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COMPANY REGISTRATION NUMBER: 13285183
Jely Investments Limited
Filleted Unaudited Financial Statements
31 March 2024
Jely Investments Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 5
Jely Investments Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Jely Investments 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 Jely Investments Limited for the year ended 31 March 2024, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Jely Investments Limited, as a body, in accordance with the terms of our engagement letter dated 17 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Jely Investments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jely Investments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Jely Investments 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 Jely Investments Limited. You consider that Jely Investments 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 Jely Investments 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
13 November 2024
Jely Investments Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
244,656
244,656
Current assets
Cash at bank and in hand
1,647
1,295
Creditors: amounts falling due within one year
5
67,288
67,807
--------
--------
Net current liabilities
65,641
66,512
---------
---------
Total assets less current liabilities
179,015
178,144
Creditors: amounts falling due after more than one year
6
177,006
177,006
---------
---------
Net assets
2,009
1,138
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,909
1,038
-------
-------
Shareholders funds
2,009
1,138
-------
-------
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.
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 .
Jely Investments Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 November 2024 , and are signed on behalf of the board by:
Mr A J Mackley
Director
Company registration number: 13285183
Jely Investments 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 The Gorse, Millthorpe Lane, Holmesfield, Dronfield, Derbyshire, S18 7SA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable by way of rental income from investment property
Taxation
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Financial instruments
4. Tangible assets
Investment property
£
Cost
At 1 April 2023 and 31 March 2024
244,656
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
244,656
---------
At 31 March 2023
244,656
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
204
243
Related party loan
66,474
66,974
Other creditors
610
590
--------
--------
67,288
67,807
--------
--------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
177,006
177,006
---------
---------
The loan balance as above is secured on the company property, being on an interest only arrangement to be reviewed and re-financed within three years of the year end date.
7. Related party transactions
A company with common directorships and control advanced loan funding to Jely Investments Limited . At the year end £66,474 (2023: £66,974) remains outstanding. There are no formal terms for repayment of this loan and interest is not being charged.