Company registration number 13867478 (England and Wales)
JMR (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
JMR (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
JMR (LONDON) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
126
Investment property
5
323,171
123,387
323,297
123,387
Current assets
Debtors
6
1,075
170
Cash at bank and in hand
1,115
4,885
2,190
5,055
Creditors: amounts falling due within one year
7
(100,455)
(43,855)
Net current liabilities
(98,265)
(38,800)
Total assets less current liabilities
225,032
84,587
Creditors: amounts falling due after more than one year
8
(230,122)
(86,250)
Net liabilities
(5,090)
(1,663)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(5,190)
(1,763)
Total equity
(5,090)
(1,663)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JMR (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
Thomas Michael Pearce
Director
Company registration number 13867478 (England and Wales)
JMR (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
JMR (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income is recognised on a straight line basis over the term of the relevant lease.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
JMR (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
Additions
140
At 31 May 2024
140
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
14
At 31 May 2024
14
Carrying amount
At 31 May 2024
126
At 31 May 2023
5
Investment property
2024
£
Fair value
At 1 June 2023
123,387
Additions
199,784
At 31 May 2024
323,171
JMR (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Investment property
(Continued)
- 5 -
During the year, another investment property was acquired, and its fair value has been arrived on the basis of its arms length purchased price. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, and in the directors opinion the market values of both properties have not significantly changed since acquisition.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
131
Other debtors
944
170
1,075
170
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
66
135
Directors' current account
98,310
42,730
Other creditors
2,079
990
100,455
43,855
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
230,122
86,250
The bank loan's are secured by fixed charges over the investment properties of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
809,480
210,165
9
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
10
Ultimate controlling party
The company was controlled by the two directors of the company by virtue of the fact that between them they own the entire issued share capital of the company.