Registered number: 11895601
JOYOUS KINGDOM INVESTMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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JOYOUS KINGDOM INVESTMENTS LIMITED
REGISTERED NUMBER: 11895601
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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JOYOUS KINGDOM INVESTMENTS LIMITED
REGISTERED NUMBER: 11895601
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 statement of income and retained earnings 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 by:
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Jun Ren
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The notes on pages 3 to 7 form part of these financial statements.
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JOYOUS KINGDOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Joyous Kingdom Investments Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
At the balance sheet date, the company is showing net liabilities of £71,563 (2023:£17,768). The directors have agreed to provide the company with financial support for the foreseeable future. The financial statements are therefore prepared on the going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental Income
Investment properties are rented to tenants under tenancy contracts. The rental income received is recognised through profit or loss on a straight-line basis over the term of the contract. Any rent-free period is spread over the period of the contract.
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.
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JOYOUS KINGDOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment properties are initially recognised at cost which includes purchase cost and any directly
attributable expenditure. After initial recognition, investment properties are carried at fair value
derived from current market rent and investment property yields for comparable real estate; adjusted,
where considered necessary, for differences in either the nature, location and/or condition of the
specific real estate asset. No depreciation is provided against investment properties with changes in
fair value recognised through profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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JOYOUS KINGDOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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Prepayments and accrued income
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Cash and cash equivalents
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JOYOUS KINGDOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Details of security provided:
The bank loans are secured by a legal mortgage and fixed charges over the investment properties owned by the company.
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Allotted, called up and fully paid
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JOYOUS KINGDOM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10.Share capital (continued)
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100 (2023 - 100) Ordinary shares of £1.00 each
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Related party transactions
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Jun Ren, a director of the company, provided the company with an interest free loan. At the statement of financial position date, Joyous Kingdom Investments Limited owed Jun Ren £2,149,024 (2023 - £2,149,024).
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The immediate and ultimate parent company is owned and controlled by Jun Ren.
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