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COMPANY REGISTRATION NUMBER: 01798999
JBC Property Developments Limited
Filleted Unaudited Financial Statements
31 March 2024
JBC Property Developments Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
2,150,060
2,125,921
Investments
5
1
1
-----------
-----------
2,150,061
2,125,922
Current assets
Stocks
679,554
508,724
Debtors
6
364,183
146,360
Cash at bank and in hand
522,506
1,514,006
-----------
-----------
1,566,243
2,169,090
Prepayments and accrued income
316
151
Creditors: amounts falling due within one year
7
1,104,173
1,635,591
-----------
-----------
Net current assets
462,386
533,650
-----------
-----------
Total assets less current liabilities
2,612,447
2,659,572
Creditors: amounts falling due after more than one year
8
462,000
514,000
Provisions
Taxation including deferred tax
278,232
278,232
Accruals and deferred income
8,520
17,469
-----------
-----------
Net assets
1,863,695
1,849,871
-----------
-----------
Capital and reserves
Called up share capital
9
102
102
Share premium account
198
198
Non distributable reserves
1,457,414
Profit and loss account
405,981
1,849,571
-----------
-----------
Shareholders funds
1,863,695
1,849,871
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
JBC Property Developments Limited
Statement of Financial Position (continued)
31 March 2024
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
B.K. Jaspal
Director
Company registration number: 01798999
JBC Property Developments Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered and trading in England and Wales with the company number 01798999 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW. The Principal place of business is 66 Earlsdon Street, Coventry, CV5 6EJ.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
4. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost or valuation
At 1 April 2023
2,125,000
1,500
2,126,500
Additions
4,812
4,812
Revaluations
20,000
20,000
-----------
------
-----------
At 31 March 2024
2,145,000
6,312
2,151,312
-----------
------
-----------
Depreciation
At 1 April 2023
579
579
Charge for the year
673
673
-----------
------
-----------
At 31 March 2024
1,252
1,252
-----------
------
-----------
Carrying amount
At 31 March 2024
2,145,000
5,060
2,150,060
-----------
------
-----------
At 31 March 2023
2,125,000
921
2,125,921
-----------
------
-----------
The fair value of the properties at 31 March 2024 has been arrived at on the basis of a valuation carried out at that date by B.K. Jaspal , a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location.
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
1
----
At 31 March 2023
1
----
6. Debtors
2024
2023
£
£
Trade debtors
10,629
30,979
Amounts owed by group undertakings and undertakings in which the company has a participating interest
150,552
Other debtors
203,002
115,381
--------
--------
364,183
146,360
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
52,000
52,000
Trade creditors
23,420
9,458
Amounts owed to group undertakings and undertakings in which the company has a participating interest
121,975
Social security and other taxes
58,112
Other creditors
1,028,753
1,394,046
-----------
-----------
1,104,173
1,635,591
-----------
-----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
462,000
514,000
--------
--------
Handelsbanken hold 4 charges over the company covering all properties and undertakings of the company.
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
102
102
102
102
----
----
----
----
10. Directors' advances, credits and guarantees
At the reporting date the directors loan account was overdrawn by £195,946 (2023: £669,830 in credit). There is no fixed term for repayment and interest is only charged on debit balances. Details of transactions are below:
2024
£
Opening Balance Brought Forward (669,830)
Net Advance/Repayments (0% Interest) 863,440
Interest 2,337
Closing Balance Carried Forward 195,946