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Registration number: 14360483

Jay House Commercial Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Jay House Commercial Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jay House Commercial Ltd

(Registration number: 14360483)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

827

427

Investment property

5

555,000

404,404

 

555,827

404,831

Current assets

 

Debtors

6

80,790

123,444

Cash at bank and in hand

 

5,903

2,035

 

86,693

125,479

Creditors: Amounts falling due within one year

7

(162,237)

(151,299)

Net current liabilities

 

(75,544)

(25,820)

Total assets less current liabilities

 

480,283

379,011

Creditors: Amounts falling due after more than one year

7

(255,404)

(296,239)

Provisions for liabilities

(43,340)

(16,320)

Net assets

 

181,539

66,452

Capital and reserves

 

Called up share capital

100

100

Other reserves

205,326

89,880

Retained earnings

(23,887)

(23,528)

Shareholders' funds

 

181,539

66,452

For the financial year ending 30 September 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.

Approved and authorised by the director on 15 November 2024
 

 

Jay House Commercial Ltd

(Registration number: 14360483)
Balance Sheet as at 30 September 2024

Mr R Hewland
Director

   
     
 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

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

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

These financial statements were authorised for issue by the director on 15 November 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.

Going concern

At the balance sheet date the company had net current liabilities of £75,544 (2023: £25,820) and retained losses of £23,887 (2023: £23,528) . 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 forseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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, net of Value Added Tax.

Tax

The tax expense for the period comprises 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.

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:

Asset class

Depreciation method and rate

Plant & Machinery

25% Straight Line

Computer 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 or external valuers. 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.

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from tenants in respect of rental income on investment properties.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis and any provision for bad debts are taken through profit and loss.

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).

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

-

95

95

Additions

340

566

906

At 30 September 2024

340

661

1,001

Depreciation

At 1 October 2023

-

9

9

Charge for the year

51

114

165

At 30 September 2024

51

123

174

Carrying amount

At 30 September 2024

289

538

827

At 30 September 2023

-

427

427

5

Investment properties

2024
£

At 1 October

404,404

Additions

8,070

Fair value adjustments

142,526

At 30 September

555,000

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

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,361

484

Amounts owed by related parties

9

64,994

101,817

Prepayments

 

4,127

8,229

Other debtors

 

4,308

12,914

   

80,790

123,444

 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

692

21,099

Taxation and social security

994

-

Accruals and deferred income

14,316

13,163

Other creditors

146,235

117,037

162,237

151,299

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

42,900

20,000

Other non-current financial liabilities

 

212,504

276,239

 

255,404

296,239

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Jay House Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Related party transactions

Transactions with the director

At the balance sheet date the company owed £42,900 (2023: £20,000) on loans faciliatated by Rebuilding Society. The lend of this loan is Mr R Hewland, directors & shareholder and interest is being charged at 17% per annum.

Summary of transactions with other related parties

At the balance sheet date, the company was owed £64,994 (2023: £101,817) from Jay House Property Limited, company under common control. There are no fixed terms for repayment and interest is not being charged.

At the balance sheet date, the company also owed £278,579 (2023: £342,215) to Jay House Property SSAS, a pension fund in which the director, Mr R Hewland, is the trustee. Interest is being charged on the balance at a market rate.

 

10

Ultimate controlling party

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