JMB Property Development Limited 04089092 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Rental Property Digita Accounts Production Advanced 6.30.9574.0 true true 04089092 2023-04-01 2024-03-31 04089092 2024-03-31 04089092 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04089092 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04089092 core:MoreThanFiveYears 1 2024-03-31 04089092 core:WithinOneYear 2024-03-31 04089092 bus:SmallEntities 2023-04-01 2024-03-31 04089092 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04089092 bus:FilletedAccounts 2023-04-01 2024-03-31 04089092 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04089092 bus:RegisteredOffice 2023-04-01 2024-03-31 04089092 bus:Director2 2023-04-01 2024-03-31 04089092 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04089092 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2023-04-01 2024-03-31 04089092 core:RevaluationReserve core:LandBuildings 2023-04-01 2024-03-31 04089092 countries:EnglandWales 2023-04-01 2024-03-31 04089092 2023-03-31 04089092 2022-04-01 2023-03-31 04089092 2023-03-31 04089092 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04089092 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04089092 core:MoreThanFiveYears 1 2023-03-31 04089092 core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04089092

JMB Property Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

JMB Property Development Limited

(Registration number: 04089092)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

435,000

435,000

Current assets

 

Cash at bank and in hand

 

313

2,262

Creditors: Amounts falling due within one year

5

(30,133)

(28,764)

Net current liabilities

 

(29,820)

(26,502)

Total assets less current liabilities

 

405,180

408,498

Creditors: Amounts falling due after more than one year

5

(114,622)

(129,375)

Provisions for liabilities

(33,772)

(25,667)

Net assets

 

256,786

253,456

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

146,154

154,259

Retained earnings

110,432

98,997

Shareholders' funds

 

256,786

253,456

 

JMB Property Development Limited

(Registration number: 04089092)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 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 Income Statement.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
Mrs J Robinson
Director

 

JMB Property Development Limited

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

1

General information

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

The address of its registered office is:
52 John Street
Sunderland
Tyne & Wear
SR1 1QN

These financial statements were authorised for issue by the Board on 10 March 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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

The turnover in the unaudited profit and loss account represents rents receivable during the year.

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.

 

JMB Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 April

435,000

At 31 March

435,000

The company has two properties; one in Sunderland, the other in Gosforth. Both are held at valuation.

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2021 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The Gosforth property was acquired in March 2016 for £207,227, including legal costs. The Sunderland property was used as collateral in the securing of finance to acquire the Gosforth property. The Sunderland property was originally acquired for £47,848, including legal costs.

The company has pledged its investment property shown above as security over its bank loans.

 

JMB Property Development Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

14,742

11,706

Taxation and social security

 

2,683

3,109

Accruals and deferred income

 

5,901

5,220

Other creditors

 

6,807

8,729

 

30,133

28,764

The bank loan of £14742 (2023: £11706) is secured by:

- a debenture from JMB Property Development Limited;

- a legal charge from JMB Property Development Limited over the freehold property at 52 John Street, Sunderland, SR1 1QN;

- a legal charge from JMB Property Development Limited over the freehold property at 137A Back High Street, Gosforth, Newcastle upon Tyne, NE34 4ET

- a guarantee from Emmersons Solicitors Limited and JMB Property Development Limited for all monies owing to the bank by the borrower.

 

JMB Property Development Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

114,622

129,375

2024
£

2023
£

Due after more than five years

After more than five years by instalments

43,045

74,168

-

-

The bank loan of £114,622 (2023: £129375) is secured by:

- a debenture from JMB Property Development Limited;

- a legal charge from JMB Property Development Limited over the freehold property at 52 John Street, Sunderland, SR1 1QN;

- a legal charge from JMB Property Development Limited over the freehold property at 137A Back High Street, Gosforth, Newcastle upon Tyne, NE34 4ET

- a guarantee from Emmersons Solicitors Limited and JMB Property Development Limited for all monies owing to the bank by the borrower.

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(8,105)

8,105

7

Obligations under leases and hire purchase contracts

Operating leases

As lessor

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

2024
£

2023
£

Not later than one year

8,400

6,843