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Registration number: 10649968

Jay House Property Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Jay House Property Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jay House Property Limited

(Registration number: 10649968)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

462

616

Investment property

6

4,222,646

3,815,735

 

4,223,108

3,816,351

Current assets

 

Debtors

7

15,881

21,705

Cash at bank and in hand

 

5,509

3,960

 

21,390

25,665

Creditors: Amounts falling due within one year

8

(1,105,690)

(1,907,346)

Net current liabilities

 

(1,084,300)

(1,881,681)

Total assets less current liabilities

 

3,138,808

1,934,670

Creditors: Amounts falling due after more than one year

8

(3,033,979)

(1,907,415)

Provisions for liabilities

(2,017)

(2,190)

Net assets

 

102,812

25,065

Capital and reserves

 

Called up share capital

100

100

Other reserves

193,522

62,705

Retained earnings

(90,810)

(37,740)

Shareholders' funds

 

102,812

25,065

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

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Jay House Property Limited

(Registration number: 10649968)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 22 October 2024
 

Mr R J S Hewland
Director

   
     
 

Jay House Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
13 Alyth Road
Bournemouth
BH3 7DF

These financial statements were authorised for issue by the director on 22 October 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Jay House Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Going concern

At the balance sheet date the company had net current liabilities of £1,084,300 (2023: £1,881,681) and retained losses of £90,810 (2023: £37,740). At the time of approving the financial statements, the director has a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. This, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable on rental income from investment properties.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Jay House Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Plant & machinery

20% straight line

Office equipment

20% straight line

Investment property

The investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Any changes in fair value are recognised in the profit and loss account. The accounting policy is in accordance with FRS102.

Cash and cash equivalents

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

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 at the transaction price.

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 (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

154

154

 

Jay House Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

530

240

770

At 31 March 2024

530

240

770

Depreciation

At 1 April 2023

106

48

154

Charge for the year

106

48

154

At 31 March 2024

212

96

308

Carrying amount

At 31 March 2024

318

144

462

At 31 March 2023

424

192

616

6

Investment properties

2024
£

At 1 April

3,815,735

Additions

245,409

Fair value adjustments

161,502

At 31 March

4,222,646

The above amount is considered to be the open market value of the investment properties held at the balance sheet date as valued by the director.

Any property remortgaged during the period was subject to a valuation by an independent third party during the process of arranging mortgages on the properties concerned

7

Debtors

Current

2024
£

2023
£

Prepayments

1,553

7,770

Other debtors

14,328

13,935

 

15,881

21,705

 

Jay House Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

107,986

301,951

Trade creditors

 

16,165

5,000

Accruals and deferred income

 

4,326

6,268

Other creditors

 

977,213

1,594,127

 

1,105,690

1,907,346


Creditors due within one year includes secured short term loans totalling £107,986 (2023: £301,951) which were repaid shortly after the year-end.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

3,033,979

1,907,415


Creditors due more than one year include mortgages which are secured of £2,960,968 (2023: £1,907,415) and secured loans of £73,011 (2023: £nil).

The mortgages are secured against the properties to which they relate in favour of the lender.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,960,968

1,907,415

Other borrowings

73,011

-

3,033,979

1,907,415

Current loans and borrowings

2024
£

2023
£

Other borrowings

107,986

301,951

 

Jay House Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Related party transactions

At the balance sheeet date, the company owed the director £647,162 (2023: £794,161). This balance is repayable on demand and interest is being charged at 3%.

At the balance sheet date, the company owed Jay House Commercial Ltd, a company under common control, £43,818 (2023: £94,317). This balance is repayable on demand and no interest is being charged.

At the balance sheet date, the company owed Jay House Property SSAS, a self-administered pension scheme in which the director is a beneficiary, £nil (2023: £312,500).

12

Ultimate controlling party

The ultimate controlling party is Mr R Hewland, by virtue of his shareholding.