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Registration number: 13909775

JDK Property Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

JDK Property Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

JDK Property Group Limited

Company Information

Director

Mr J McWilliams

Registered office

10 Sunbeam Road
Kempston
Bedford
Bedfordshire
MK42 7BY

Accountants

Russells (Accountants) Limited
Certified Accountants
20 Riverview Way
Kempston
Bedford
Bedfordshire
MK42 7BB

 

JDK Property Group Limited

(Registration number: 13909775)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,209

17,954

Investment property

5

378,503

378,503

 

401,712

396,457

Current assets

 

Debtors

6

299

-

Cash at bank and in hand

 

202

899

 

501

899

Creditors: Amounts falling due within one year

7

(157,798)

(145,471)

Net current liabilities

 

(157,297)

(144,572)

Total assets less current liabilities

 

244,415

251,885

Creditors: Amounts falling due after more than one year

7

(266,437)

(266,438)

Net liabilities

 

(22,022)

(14,553)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(22,122)

(14,653)

Shareholders' deficit

 

(22,022)

(14,553)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 September 2024
 

 

JDK Property Group Limited

(Registration number: 13909775)
Balance Sheet as at 29 February 2024

.........................................
Mr J McWilliams
Director

 

JDK Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Sunbeam Road
Kempston
Bedford
Bedfordshire
MK42 7BY
England

These financial statements were authorised for issue by the director on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

JDK Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% on a reducing balance

Property Improvements

10% on a reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

JDK Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

-

23,941

23,941

Additions

10,260

680

10,940

At 29 February 2024

10,260

24,621

34,881

Depreciation

At 1 March 2023

-

5,987

5,987

Charge for the period

1,026

4,659

5,685

At 29 February 2024

1,026

10,646

11,672

Carrying amount

At 29 February 2024

9,234

13,975

23,209

At 28 February 2023

-

17,954

17,954

Included within the net book value of land and buildings above is £9,234 (2023 - £Nil) in respect of freehold land and buildings.
 

 

JDK Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investment properties

2024
£

At 1 March

378,503

At 29 February

378,503

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

299

-

 

299

-

 

JDK Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Accruals and deferred income

 

1,680

840

Other creditors

 

1,710

2,790

Directors current accounts

 

109,408

141,841

Amounts due to related parties

10

45,000

-

 

157,798

145,471

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

266,437

266,438

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

266,437

266,438

-

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

£1 Ordinary shares of £1 each

100

100

100

100

       
 

JDK Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

266,437

266,438

Other borrowings

The Mortgage Loan is denominated in pounds sterling with a nominal interest rate of 3.1%, and the final instalment is due on 31 March 2047. The carrying amount at year end is £266,437 (2023 - £266,438).

The investment property is charged as security for the mortgage loan.

10

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

45,000

45,000

At end of period

45,000

45,000

Terms of loans to related parties

The loan relates to an amount due to Coffee Xpress (Bedford) Limited, a company under common control by the director, Mr JJ McWilliams.