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Registration number: 12612845

Jurassic Property & Lettings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Jurassic Property & Lettings Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Jurassic Property & Lettings Ltd

(Registration number: 12612845)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,958,838

1,917,672

Current assets

 

Debtors

5

9,084

609

Cash at bank and in hand

 

29,404

56,292

 

38,488

56,901

Creditors: Amounts falling due within one year

6

(1,900,205)

(1,915,679)

Net current liabilities

 

(1,861,717)

(1,858,778)

Total assets less current liabilities

 

97,121

58,894

Provisions for liabilities

(22,909)

(11,638)

Net assets

 

74,212

47,256

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

74,208

47,252

Shareholders' funds

 

74,212

47,256

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 


Charlie Risley
Director

 

Jurassic Property & Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Wing Lower Ware
Ware Lane
Lyme Regis
Dorset
DT7 3EL

Principal activity

The principal activity of the company is that of a holiday let business.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. As at the end of the year, the company had net current liabilities but the directors have expressed their continued support of the business and consider the going concern basis of preparation to be appropriate.

 

Jurassic Property & Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold building

None charged

Property renovations

10% straight line

Furnishings

20% straight line

Office equipment

33% straight line

 

Jurassic Property & Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Jurassic Property & Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Freehold property
£

Furnishings
£

Property renovations
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

1,683,870

48,834

251,592

-

1,984,296

Additions

-

3,327

81,351

282

84,960

At 31 May 2024

1,683,870

52,161

332,943

282

2,069,256

Depreciation

At 1 June 2023

-

18,556

48,068

-

66,624

Charge for the year

-

10,432

33,268

94

43,794

At 31 May 2024

-

28,988

81,336

94

110,418

Carrying amount

At 31 May 2024

1,683,870

23,173

251,607

188

1,958,838

At 31 May 2023

1,683,870

30,278

203,524

-

1,917,672

Included within the net book value of land and buildings above is £1,683,870 (2023 - £1,683,870) in respect of freehold land and buildings.
 

 

Jurassic Property & Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Debtors

2024
£

2023
£

Other debtors

6,016

-

Prepayments

3,068

609

9,084

609

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,289,999

1,289,999

Trade creditors

 

210

-

Taxation and social security

 

-

7,792

Accruals and deferred income

 

1,361

2,548

Other creditors

 

608,635

615,340

 

1,900,205

1,915,679

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Jurassic Property & Lettings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

1,289,999

1,289,999

9

Related party transactions

Transactions with directors

As at the end of the year, the company owed it's Directors £594,997.00 (2023: £594,997.00).