Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312023-06-01false2falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00415242 2023-06-01 2024-05-31 00415242 2022-06-01 2023-05-31 00415242 2024-05-31 00415242 2023-05-31 00415242 c:Director1 2023-06-01 2024-05-31 00415242 d:Buildings 2023-06-01 2024-05-31 00415242 d:Buildings 2024-05-31 00415242 d:Buildings 2023-05-31 00415242 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00415242 d:MotorVehicles 2023-06-01 2024-05-31 00415242 d:MotorVehicles 2024-05-31 00415242 d:MotorVehicles 2023-05-31 00415242 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00415242 d:ComputerEquipment 2023-06-01 2024-05-31 00415242 d:ComputerEquipment 2024-05-31 00415242 d:ComputerEquipment 2023-05-31 00415242 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00415242 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00415242 d:FreeholdInvestmentProperty 2024-05-31 00415242 d:FreeholdInvestmentProperty 2023-05-31 00415242 d:FreeholdInvestmentProperty 2 2023-06-01 2024-05-31 00415242 d:CurrentFinancialInstruments 2024-05-31 00415242 d:CurrentFinancialInstruments 2023-05-31 00415242 d:Non-currentFinancialInstruments 2024-05-31 00415242 d:Non-currentFinancialInstruments 2023-05-31 00415242 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 00415242 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00415242 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 00415242 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00415242 d:ShareCapital 2024-05-31 00415242 d:ShareCapital 2023-05-31 00415242 d:RevaluationReserve 2024-05-31 00415242 d:RevaluationReserve 2023-05-31 00415242 d:InvestmentPropertiesRevaluationReserve 2024-05-31 00415242 d:InvestmentPropertiesRevaluationReserve 2023-05-31 00415242 d:OtherMiscellaneousReserve 2023-06-01 2024-05-31 00415242 d:RetainedEarningsAccumulatedLosses 2024-05-31 00415242 d:RetainedEarningsAccumulatedLosses 2023-05-31 00415242 c:FRS102 2023-06-01 2024-05-31 00415242 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 00415242 c:FullAccounts 2023-06-01 2024-05-31 00415242 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00415242 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 00415242 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 00415242 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 00415242 2 2023-06-01 2024-05-31 00415242 5 2023-06-01 2024-05-31 00415242 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 00415242 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00415242 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 00415242 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 00415242 f:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 00415242









JULNES & SONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
JULNES & SONS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JULNES & SONS LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Julnes & Sons Limited for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Julnes & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 8 November 2022Our work has been undertaken solely to prepare for your approval the financial statements of Julnes & Sons Limited and state those matters that we have agreed to state to the Board of directors of Julnes & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Julnes & Sons Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Julnes & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Julnes & Sons Limited. You consider that Julnes & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Julnes & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
19 February 2025
Page 1

 
JULNES & SONS LIMITED
REGISTERED NUMBER: 00415242

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
480,401
475,614

Investment property
 6 
1,785,000
1,800,000

  
2,265,401
2,275,614

Current assets
  

Debtors: amounts falling due within one year
 7 
1,638
1,518

Cash at bank and in hand
  
27,812
57,781

  
29,450
59,299

Creditors: amounts falling due within one year
 8 
(9,528)
(19,603)

Net current assets
  
 
 
19,922
 
 
39,696

Total assets less current liabilities
  
2,285,323
2,315,310

Creditors: amounts falling due after more than one year
 9 
(25,202)
(30,000)

Provisions for liabilities
  

Deferred tax
 10 
(134,223)
(137,689)

  
 
 
(134,223)
 
 
(137,689)

Net assets
  
2,125,898
2,147,621


Capital and reserves
  

Called up share capital 
  
37,300
37,300

Revaluation reserve
 11 
361,276
356,276

Investment property reserve
 11 
882,244
893,847

Profit and loss account
 11 
845,078
860,198

  
2,125,898
2,147,621


Page 2

 
JULNES & SONS LIMITED
REGISTERED NUMBER: 00415242
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 January 2025.




P.A.J. Julnes
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
JULNES & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Julnes & Sons Limited is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Beechcroft, 2 Church Road, Watton, Thetford, Norfolk, IP25 6DQ.
The continuing activity of the company is that of property management and letting. The company's principal place of business is Watton, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of rents received. 
Turnover is recognised when the rent becomes due as per the agreed terms within the lease agreements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
JULNES & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis..

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
JULNES & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
JULNES & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Investment property revaluations
The valuations have been made by the directors, on an open market value for existing use basis.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Tangible fixed assets





Freehold property
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
475,000
3,000
240
478,240


Revaluations
5,000
-
-
5,000



At 31 May 2024

480,000
3,000
240
483,240



Depreciation


At 1 June 2023
-
2,466
160
2,626


Charge for the year on owned assets
-
133
80
213



At 31 May 2024

-
2,599
240
2,839



Net book value



At 31 May 2024
480,000
401
-
480,401



At 31 May 2023
475,000
534
80
475,614

Page 7

 
JULNES & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
1,800,000


Surplus on revaluation
(15,000)



At 31 May 2024
1,785,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Other debtors
1,638
1,518

1,638
1,518



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
-
11,403

Other creditors
9,528
8,200

9,528
19,603



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
25,202
30,000

25,202
30,000


Page 8

 
JULNES & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Deferred taxation




2024


£






At beginning of year
(137,688)


Charged to profit or loss
3,466



At end of year
(134,222)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(172)
(241)

Fair value movement
(134,051)
(137,447)

(134,223)
(137,688)


11.


Reserves

Other reserves

The fair value reserve represents the cumulative value of revaluations of investment property to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.


12.


Related party transactions

As at 31 May 2024 the company owed the directors £25,202 (2023: £30,000)

 
Page 9