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COMPANY REGISTRATION NUMBER: 13077571
JJ Property Kent Limited
Filleted Unaudited Financial Statements
31 December 2024
JJ Property Kent Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
369,072
370,857
Current assets
Debtors
6
601
2
Investments
7
2,076,742
Cash at bank and in hand
8,679
815
------------
----
2,086,022
817
Creditors: amounts falling due within one year
8
405,010
403,190
------------
---------
Net current assets/(liabilities)
1,681,012
( 402,373)
------------
---------
Total assets less current liabilities
2,050,084
( 31,516)
------------
--------
Net assets/(liabilities)
2,050,084
( 31,516)
------------
--------
Capital and reserves
Called up share capital
9
2,076,744
2
Profit and loss account
( 26,660)
( 31,518)
------------
--------
Shareholders funds/(deficit)
2,050,084
( 31,516)
------------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JJ Property Kent Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mrs J Cullen
Director
Company registration number: 13077571
JJ Property Kent Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Radnor Cliff, Folkestone, CT20 2JN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
368,059
5,257
373,316
Additions
1,349
1,349
---------
-------
-------
---------
At 31 December 2024
368,059
5,257
1,349
374,665
---------
-------
-------
---------
Depreciation
At 1 January 2024
2,459
2,459
Charge for the year
2,459
675
3,134
---------
-------
-------
---------
At 31 December 2024
4,918
675
5,593
---------
-------
-------
---------
Carrying amount
At 31 December 2024
368,059
339
674
369,072
---------
-------
-------
---------
At 31 December 2023
368,059
2,798
370,857
---------
-------
-------
---------
Long leasehold property represents investment property purchased for the purpose of letting.
6. Debtors
2024
2023
£
£
Other debtors
601
2
----
----
7. Investments
2024
2023
£
£
Investments in group undertakings
2,076,742
------------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
402,794
Amounts owed to related parties
402,794
Other creditors
2,216
396
---------
---------
405,010
403,190
---------
---------
9. Called up share capital
The company was incorporated with a share capital of 2 ordinary shares with a nominal value of £1.00 each. On 16th Jan 2024 the company allotted a further 2,076,742 ordinary shares with a nominal value of £1.00 each in consideration for JLC Financial Ltd. The total share capital of the company at the year-end was 2,076,744 shares of £1.00 each.
The shares have attached to them full rights regarding voting and rank equally in respect of payment of dividends and distribution (including on winding up).
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J Cullen
( 96)
2
( 312)
( 406)
----
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J Cullen
( 624)
840
( 312)
( 96)
----
----
----
----
Overdrawn directors loan accounts are charged interest in line with HMRC guidelines. No interest is charged if directors loan account is in credit balance.
11. Related party transactions
During the current year, the company acquired JLC Financial Ltd from Radnor Financial Ltd for consideration of £2,076,742. See note 10. In a prior year, JLC Financial Limited loaned JJ Properties Kent Limited a total of £402,795 (2023: £402,795). The full balance was outstanding at the year end. No further transactions with related parties were undertaken such as is required to be disclosed under the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
12. Controlling party
At the start of the year and in previous years, the company was under the joint control of Mrs J & Mr S Cullen. From 2nd May 2024 control was transferred to Mrs J Cullen as sole director and shareholder.