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Registered number: 11991575









JMB PROPCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
JMB PROPCO LIMITED
REGISTERED NUMBER: 11991575

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,339,701
1,638

Investment property
 5 
1,000,000
1,000,000

  
4,339,701
1,001,638

Current assets
  

Debtors: amounts falling due within one year
 6 
729
1,693

Cash at bank and in hand
  
19,242
23,709

  
19,971
25,402

Creditors: amounts falling due within one year
 7 
(4,240,666)
(901,502)

Net current liabilities
  
 
 
(4,220,695)
 
 
(876,100)

Total assets less current liabilities
  
119,006
125,538

Provisions for liabilities
  

Deferred tax
  
(28,338)
(28,338)

Net assets
  
90,668
97,200


Capital and reserves
  

Called up share capital 
 9 
1
1

Revaluation reserve
  
92,919
92,919

Profit and loss account
  
(2,252)
4,280

  
90,668
97,200


Page 1

 
JMB PROPCO LIMITED
REGISTERED NUMBER: 11991575
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025.




J Bright
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
JMB PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

JMB Propco Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 469-475 Holloway Road, London, N7 6LE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 3

 
JMB PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director 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 the Statement of comprehensive income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
2.8

Financial instruments


The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

Page 4

 
JMB PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 November 2023
-
5,260
5,260


Additions
3,339,378
-
3,339,378



At 31 October 2024

3,339,378
5,260
3,344,638



Depreciation


At 1 November 2023
-
3,622
3,622


Charge for the year on owned assets
-
1,315
1,315



At 31 October 2024

-
4,937
4,937



Net book value



At 31 October 2024
3,339,378
323
3,339,701



At 31 October 2023
-
1,638
1,638

Page 5

 
JMB PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023
1,000,000



At 31 October 2024
1,000,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
878,743
878,743


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1
1

Other debtors
-
1,020

Prepayments and accrued income
728
672

729
1,693



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
4,237,988
898,870

Other taxation and social security
-
110

Accruals and deferred income
2,678
2,522

4,240,666
901,502


Page 6

 
JMB PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Deferred taxation




2024
2023


£

£






At beginning and end of year
28,338
28,338

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised gain on revaluation of investment property
28,338
28,338


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1


 
Page 7