Company registration number 12131043 (England and Wales)
JAMES PROPERTY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
JAMES PROPERTY GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
JAMES PROPERTY GROUP LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
235,267
Current assets
Stocks
407,972
375,680
Cash at bank and in hand
5,977
6,720
413,949
382,400
Creditors: amounts falling due within one year
4
(652,998)
(385,017)
Net current liabilities
(239,049)
(2,617)
Net liabilities
(3,782)
(2,617)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(3,784)
(2,619)
Total equity
(3,782)
(2,617)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr M L James
Director
Company Registration No. 12131043
JAMES PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
James Property Group Ltd is a private company limited by shares incorporated in England and Wales.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the rent received.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
JAMES PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
3
Investment property
2024
£
Fair value
At 1 August 2023
Additions
235,267
At 31 July 2024
235,267
The investment property is included in the financial statements at its historic cost. The directors believe that the market value of the investment property at the balance sheet date is not materially different from its cost.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
652,998
385,017
Other creditors comprise accruals of £1,200 (2023 - £720), deferred income paid in advance of £3,238 (2023 - £nil) and a loan from a director of £648,560 (2023 - £384,297).
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A share of £1 each
1
1
1
1
Ordinary B share of £1 each
1
1
1
1
2
2
2
2