Registered number
00581970
JPC Properties (Southampton) Limited
Unaudited Filleted Accounts
30 June 2024
JPC Properties (Southampton) Limited
Registered number: 00581970
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,781,882 3,676,218
Investments 4 422,668 376,903
4,204,550 4,053,121
Current assets
Stocks - 23,873
Debtors 5 248,339 270,703
Cash at bank and in hand 229,231 196,264
477,570 490,840
Creditors: amounts falling due within one year 6 (179,656) (145,172)
Net current assets 297,914 345,668
Total assets less current liabilities 4,502,464 4,398,789
Provisions for liabilities (117,795) (99,001)
Net assets 4,384,669 4,299,788
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account - not distributable 1,217,578 1,119,383
Profit and loss account - distributable 3,166,091 3,179,405
Shareholders' funds 4,384,669 4,299,788
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Griffiths
Director
Approved by the board on 19 March 2025
JPC Properties (Southampton) Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from the rendering of services, principally the right to occupy property. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Rental income is recognised on a time apportionment basis.
Tangible fixed assets - Investment properties
Freehold investment properties for which fair value can be measured reliably are stated at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Properties are valued using an open market valuation basis, conducted annually by the directors on the basis of rental yields.
Tangible fixed assets - Other
Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and equipment 20% straight line
Investments
Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stock is valued at the lower of cost and net realisable value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost or fair value
At 1 July 2023 3,675,247 2,708 3,677,955
Fair value gains 106,000 - 106,000
At 30 June 2024 3,781,247 2,708 3,783,955
Depreciation
At 1 July 2023 - 1,737 1,737
Charge for the year - 336 336
At 30 June 2024 - 2,073 2,073
Net book value
At 30 June 2024 3,781,247 635 3,781,882
At 30 June 2023 3,675,247 971 3,676,218
Land and buildings consist wholly of freehold investment properties. These are included at their fair value established by the directors and reflect the investment property market conditions at the balance sheet date.
The historical cost of freehold investment properties was £2,586,968 (2023 : £2,586,968).
4 Investments
Listed
investments
Market value £
At 1 July 2023 376,903
Additions 10,495
Disposals (3,848)
Fair value gain 39,118
At 30 June 2024 422,668
Historical cost
At 1 July 2023 323,430
At 30 June 2024 337,889
The company's portfolio of quoted securities, which are managed by independent investment advisors, had a market value of £422,668 (2023 : £376,903) and a cost of £337,889 (2023 : £323,430) at the year end.
5 Debtors 2024 2023
£ £
Trade debtors 146,690 203,314
Other debtors 101,649 67,389
248,339 270,703
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 91,210 122,003
Taxation and social security costs 83,513 18,377
Other creditors 4,933 4,792
179,656 145,172
7 Other information
JPC Properties (Southampton) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Coach House
The Old Vicarage
Church Street
Castle Cary
Somerset
BA7 7EJ
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