Registered number
01365494
Jack Brodie (Wholesale) Limited
Unaudited Filleted Accounts
31 May 2024
Jack Brodie (Wholesale) Limited
Registered number: 01365494
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 181,892 186,461
Investment properties 4 1,475,000 1,228,561
1,656,892 1,415,022
Current assets
Debtors 5 14,581 13,866
Cash at bank and in hand 36,715 25,578
51,296 39,444
Creditors: amounts falling due within one year 6 (649,570) (663,798)
Net current liabilities (598,274) (624,354)
Total assets less current liabilities 1,058,618 790,668
Provisions for liabilities (280,306) (88)
Net assets 778,312 790,580
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account 774,312 786,580
Shareholder's funds 778,312 790,580
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Brodie
Director
Approved by the board on 3 December 2024
Jack Brodie (Wholesale) Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the rent received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from property rental income. Turnover from rental income is recognised by date due.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property 2% straight line
Investment properties no depreciation
Motor vehicles 20% reducing balance
Investments
Investment properties are held at their fair value. Gains are recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 220,000 6,482 226,482
Disposals - (6,012) (6,012)
At 31 May 2024 220,000 470 220,470
Depreciation
At 1 June 2023 34,000 6,021 40,021
Charge for the year 4,400 97 4,497
On disposals - (5,940) (5,940)
At 31 May 2024 38,400 178 38,578
Net book value
At 31 May 2024 181,600 292 181,892
At 31 May 2023 186,000 461 186,461
4 Investments
Investment
Properties
£
Cost
At 1 June 2023 1,228,561
Revaluation 246,439
At 31 May 2024 1,475,000
Historical cost
At 1 June 2023 1,228,561
At 31 May 2024 1,228,561
5 Debtors 2024 2023
£ £
Other debtors 14,581 13,866
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,080 10,823
Taxation and social security costs 6,101 20,317
Other creditors 632,389 632,658
649,570 663,798
7 Other information
Jack Brodie (Wholesale) Limited is a private company limited by shares and incorporated in England. Its registered office is:
66/76 Scotswood Road
Newcastle upon Tyne
NE4 7JE
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