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COMPANY REGISTRATION NUMBER: 09309619
JGB PROPERTY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
JGB PROPERTY LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
JGB PROPERTY LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
J G Bishop
S A Bishop
Registered office
168 Church Road
Hove
BN3 2DL
Accountants
UHY Hacker Young
Chartered Accountants
168 Church Road
Hove
BN3 2DL
JGB PROPERTY LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
15,043
16,703
Current assets
Debtors
6
53,699
33,683
Cash at bank and in hand
26,009
20,199
---------
---------
79,708
53,882
Creditors: amounts falling due within one year
7
94,041
68,030
---------
---------
Net current liabilities
14,333
14,148
---------
---------
Total assets less current liabilities
710
2,555
Provisions
Taxation including deferred tax
609
355
----
-------
Net assets
101
2,200
----
-------
Capital and reserves
Called up share capital
52
51
Capital redemption reserve
49
49
Profit and loss account
2,100
----
-------
Shareholders funds
101
2,200
----
-------
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.
For the year ending 30 November 2023 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 .
JGB PROPERTY LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
J G Bishop
Director
Company registration number: 09309619
JGB PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, England, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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 entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's director.
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.
The director consider that the uncertainty caused in the company's industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the directors in preparing these financial statements.
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.
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.
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:
Home office
-
15% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
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.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 December 2022
17,449
11,195
28,644
Additions
1,378
1,378
---------
---------
---------
At 30 November 2023
17,449
12,573
30,022
---------
---------
---------
Depreciation
At 1 December 2022
2,617
9,324
11,941
Charge for the year
2,225
813
3,038
---------
---------
---------
At 30 November 2023
4,842
10,137
14,979
---------
---------
---------
Carrying amount
At 30 November 2023
12,607
2,436
15,043
---------
---------
---------
At 30 November 2022
14,832
1,871
16,703
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
30
3,729
Other debtors
53,669
29,954
---------
---------
53,699
33,683
---------
---------
Other debtors include £49,852 (2022 : £26,020) recoverable due to dividends being paid in excess of the legally distributable reserves of the company.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
71,108
49,600
Corporation tax
18,837
13,355
Social security and other taxes
140
2,343
Other creditors
3,956
2,732
---------
---------
94,041
68,030
---------
---------
8. Directors' advances, credits and guarantees
At 30 November 2023 the company owed the director £1,331 (2022: £1,007).