REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 April 2023 to 31 July 2024 |
for |
JM Property Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 April 2023 to 31 July 2024 |
for |
JM Property Investments Limited |
JM Property Investments Limited (Registered number: 08354431) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JM Property Investments Limited |
Company Information |
for the Period 1 April 2023 to 31 July 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
JM Property Investments Limited (Registered number: 08354431) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Investment property |
revaluations |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JM Property Investments Limited (Registered number: 08354431) |
Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the director and authorised for issue on |
JM Property Investments Limited (Registered number: 08354431) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 31 July 2024 |
1. | STATUTORY INFORMATION |
JM Property Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1a "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
Related party exemption |
All transactions entered into with companies under common control and directors were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1A. |
Turnover |
Turnover represents net invoiced rents received on investment properties, excluding value added tax. |
Income recognition |
Rental income is recognised in accordance with the contractual terms of the lease. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and impairment. |
Investment property |
Investment property is included at fair value and gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with charges recognised in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
JM Property Investments Limited (Registered number: 08354431) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Fixed asset investments are recognised at cost less any provisions for impairment. |
Investments are reviewed annually for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Licences |
£ |
COST |
At 1 April 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 March 2023 |
JM Property Investments Limited (Registered number: 08354431) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 July 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 March 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | 375,000 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 March 2023 |
JM Property Investments Limited (Registered number: 08354431) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 July 2024 |
7. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2019 | 1,076,629 |
Valuation in 2020 | 325,000 |
Valuation in 2021 | 3,012,604 |
Valuation in 2022 | 854,982 |
Valuation in 2023 | 1,624,720 |
Valuation in 2024 | 375,000 |
Cost | 11,315,565 |
18,584,500 |
Investment property was valued on a fair value basis on 17 January 2024 by Cluttons LLP . |
Directors have assessed the valuation of investment properties based on current market value at the year end and believe there to be no significant changes in valuation. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Amounts due from related |
undertakings | 138,533 | 265,243 |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Directors' current accounts | - | 1,537,595 |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts owed to related undertaking | 2,437,595 | 800,000 |
JM Property Investments Limited (Registered number: 08354431) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 July 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The above facilities are secured by a fixed charge over the assets of the company. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 964,921 | 880,167 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | (8,996 | ) |
Tax impact of revaluations | 93,750 |
Balance at 31 July 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 100 | 100 |
B Ordinary | £1 | 25 | - |
125 | 100 |
25 £1 Ordinary B shares were issued during the period for par value. |
The above classes of share capital rank pari pasu. |
14. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Amounts due to directors | - | 1,537,595 |
No interest has been charged on credit balance. |