Registration number:
Jason McDonald Properties Limited
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) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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:
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• |
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
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Jason McDonald Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Company registration number: 02267168
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Jason McDonald Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Investment properties |
2024 |
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At 1 July |
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At 30 June |
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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
Debtors |
Current |
2024 |
2023 |
Other debtors |
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- |
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- |
Creditors |
Note |
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
18,833 |
30,023 |
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Amounts due to related parties |
171,724 |
185,698 |
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Social security and other taxes |
4,115 |
5,384 |
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Other payables |
8,994 |
8,714 |
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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 |
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Due after one year |
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Loans and borrowings |
- |
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Jason McDonald Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Reserves |
Fair value reserve |
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Amount of fair value reserve brought forward |
657,069 |
Amount of revaluation for the year |
- |
657,069 |
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