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Registration number: 00656781

Jukebox Sales and Rentals Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

(Registration number: 00656781)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

12,462

15,366

Investment property

6

4,258,420

2,883,484

 

4,270,883

2,898,851

Current assets

 

Debtors

7

389,001

292,130

Cash at bank and in hand

 

299,291

93,117

 

688,292

385,247

Creditors: Amounts falling due within one year

8

(23,214)

(52,000)

Net current assets

 

665,078

333,247

Total assets less current liabilities

 

4,935,961

3,232,098

Creditors: Amounts falling due after more than one year

8

(1,294,340)

(939,699)

Provisions for liabilities

(460,850)

(199,612)

Net assets

 

3,180,771

2,092,787

Capital and reserves

 

Called up share capital

4,000

4,000

Retained earnings

3,176,771

2,088,787

Shareholders' funds

 

3,180,771

2,092,787

 

(Registration number: 00656781)
Statement of Financial Position as at 31 May 2024

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 and 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 Income Statement.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
Miss R Smith
Director

 

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:
58 Cauldwell Avenue
Whitley Bay
Tyne & Wear
NE25 9RW

These financial statements were authorised for issue by the Board on 20 February 2025.

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 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 disclosures 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, modified by the revaluation of certain fixed assets.

Going concern

There are no material uncertainties about the companies ability to continue.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental properties, stated net of discounts.

Tax

The tax expense for the period comprises current and 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.

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

 

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

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

Motor Vehicles

20% Straight line

Computer Equipment

33% Straight line

Fixtures & Fittings

20% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

 

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

5,000

5,000

At 31 May 2024

5,000

5,000

Amortisation

At 1 June 2023

4,999

4,999

At 31 May 2024

4,999

4,999

Carrying amount

At 31 May 2024

1

1

At 31 May 2023

1

1

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

2,000

3,092

18,980

24,072

Additions

-

1,019

-

1,019

Disposals

-

(386)

-

(386)

At 31 May 2024

2,000

3,725

18,980

24,705

Depreciation

At 1 June 2023

1,999

2,911

3,796

8,706

Charge for the year

-

127

3,796

3,923

Eliminated on disposal

-

(386)

-

(386)

At 31 May 2024

1,999

2,652

7,592

12,243

Carrying amount

At 31 May 2024

1

1,073

11,388

12,462

At 31 May 2023

1

181

15,184

15,366

 

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

6

Investment properties

2024
£

At 1 June

2,883,484

Fair value adjustments

1,374,936

At 31 May

4,258,420

The fair value of the company's investment properties have been arrived at on the basis of two valuations.

A revaluation of 27 properties was conducted by BNP Paribas Real Estate in September 2023.
The directors do not believe the value changed between the September 2023 valuation and the period end date of 31st May 2024.

A revaluation of the remaining 5 properties not included above was the conducted by Parker Knights in December 2024 and the directors believe this valuation reflects the value of these properties as at 31st May 2024.
The name and qualification of the independent valuer are John Routledge MRICS.

7

Debtors

Current

2024
£

2023
£

Trade debtors

22,853

27,574

Prepayments

4,148

2,556

Other debtors

362,000

262,000

 

389,001

292,130

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

12,234

32,593

Taxation and social security

 

1,680

8,843

Accruals and deferred income

 

4,320

4,752

Other creditors

 

4,980

5,812

 

23,214

52,000

Within loans and borrowings is £10,000 (2023: 30,359) which is secured by a floating charge over the company's assets, and £2,234 (2023: £2,234) of liabilities under hire purchase and finance lease agreements which are secured over the assets to which they relate.

 

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,294,340

939,699

Within loans and borrowings is £1,281,875 (2023: £925,000) which is secured by a floating charge over the company's assets, and hire purchase and finance lease agreements of £12,465 (2023: £14699) are secured over the assets to which they relate.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,281,875

925,000

Hire purchase contracts

12,465

14,699

1,294,340

939,699

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

30,359

Hire purchase contracts

2,234

2,234

12,234

32,593

10

Obligations under leases and hire purchase contracts

Operating leases

As lessor

The total of future minimum payments receivable under non-cancellable operating leases are as follows:

2024
£

2023
£

Not later than one year

19,745

19,463

 

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

11

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

At 31 May 2024
£

Mr P G W Smith

(368)

(368)

Mrs S Jack

350

350

Mrs A Smith

(367)

(367)

Mrs L Dunn

350

350

Miss R Smith

10

10

2023

At 1 June 2022
£

At 31 May 2023
£

Mr P G W Smith

(368)

(368)

Mrs S Jack

350

350

Mrs A Smith

(367)

(367)

Mrs L Dunn

350

350

Miss R Smith

10

10

 

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

Loans to related parties

2024

Village Peterlee
£

Total
£

At start of period

262,000

262,000

Advanced

212,000

212,000

Repaid

(118,917)

(118,917)

Interest transactions

6,917

6,917

At end of period

362,000

362,000

2023

Village Peterlee
£

Total
£

At start of period

60,000

60,000

Advanced

232,000

232,000

Repaid

(34,875)

(34,875)

Interest transactions

4,875

4,875

At end of period

262,000

262,000

Nature of related party

A shareholder of the company has a participating interest in Village Peterlee with whom Jukebox Sales and Rentals Limited has loaned money during the year and received repayments including interest charged.