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Company registration number: 08189523
JTK Properties Limited
Unaudited filleted financial statements
31 March 2024
JTK Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JTK Properties Limited
Directors and other information
Directors Dr Andreas Tobias Keyser
Mrs Janet Marie Keyser
Company number 08189523
Registered office Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
Accountants Forshaws Accountants Limited
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
JTK Properties Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of JTK Properties Limited
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 financial statements of JTK Properties Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of JTK Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of JTK Properties Limited and state those matters that we have agreed to state to the board of directors of JTK Properties Limited 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 JTK Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that JTK Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JTK Properties Limited. You consider that JTK Properties Limited 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 financial statements of JTK Properties Limited. 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 financial statements.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
30 September 2024
JTK Properties Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 3,070,000 3,042,000
_______ _______
3,070,000 3,042,000
Current assets
Debtors 5 350 -
Cash at bank and in hand 113,046 53,250
_______ _______
113,396 53,250
Creditors: amounts falling due
within one year 6 ( 1,779,281) ( 1,789,074)
_______ _______
Net current liabilities ( 1,665,885) ( 1,735,824)
Provisions for liabilities 7 ( 243,778) ( 236,778)
_______ _______
Net assets 1,160,337 1,069,398
_______ _______
Capital and reserves
Called up share capital 9 100 100
Revaluation reserve 731,333 710,333
Profit and loss account 428,904 358,965
_______ _______
Shareholders funds 1,160,337 1,069,398
_______ _______
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 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Dr Andreas Tobias Keyser
Director
Company registration number: 08189523
JTK Properties Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crossens Way Business Park, Crossens Way, Southport, PR9 9LY.
The principal activity of the company is that of property rental.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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 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 is measured at the fair value of the consideration received or receivable for services rendered, net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets all represent investment properties, which are initially recorded at cost and subsequently revalued at each accounting date. Revalued amounts are recorded at the fair value at the date of revaluation.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Long leasehold property Total
£ £ £
Cost or valuation
At 1 April 2023 2,721,000 321,000 3,042,000
Revaluation 19,000 9,000 28,000
_______ _______ _______
At 31 March 2024 2,740,000 330,000 3,070,000
_______ _______ _______
Depreciation
At 1 April 2023 and 31 March 2024 - - -
_______ _______ _______
Carrying amount
At 31 March 2024 2,740,000 330,000 3,070,000
_______ _______ _______
At 31 March 2023 2,721,000 321,000 3,042,000
_______ _______ _______
At the balance sheet date, the directors have valued the properties and consider them to be at fair market value.
5. Debtors
2024 2023
£ £
Other debtors 350 -
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 20,115 11,639
Other creditors 1,759,166 1,777,435
_______ _______
1,779,281 1,789,074
_______ _______
At the balance sheet date, other creditors included £1,758,086 (2022: £1,775,305) due to the directors of the company. This balance is unsecured, interest free and repayable on demand.
7. Provisions
Deferred tax (note 8) Total
£ £
At 1 April 2023 236,778 236,778
Additions 7,000 7,000
_______ _______
At 31 March 2024 243,778 243,778
_______ _______
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 7) 243,778 236,778
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
Revaluation of tangible assets 243,778 236,778
_______ | _______ |
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Controlling party
The Company is controlled by Dr T & Mrs J Keyser by virtue of their combined 100% holding of the issued share capital in the Company.