| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2023 |
| for |
| Jv Tower Limited |
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2023 |
| for |
| Jv Tower Limited |
| Jv Tower Limited (Registered number: 11715190) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 | to | 7 |
| Jv Tower Limited |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 1 Beauchamp Court |
| 10 Victors Way |
| Barnet |
| Hertfordshire |
| EN5 5TZ |
| Jv Tower Limited (Registered number: 11715190) |
| Statement of Financial Position |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Jv Tower Limited (Registered number: 11715190) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Jv Tower Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with 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. |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:- |
| Turnover from the sale of properties is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| Investment property |
| Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
| Reclassification of Property from Stock to Investment Property |
| During the financial year, the company reclassified a property previously held as stock to investment property following a change in the intended use of the asset. The property is now held for the purpose of earning rental income and capital appreciation, rather than for sale in the ordinary course of business. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slowmoving items. |
| Properties under construction and complected prosperities are held for sale and is valued at the lower of historiccost and net reliable value. Costs include, where appropriate, a proportion of overheads and capitalised interest. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. |
| Jv Tower Limited (Registered number: 11715190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less any impairment. |
| Provisions |
| Provisions are recognised when the company has a present obligation at the balance sheet date arising from a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. |
| Financial instruments |
| Cash and cash equivalents |
| Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid |
| investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value. |
| Trade debtors |
| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary |
| course of business. Trade debtors are recognised initially at the transaction price. They are subsequently |
| measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
| business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
| Jv Tower Limited (Registered number: 11715190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Jv Tower Limited (Registered number: 11715190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Bank loans |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
| value: | £ | £ |
| Ordinary shares | 1 | 1,000 | 1,000 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| Included within 'Amounts Owed by Group Undertakings' is an amount of £1,096,498.25 due from JV Tower Two Ltd, a company under common control. |
| Included within 'Amounts Owed by Group Undertakings' is an amount of £10,530,451.39 due from Selsdon Way Developments Ltd, a company under common control. |
| Included within 'Amounts Owed by Group Undertakings' is an amount of £21,248,246.90 due to Gold Wynn UK, a company under common control. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The immediate parent undertaking of the company is Selsdon Way Development Limited, whose registered office is at S223 - S224 Churchill House 120 Bunns Lane, London, United Kingdom, NW7 2AS. |
| Jv Tower Limited (Registered number: 11715190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 12. | CHARGES |
| During the year the company had granted charges in favour of Zorin Avenue Lendco 5 Limited over its fixed and floating assets covering all property and undertakings. |