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REGISTERED NUMBER: SC440849 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

JOCKSPEED LIMITED

JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JOCKSPEED LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: J J Armstrong
C Graves





REGISTERED OFFICE: 54 St Georges
Castle Douglas
Kirkcudbrightshire
DG7 1LN





REGISTERED NUMBER: SC440849 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,637 3,478
Investment property 5 321,947 321,947
324,584 325,425

CURRENT ASSETS
Debtors 6 1,600 1,600
Cash at bank 15,348 5,221
16,948 6,821
CREDITORS
Amounts falling due within one year 7 157,999 151,630
NET CURRENT LIABILITIES (141,051 ) (144,809 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,533

180,616

PROVISIONS FOR LIABILITIES 8 31,000 31,035
NET ASSETS 152,533 149,581

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 100,440 100,440
Retained earnings 51,993 49,041
SHAREHOLDERS' FUNDS 152,533 149,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)

BALANCE SHEET - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





J J Armstrong - Director


JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Jockspeed Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At 31 January 2024 the company had net current liabilities of £141,051 (2023 - £144,809) and relies on the continued support of the directors to finance its working capital requirements. The directors considers it appropriate to prepare the financial statements on the going concern basis as they expect that this support will continue for the foreseeable future.

TURNOVER
Turnover represents rental income receivable from investment properties and plant hire.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% per annum reducing balance
Office equipment - 25% per annum on cost

INVESTMENT PROPERTY
Investment property is initially recognised at cost. Subsequent recognition, in accordance with FRS 102, requires investment property to be held at fair value with fair value gains and losses recognised in the Statement of Income and Retained Earnings. FRS 102 also requires deferred tax to be accounted for on assets subject to revaluation.

JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 9,880 729 10,609
DEPRECIATION
At 1 February 2023 6,584 547 7,131
Charge for year 659 182 841
At 31 January 2024 7,243 729 7,972
NET BOOK VALUE
At 31 January 2024 2,637 - 2,637
At 31 January 2023 3,296 182 3,478

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 321,947
NET BOOK VALUE
At 31 January 2024 321,947
At 31 January 2023 321,947

The directors consider the market value of the properties at the balance sheet date not to be materially different from their carrying value.

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2021 124,000
Cost 197,947
321,947

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,600 1,600

JOCKSPEED LIMITED (REGISTERED NUMBER: SC440849)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,651 408
Taxation and social security 477 2,555
Other creditors 150,871 148,667
157,999 151,630

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 31,000 31,035

Deferred
tax
£   
Balance at 1 February 2023 31,035
Credit to Statement of Income and Retained Earnings during year (35 )
Balance at 31 January 2024 31,000

9. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £147,376 (2023 - £145,343) due by the company to the directors. These loans are interest free and repayable on demand.