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REGISTERED NUMBER: SC234165 (Scotland)




















Jaymax Property Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024






Jaymax Property Limited (Registered number: SC234165)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Jaymax Property Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: J S F McInnes



SECRETARY: Whitelaw Wells



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC234165 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: National Westminster Bank Plc
11 Western Boulevard
Bede Island
Leicestershire
LE2 7EJ

Jaymax Property Limited (Registered number: SC234165)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,333 662
Investment property 5 1,690,000 1,690,000
1,696,333 1,690,662

CURRENT ASSETS
Cash at bank 14,993 9,748

CREDITORS
Amounts falling due within one year 6 18,171 15,297
NET CURRENT LIABILITIES (3,178 ) (5,549 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,693,155

1,685,113

CREDITORS
Amounts falling due after more than
one year

7

(375,481

)

(378,333

)

PROVISIONS FOR LIABILITIES (158,910 ) (157,492 )
NET ASSETS 1,158,764 1,149,288

Jaymax Property Limited (Registered number: SC234165)

Balance Sheet - continued
31 December 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 5 5
Fair value reserve 8 865,617 865,617
Retained earnings 293,142 283,666
SHAREHOLDERS' FUNDS 1,158,764 1,149,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 April 2025 and were signed by:





J S F McInnes - Director


Jaymax Property Limited (Registered number: SC234165)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Jaymax Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents rental income, which is recognised in accordance with lease agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 10% on cost

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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 balance sheet date.


Jaymax Property Limited (Registered number: SC234165)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 42,351
Additions 7,080
At 31 December 2024 49,431
DEPRECIATION
At 1 January 2024 41,689
Charge for year 1,409
At 31 December 2024 43,098
NET BOOK VALUE
At 31 December 2024 6,333
At 31 December 2023 662

Jaymax Property Limited (Registered number: SC234165)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,690,000
NET BOOK VALUE
At 31 December 2024 1,690,000
At 31 December 2023 1,690,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2007 645,089
Valuation in 2008 (45,344 )
Valuation in 2013 (134,974 )
Valuation in 2019 230,414
Valuation in 2021 290,000
Cost 704,815
1,690,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 704,815 704,815

The investment properties were valued on on open market basis on 31 December 2024 by the director .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,614 2,234
Taxation and social security 9,682 10,174
Other creditors 5,875 2,889
18,171 15,297

Jaymax Property Limited (Registered number: SC234165)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,167 13,788
Other creditors 364,314 364,545
375,481 378,333

Other creditors are: the director's loan and the other creditor's loan, both of which are interest free, unsecured and have no fixed terms of repayment.

8. RESERVES
Fair
value
reserve
£   
At 1 January 2024
and 31 December 2024 865,617

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

9. RELATED PARTY DISCLOSURES

Mr J F S McInnes
The director and shareholder

2024 2023
£    £   
Amounts due to related parties at the balance sheet date 333,092 333,322