
Depreciation and impairment
At 1 April 2023
2,918
199
-
0
-
0
3,117
Depreciation charged in the year
851
102
172
1,052
2,177
At 31 March 2024
3,769
301
172
1,052
5,294
Carrying amount
At 31 March 2024
13,255
4,494
1,892
5,260
24,901
At 31 March 2023
14,106
26
-
0
-
0
14,132
4
Investment property
2024
£
Fair value
At 1 April 2023
5,490,000
Revaluations
3,246,520
At 31 March 2024
8,736,520

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to a rent multiplier.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,828
25,871
Other debtors
5,777
4,242
43,605
30,113
J KING PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
30,000
30,000
Trade creditors
34,824
42,318
Taxation and social security
122,796
92,404
Other creditors
256,718
403,544
444,338
568,266

Bank loans relate to a mortgage, which is secured over the company's investment property.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
82,500
332,500

Bank loans relate to a mortgage, which is secured over the company's investment property.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,300,010
3,300,010
3,300,010
3,300,010
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
137,400
137,400
Non distributable profits in the year
2,434,890
-
At the end of the year
2,572,290
137,400
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