Registration number:
JMB Property Development Limited
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 |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
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 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
......................................... |
JMB Property Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
|
At 1 April |
|
At 31 March |
|
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
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
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 |
|
|
2024 |
2023 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
- |
- |
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.
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 |
( |
|
|
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 |
|
|