Company registration number 04138113 (England and Wales)
J & S PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
J & S PROPERTY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
J & S PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
785
1,047
Investment property
4
2,535,000
2,535,000
2,535,785
2,536,047
Current assets
Debtors
5
3,133
3,843
Cash at bank and in hand
72,502
141,750
75,635
145,593
Creditors: amounts falling due within one year
6
(5,712)
(13,371)
Net current assets
69,923
132,222
Total assets less current liabilities
2,605,708
2,668,269
Creditors: amounts falling due after more than one year
7
(557,012)
(587,012)
Provisions for liabilities
(130,020)
(130,085)
Net assets
1,918,676
1,951,172
Capital and reserves
Called up share capital
8
11
11
Profit and loss reserves
9
1,918,665
1,951,161
Total equity
1,918,676
1,951,172
J & S PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 April 2025 and are signed on its behalf by:
Mr S W Fowler
Director
Company registration number 04138113 (England and Wales)
J & S PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
J & S Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 49 Sumatra Road, London, NW6 1PT.
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
Turnover
Turnover represents rents receivable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing Balance
Computers
33.3% On Cost
1.4
Investment properties
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is the extent that it relates to items recognised in other comprehensive income or directly in equity.
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
J & S PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing difference arise from the inclusion of income and expenses in tax assessments in periods different to those in which they are recognised in financial statements.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
J & S PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees
There were no employees during the current or prior year.
2024
2023
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
25,604
753
26,357
Depreciation and impairment
At 1 January 2024
24,557
753
25,310
Depreciation charged in the year
262
262
At 31 December 2024
24,819
753
25,572
Carrying amount
At 31 December 2024
785
785
At 31 December 2023
1,047
1,047
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
2,535,000
The fair value of the investment property has been arrived at on the basis of a valuation by the directors at 31 December 2024.
J & S PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,275
Other debtors
3,133
2,568
3,133
3,843
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,558
Corporation tax
4,154
13,371
5,712
13,371
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
557,012
587,012
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
174
174
1
1
Ordinary B of 1p each
174
174
1
1
Ordinary C of 1p each
584
584
7
7
Ordinary D of 1p each
84
84
1
1
Ordinary E of 1p each
84
84
1
1
1,100
1,100
11
11
J & S PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Profit and loss reserves
Included within retained earnings are non distributable amounts of £1,431,266 (2023: £1,431,266).