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Registered Number: 09913202
England and Wales

 

 

 

JM PROP LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Director Jesus Yohany Munoz Orozco
Registered Number 09913202
Registered Office Unit 216 C/O Assets for Life, Waterhouse Business Centre,
2 Cromar Way
Chelmsford
England
CM1 2QE
Accountants aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate, Peterborough,
Cambridgeshire
PE1 5BQ
1
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of JM Prop Ltd for the year ended 31 March 2024.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of JM Prop Ltd for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of JM Prop Ltd, as a body, in accordance with the terms of our engagement letter dated 31 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of JM Prop Ltd and state those matters that we have agreed to state to the Board of Directors JM Prop 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 JM Prop Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that JM Prop Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of JM Prop Ltd. You consider that JM Prop 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 accounts of JM Prop 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 accounts 31 March 2024.




....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate, Peterborough,
Cambridgeshire
PE1 5BQ
14 November 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 701,610    1,019,252 
701,610    1,019,252 
Current assets      
Debtors 4 343,250    346,631 
Cash at bank and in hand 83,996    30,856 
427,246    377,487 
Creditors: amount falling due within one year 5 (37,701)   (33,740)
Net current assets 389,545    343,747 
 
Total assets less current liabilities 1,091,155    1,362,999 
Creditors: amount falling due after more than one year 6 (712,384)   (951,939)
Provisions for liabilities 7 (73,283)   (73,283)
Net assets 305,488    337,777 
 

Capital and reserves
     
Called up share capital 8 2    2 
Reserves 9 291,226    455,928 
Profit and loss account 14,260    (118,153)
Shareholders' funds 305,488    337,777 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 14 November 2024 and were signed by:


-------------------------------
Jesus Yohany Munoz Orozco
Director
3
General Information
JM Prop Ltd is a private company, limited by shares, registered in England and Wales, registration number 09913202, registration address Unit 216 C/O Assets for Life, Waterhouse Business Centre,, 2 Cromar Way, Chelmsford, England, CM1 2QE.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
The directors have revalued the properties at the financial year end. 
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees including directors

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Investment properties   Total
  £   £   £
At 01 April 2023 5,132    1,017,000    1,022,132 
Additions    
Disposals (300)   (317,000)   (317,300)
At 31 March 2024 4,832    700,000    704,832 
Depreciation
At 01 April 2023 2,880      2,880 
Charge for year 450      450 
On disposals (108)     (108)
At 31 March 2024 3,222      3,222 
Net book values
Closing balance as at 31 March 2024 1,610    700,000    701,610 
Opening balance as at 01 April 2023 2,252    1,017,000    1,019,252 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 1,750    2,766 
Deposits paid 1,500    3,865 
Other Debtors 340,000    340,000 
343,250    346,631 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   162 
Bank Loans & Overdrafts (Secured)   5,556 
Corporation Tax 10,782   
Accrued Expenses 1,161   
Other Creditors 13,556    3,867 
Directors' Current Accounts 12,202    24,155 
37,701    33,740 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 463,620    712,768 
Amounts Owed to Participating Interests 248,764    239,171 
712,384    951,939 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 73,283    73,283 
73,283    73,283 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Class A share of £1.00 each  
1 Class B share of £1.00 each  
 

9.

Reserves

2024
£
  2023
£
Revaluation of Fixed Assets 291,226    455,928 
291,226    455,928 

10.

Related Parties loans

During the year the company entered into a related party transaction with Assets For Life Ltd with common directors. The balance at 31-Mar-24 is £248,764 (2023: £239,171) owed by the company.
11.

Secured liabilities

All mortgages are secured against the property in which they represent.
12.

Creditors due after more than one year

The bank loans and overdrafts included in Creditors due more than one year, has an amount of £463,620 (2023: £712,768) which is due greater than 1 year.


4