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Registered number: 11293278









JSP PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
JSP PROPERTY LIMITED
REGISTERED NUMBER: 11293278

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,895,000
2,895,000

  
2,895,000
2,895,000

Current assets
  

Debtors: amounts falling due within one year
 6 
6,995
1,580

Cash at bank and in hand
 7 
2,156
3,784

  
9,151
5,364

Creditors: amounts falling due within one year
 8 
(578,446)
(581,563)

Net current liabilities
  
 
 
(569,295)
 
 
(576,199)

Total assets less current liabilities
  
2,325,705
2,318,801

Creditors: amounts falling due after more than one year
 9 
(1,586,388)
(1,543,533)

Provisions for liabilities
  

Deferred tax
 10 
(61,749)
(70,737)

  
 
 
(61,749)
 
 
(70,737)

Net assets
  
677,568
704,531


Capital and reserves
  

Called up share capital 
  
492,672
492,672

Investment property reserve
  
232,580
232,580

Profit and loss account
  
(47,684)
(20,721)

  
677,568
704,531


Page 1

 
JSP PROPERTY LIMITED
REGISTERED NUMBER: 11293278
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Hearle
Director

Date: 17 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
JSP PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

JSP Property Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006.  The address of the registered office is given on the contents page.  The nature of the Company's operations andt its principal activities are set out in the Directors' report.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Enter text here regarding going concern basis...

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
JSP PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
JSP PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


5.


Investment property


Investment property

£



Valuation


At 1 May 2023
2,895,000



At 30 April 2024
2,895,000

The 2024 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,584,894
2,584,894

2,584,894
2,584,894

Page 5

 
JSP PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Other debtors
6,995
-

Prepayments and accrued income
-
1,580

6,995
1,580



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,156
3,784

2,156
3,784



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,435
2,547

Trade creditors
4,184
-

Other creditors
569,674
576,966

Accruals and deferred income
2,153
2,050

578,446
581,563


Page 6

 
JSP PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,586,388
1,543,533

1,586,388
1,543,533


The following liabilities were secured:

2024
2023
£
£



Mortgage
1,586,388
1,543,533

1,586,388
1,543,533

Details of security provided:

The mortgages are secured against the Investment Properties.

Page 7

 
JSP PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Deferred taxation




2024


£






Charged to profit or loss
(61,749)



At end of year
(61,749)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax on Fair value gains carried forward
(77,527)
(77,527)

Tax losses carried forward
15,778
6,790

(61,749)
(70,737)


11.


Related party transactions

Loans of £498,517 (2023: £361,750) have been provided by the Directors. The loans are repayable on demand and interest is charged. Loans of £71,157 (2023: £215,216) have been provided by associated companies. The loans are repayable on demand and interest is charged.                                                           


2024
2023
£
£

J Hearle
229,697
96,197
S Hearle
152,152
149,341
P Hearle
116,668
116,212
Medical premises Ltd
-
133,500
Swift Crafted Ltd
71,157
81,716
569,674
576,966

 
Page 8