2 2 Jason McDonald Properties Limited 02267168 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of property management Digita Accounts Production Advanced 6.30.9574.0 true 02267168 2023-07-01 2024-06-30 02267168 2024-06-30 02267168 bus:OrdinaryShareClass1 2024-06-30 02267168 core:OtherReservesSubtotal 2024-06-30 02267168 core:RetainedEarningsAccumulatedLosses 2024-06-30 02267168 core:ShareCapital 2024-06-30 02267168 core:CurrentFinancialInstruments 2024-06-30 02267168 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 02267168 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 02267168 core:FurnitureFittingsToolsEquipment 2024-06-30 02267168 bus:SmallEntities 2023-07-01 2024-06-30 02267168 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 02267168 bus:FilletedAccounts 2023-07-01 2024-06-30 02267168 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02267168 bus:RegisteredOffice 2023-07-01 2024-06-30 02267168 bus:Director2 2023-07-01 2024-06-30 02267168 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 02267168 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02267168 core:FurnitureFittings 2023-07-01 2024-06-30 02267168 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 02267168 countries:England 2023-07-01 2024-06-30 02267168 2023-06-30 02267168 core:FurnitureFittingsToolsEquipment 2023-06-30 02267168 2022-07-01 2023-06-30 02267168 2023-06-30 02267168 bus:OrdinaryShareClass1 2023-06-30 02267168 core:OtherReservesSubtotal 2023-06-30 02267168 core:RetainedEarningsAccumulatedLosses 2023-06-30 02267168 core:ShareCapital 2023-06-30 02267168 core:CurrentFinancialInstruments 2023-06-30 02267168 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02267168 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 02267168 core:FurnitureFittingsToolsEquipment 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 02267168

Jason McDonald Properties Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Jason McDonald Properties Limited

(Registration number: 02267168)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

994

1,172

Investment property

5

1,610,000

1,610,000

 

1,610,994

1,611,172

Current assets

 

Debtors

6

778

-

Cash at bank and in hand

 

20,731

49,389

 

21,509

49,389

Creditors: Amounts falling due within one year

7

(203,666)

(229,819)

Net current liabilities

 

(182,157)

(180,430)

Total assets less current liabilities

 

1,428,837

1,430,742

Creditors: Amounts falling due after more than one year

7

-

(17,314)

Provisions for liabilities

(64,227)

(64,271)

Net assets

 

1,364,610

1,349,157

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

657,069

657,069

Retained earnings

707,441

691,988

Shareholders' funds

 

1,364,610

1,349,157

 

Jason McDonald Properties Limited

(Registration number: 02267168)
Balance Sheet as at 30 June 2024

For the financial 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.

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 provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 


Mr G K Hull
Director

   
 

Jason McDonald Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
10 Vicarage Gardens
Scunthorpe
North Lincolnshire
DN15 7AZ

Company registration number: 02267168

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.

Prior period errors

The accounts have been restated to include the dividend declared in the prior period. The dividend was declared in the period to 30 June 2023 but was not included in the accounts for the same period. The retained earnings figure has been debited by £4,000 to accounts for the dividend declared in the period to 30 June 2023. The amounts due to related parties has been credited by £4,000 to account for the dividend declared in the period to 30 June 2023. No other amendments have been made to the accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

 

Jason McDonald Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% per annum on written down value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

 

Jason McDonald Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

 

Jason McDonald Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

22,181

22,181

At 30 June 2024

22,181

22,181

Depreciation

At 1 July 2023

21,009

21,009

Charge for the year

178

178

At 30 June 2024

21,187

21,187

Carrying amount

At 30 June 2024

994

994

At 30 June 2023

1,172

1,172

5

Investment properties

2024
£

At 1 July

1,610,000

At 30 June

1,610,000

The freehold investment properties were valued as at 30 June 2024 by the director. The historic cost of the properties was £888,952.

 

Jason McDonald Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

778

-

 

778

-

7

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

18,833

30,023

Amounts due to related parties

171,724

185,698

Social security and other taxes

 

4,115

5,384

Other payables

 

8,994

8,714

 

203,666

229,819


Creditors due within one year include a bank loan of £18,833 (2023 - £30,023) which is secured on the assets of the company.

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

17,314


Creditors due after one year include a bank loan which is secured of £Nil (2023 - £17,314) which is secured on the assets of the company.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Jason McDonald Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Reserves

Fair value reserve
2024
£

Amount of fair value reserve brought forward

657,069

Amount of revaluation for the year

-

657,069