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REGISTERED NUMBER: 06565577 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

FOR

J & M RESIDENTIAL LETTINGS LIMITED

J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


J & M RESIDENTIAL LETTINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTORS: M C W Camden-clarke
Mrs J G Camden-clarke





SECRETARY: Mrs J G Camden-clarke





REGISTERED OFFICE: Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ





REGISTERED NUMBER: 06565577 (England and Wales)





ACCOUNTANTS: Wyatt Morris Golland Ltd
Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ

J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)

ABRIDGED BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,370 21,396
Investment property 5 10,932,000 10,187,000
10,952,370 10,208,396

CURRENT ASSETS
Debtors 213,664 2,123
Cash at bank 582,534 819,068
796,198 821,191
CREDITORS
Amounts falling due within one year 902,811 1,003,512
NET CURRENT LIABILITIES (106,613 ) (182,321 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,845,757

10,026,075

CREDITORS
Amounts falling due after more than one year 6 (4,470,866 ) (4,467,299 )

PROVISIONS FOR LIABILITIES 9 (3,474,186 ) (3,226,521 )
NET ASSETS 2,900,705 2,332,255

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserve 10 2,204,298 2,046,275
Retained earnings 696,307 285,880
SHAREHOLDERS' FUNDS 2,900,705 2,332,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)

ABRIDGED BALANCE SHEET - continued
5 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 5 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by:





M C W Camden-clarke - Director


J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

J & M Residential Lettings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 30% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Government grants
Capital grants have been received in respect of the purchase of properties where renovation works were required. These grants are repayable when the properties are sold. Amounts have been included in provisions for liabilities and charges.
The company has not discounted these grants as there is no way to determine with any reliability when the properties will be sold and when the grants will therefore become repayable, so it is impossible to determine a reliable discount factor.
On that basis, the company maintains that the accounts are showing a true and fair view as the total balance due to be repaid is always stated, so if a property is sold, the loan balance in the accounts will always match the repayable loan value.

Revenue grants received to fund repair works have been written off in the profit and loss account as received.

Following the outbreak of the Covid-19 Pandemic the company furloughed members of staff and took advantage of the government job retention scheme. Grant income is accrued for in the period matching the period the wages were due for. The company also qualified under the covid -19 retail grant scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 6 April 2023 30,340
Additions 406
At 5 April 2024 30,746
DEPRECIATION
At 6 April 2023 8,944
Charge for year 1,432
At 5 April 2024 10,376
NET BOOK VALUE
At 5 April 2024 20,370
At 5 April 2023 21,396

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023 10,187,000
Additions 364,408
Revaluations 380,592
At 5 April 2024 10,932,000
NET BOOK VALUE
At 5 April 2024 10,932,000
At 5 April 2023 10,187,000

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2024 2,939,065
Cost 7,992,935
10,932,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 7,992,935 7,628,527

The investment properties were valued on an open market basis on 5 April 2024 by the directors .

The revaluations represent unrealised gains on property. The unrealised gain net of deferred tax is £2,204,298, leaving distributable reserves of £696,307.

J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 3,392,547 3,489,801
Other loans - 4,560
3,392,547 3,494,361

7. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 266,663 236,378
Other loans 10,000 11,440
276,663 247,818

Amounts falling due between one and two years:
Bank loans - 1-2 years 276,663 236,378
Other loans - 11,440
276,663 247,818

Amounts falling due between two and five years:
Bank loans - 2-5 years 801,656 709,133
Other loans - 15,987
801,656 725,120

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,392,547 3,489,801
Other loans - 4,560
3,392,547 3,494,361

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,747,529 4,715,117

The bank mortgages are secured on the investment properties to which they relate.

J & M RESIDENTIAL LETTINGS LIMITED (REGISTERED NUMBER: 06565577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 734,766 640,933
Government grants received 2,739,420 2,585,588
3,474,186 3,226,521

Deferred
tax
£   
Balance at 6 April 2023 640,933
Charge to Income Statement during year 93,833
Balance at 5 April 2024 734,766

10. RESERVES
Non
distributable
reserve
£   
At 6 April 2023 2,046,275
Reserve transfer 158,023

At 5 April 2024 2,204,298

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr and Mrs Camden-Clarke who together own 100% of the issued share capital jointly.