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Registered number: 03492431
Josela Properties Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
TaxAssist Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 03492431
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,822,673 1,822,673
1,822,673 1,822,673
CURRENT ASSETS
Cash at bank and in hand 5,351 3,175
5,351 3,175
Creditors: Amounts Falling Due Within One Year 5 (339,229 ) (344,437 )
NET CURRENT ASSETS (LIABILITIES) (333,878 ) (341,262 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,488,795 1,481,411
Creditors: Amounts Falling Due After More Than One Year 6 (1,082,481 ) (1,085,745 )
NET ASSETS 406,314 395,666
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 10 289,549 289,549
Profit and Loss Account 116,763 106,115
SHAREHOLDERS' FUNDS 406,314 395,666
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Taylor
Director
6th March 2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Josela Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03492431 . The registered office is Unit 16 Riverside Way, Ravensthorpe Industrial Estate, Dewsbury, West Yorks, WF13 3LG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investment Property
2024
£
Fair Value
As at 1 July 2023 and 30 June 2024 1,822,673
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 12,121 5,000
Other creditors 4,635 4,335
Accruals and deferred income 10,376 9,136
Directors' loan accounts 138,597 152,966
Amounts owed to associates 173,500 173,000
339,229 344,437
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6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,082,481 1,085,745
Security by way of 1st charge over the Investment Properties held by the Company have been given for the mortgages that total £1,077,898 (2023 - £1,076,245).
The Company also received a Bounce Back Loan of £25,000 in 2020, which is a 100% UK Government backed loan.
After the first 12 months, an interest rate of 2.5% is applicable. The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme. The loan is currently being repaid under the 6 year term.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 1,077,898 1,076,245
7. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 1,077,898 1,076,245
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Directors Advances, Credits and Guarantees
At the end of the accounting period the Company owed the Directors £138,597 (2023 - £152,866). The loan is repayable on demand and no interest is charged.
Personal guarantees have been given by the directors for the mortgages held by the company, which total £1,077,898 as at the accounting period end (2023 - £1,076,245).
10. Reserves
Revaluation Reserve
£
As at 1 July 2023 289,549
As at 30 June 2024 289,549
11. Related Party Transactions
As at the end of the accounting period, the company owed £173,500 (2023 - £173,000) to Sonic Solutions Limited, a connected company. The loan is repayable on demand and no interest has been charged.
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