Company registration number 12044295 (England and Wales)
JK PROPERTIES SOUTH WEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
JK PROPERTIES SOUTH WEST LIMITED
COMPANY INFORMATION
Directors
Mr K P Gibbs
Mr J Waddington
Company number
12044295
Registered office
Unit 2B
Woodlands Business Park
Burlescombe
Tiverton
Devon
EX16 7LL
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
JK PROPERTIES SOUTH WEST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
JK PROPERTIES SOUTH WEST LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
424,298
418,048
Current assets
Debtors
4
4,630
6,137
Cash at bank and in hand
2,978
11,893
7,608
18,030
Creditors: amounts falling due within one year
5
(265,193)
(258,079)
Net current liabilities
(257,585)
(240,049)
Total assets less current liabilities
166,713
177,999
Provisions for liabilities
(32,343)
(32,168)
Net assets
134,370
145,831
Capital and reserves
Called up share capital
100
100
Retained earnings
134,270
145,731
Total equity
134,370
145,831
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JK PROPERTIES SOUTH WEST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Mr K P Gibbs
Mr J Waddington
Director
Director
Company Registration No. 12044295
JK PROPERTIES SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
JK Properties South West Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2B, Woodlands Business Park, Burlescombe, Tiverton, Devon, EX16 7LL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income from operating leases (net of any incentives given to the lessees) is accrued evenly on a straight-line basis over the lease term.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JK PROPERTIES SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 September 2023
418,048
Additions
6,250
At 31 August 2024
424,298
JK PROPERTIES SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Investment property
(Continued)
- 5 -
Investment property was revalued on an open market basis by the directors on 31 August 2024. If the investment property had not been revalued, it would have been included at its historical cost of £290,263.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,250
Other debtors
1,380
6,137
4,630
6,137
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,521
11,779
Corporation tax
4,615
4,679
Other taxation and social security
1,095
869
Other creditors
250,962
240,752
265,193
258,079
6
Related party transactions
Included in other creditors are amounts owed to the directors of £207,158. The loans are interest free and carry no fixed terms of repayment.
Included in other creditors are amounts owed to a close family member of £41,750. The loan is interest free and carries no fixed terms of repayment.