Company No:
Contents
Note | 31.07.2024 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
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307,295 | ||
Current assets | ||
Cash at bank and in hand | 4 |
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4,512 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (291,880) | |
Total assets less current liabilities | 15,415 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Jorfin Limited (registered number:
Claire Barber
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Jorfin Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 189 Glasgow Road, Perth, PH2 0LZ, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include bank balances, are 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 and loans from fellow group companies, are 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
Period from 10.11.2023 to 31.07.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 10 November 2023 |
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Additions | 307,295 |
As at 31 July 2024 |
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Investment property comprises of one property at 31 July 2024.
The fair value of the investment property is on the basis of a valuation carried out at 31 July 2024 by the directors. The valuation was made on an open market value basis.
The directors consider this to be a true reflection of the fair value of the property at 31 July 2024.
31.07.2024 | |
£ | |
Cash at bank and in hand |
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31.07.2024 | |
£ | |
Amounts owed to Parent undertakings (note 7) |
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Taxation and social security |
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Other creditors |
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31.07.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with group companies
Amounts owed to Parent undertakings
31.07.2024 | |
£ | |
Amounts Owed to Parent Company |
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