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COMPANY REGISTRATION NUMBER: 6023167
JLaty Property Limited
Filleted Unaudited Financial Statements
30 April 2024
JLaty Property Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,840,137
1,778,492
Current assets
Debtors
6
485
275
Cash at bank and in hand
132,106
70,412
---------
--------
132,591
70,687
Creditors: amounts falling due within one year
7
20,162
6,469
---------
--------
Net current assets
112,429
64,218
------------
------------
Total assets less current liabilities
1,952,566
1,842,710
Provisions
Taxation including deferred tax
97,369
85,715
------------
------------
Net assets
1,855,197
1,756,995
------------
------------
Capital and reserves
Called up share capital
71
71
Capital redemption reserve
29
29
Fair value reserve
414,801
364,769
Profit and loss account
1,440,296
1,392,126
------------
------------
Shareholders funds
1,855,197
1,756,995
------------
------------
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 comprehensive income has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JLaty Property Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 6 December 2024 , and are signed on behalf of the board by:
Mrs Y Eastman
Director
Company registration number: 6023167
JLaty Property Limited
Notes to the Financial Statements
Year ended 30 April 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 TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
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.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Tangible assets
All fixed assets are initially recorded at cost. Investment properties which comprise properties held for rental, are shown at open market value. Any aggregate surplus or deficit is transferred to the investment revaluation reserve, except where a deficit is deemed permanent when it is taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
16,070
2,940
Adjustments in respect of prior periods
( 3)
--------
-------
Total current tax
16,067
2,940
--------
-------
Deferred tax:
Origination and reversal of timing differences
11,654
( 50)
--------
-------
Tax on profit
27,721
2,890
--------
-------
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 May 2023
1,778,000
2,466
1,780,466
Revaluations
61,768
61,768
------------
-------
------------
At 30 April 2024
1,839,768
2,466
1,842,234
------------
-------
------------
Depreciation
At 1 May 2023
1,974
1,974
Charge for the year
123
123
------------
-------
------------
At 30 April 2024
2,097
2,097
------------
-------
------------
Carrying amount
At 30 April 2024
1,839,768
369
1,840,137
------------
-------
------------
At 30 April 2023
1,778,000
492
1,778,492
------------
-------
------------
Tangible assets held at valuation
The company holds land and buildings for investment purposes with a cost price of £1,330,133.96 (2023: £1,327,667.55). These are shown in the balance sheet at open market value. The valuation is made regularly by the directors of the company.
6. Debtors
2024
2023
£
£
Other debtors
485
275
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
16,070
2,942
Other creditors
4,092
3,527
--------
-------
20,162
6,469
--------
-------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs Y Eastman
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs Y Eastman
( 2,111)
( 133)
( 2,244)
-------
----
-------
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
H J Construction Limited
210
210
Jamesmark Property Limited
(2,808)
( 2,809)
-------
----
-------
----
Mrs Y Eastman , T A Trihy Esq, and L Eastman Esq own collectivly seventy five percent of the voting share capital of HJ Construction Limited. Mrs Y Eastman owns fifty percent of the voting share capital in Jamesmark Property Limited with the remaing owned by her husband A Eastman Esq.