REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
JJL Property Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
JJL Property Management Limited |
JJL Property Management Limited (Registered number: 13199051) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
JJL Property Management Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
48 Hucclecote Road |
Gloucester |
Gloucestershire |
GL3 3RS |
BANKERS: |
5th Floor |
London Fruit & Wool Exchange |
1 Duval Square |
London |
E1 6PW |
JJL Property Management Limited (Registered number: 13199051) |
Statement of Financial Position |
29 February 2024 |
29/2/24 | 28/2/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JJL Property Management Limited (Registered number: 13199051) |
Statement of Financial Position - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JJL Property Management Limited (Registered number: 13199051) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
JJL Property Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown in the accounts at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Going concern |
Despite net current liabilities of £551,634 at 29 February 2024 (2023 - £278,393), the financial statements have been prepared on a going concern basis. The directors have reviewed the future cash flows of the company and have expressed their intention, along with that of JJL Carpentry Contractors Limited (a company under common control), to financially support the company for the foreseeable future. They therefore deem the going concern basis of preparation to be appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
JJL Property Management Limited (Registered number: 13199051) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
Cost |
Additions |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 March 2023 |
Additions |
Revaluations | 76,495 |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
One of the investment properties has been revalued for the purposes of obtaining finance and as such the fair value of this property has increased to reflect this most recent revaluation. A second investment property has been acquired during the year. The fair value of this property is deemed to be equal to the cost. |
If investment property had not been revalued it would have been included at its historic cost of £518,567 (2023 - £276,706). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Other creditors |
JJL Property Management Limited (Registered number: 13199051) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
29/2/24 | 28/2/23 |
£ | £ |
Other loans |
The loan is secured by way of a fixed charge over one of the company's investment properties and floating charges over other company assets and property. |
9. | RESERVES |
Fair |
value |
reserve |
£ |
Fair value gains | 57,371 |
At 29 February 2024 |
10. | RELATED PARTY DISCLOSURES |
JJL Carpentry Contractors Limited |
A company under common control |
The company has borrowed funds from JJL Carpentry Contractors Limited to fund the purchase and development of the investment properties. At 29 February 2024, the company owed JJL Carpentry Contractors Limited £403,516 (2023 - £293,208). The loan is interest free and unsecured with no fixed repayment terms. |