Registration number:
Jodpars Ltd
for the Year Ended 30 September 2024
Jodpars Ltd
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Jodpars Ltd
Company Information
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Director |
Mr J Docherty |
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Company secretary |
Mr J Docherty |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Jodpars Ltd
for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jodpars Ltd for the year ended 30 September 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to the director of Jodpars Limited, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Jodpars Ltd and state those matters that we have agreed to state to the director of Jodpars Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Jodpars Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jodpars Ltd. You consider that Jodpars Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Jodpars Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Accountants
Edinburgh
Lothian
EH9 3DP
Jodpars Ltd
(Registration number: SC256201)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
534,382 |
534,382 |
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Retained earnings |
200,413 |
187,955 |
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Shareholders' funds |
734,895 |
722,437 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Jodpars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
UK
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is sterling.
Financial instruments
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
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 value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic Financial Liabilities
Basic financial liabilities, which include creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective rate of interest.
Revenue recognition
Turnover represents the total value, excluding value added tax, of the revenue earned on rent and insurance receivable for the year. Turnover recognised in advance of the client being billed is included in debtors.
Investment property
Jodpars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:
Fixtures and fittings - 15% to 25% per annum of cost
Plant and machinery - 25% per annum of cost
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Jodpars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Going concern
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Staff numbers |
The average number of employees during the year was
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Taxation |
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Analysis of the tax charge |
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The tax charge on the profit for the year was as follows: |
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2024 |
2023 |
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Current tax: |
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£ |
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UK corporation tax |
2,952 |
6,423 |
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Deferred tax |
- |
11,533 |
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Tax on profit |
2,952 |
17,956 |
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost |
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At 1 October 2023 |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Investment properties |
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2024 |
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Valuation |
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The valuation of heritable properties remained unchanged as at 30 September 2024.
If heritable property had not been revalued they would have been included at cost of £807,954 (2023 £807,954).
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Debtors |
Jodpars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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2024 |
2023 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Deferred tax |
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2024 |
2023 |
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Deferred tax |
£ |
£ |
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At |
1 October 2023 |
57,664 |
46,131 |
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Charge reflecting rate increase |
- |
11,533 |
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At |
30 September 2024 |
57,664 |
57,664 |
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Security |
The Company has provided a floating charge over the whole of its assets in favour of Paragon Mortgages Limited.
In addition the company has provided standard securities over each of its investment properties in favour of Paragon Mortgages Limited or Mortgages Trust Limited.