REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
J & M RESIDENTIAL LETTINGS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2023 |
Additions |
Revaluations | 380,592 |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
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 |
Other loans | 10,000 | 11,440 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans | - | 11,440 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans | - | 15,987 |
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 |
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 |
Deferred |
tax |
£ |
Balance at 6 April 2023 |
Charge to Income Statement during year |
Balance at 5 April 2024 |
10. | RESERVES |
Non |
distributable |
reserve |
£ |
At 6 April 2023 |
Reserve transfer | 158,023 |
At 5 April 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr and Mrs Camden-Clarke who together own 100% of the issued share capital jointly. |