Joyfields Properties Limited Company accounts

COMPANY REGISTRATION NUMBER: SC369925

Joyfields Properties Limited

Unaudited Financial Statements

31 December 2024

Joyfields Properties Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Directors' report	1

Report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Joyfields Properties Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Incorporation

The company was incorporated on 10 December 2009 .

Directors

The directors who served the company during the year were as follows:

Mrs J. Syme
R D A Syme

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 August 2025 and signed on behalf of the board by:

Mr R.D.A. Syme

Company Secretary

Joyfields Properties Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Joyfields Properties Limited

Year ended 31 December 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 Joyfields Properties Limited for the year ended 31 December 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, 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 Board of Directors of Joyfields Properties Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Joyfields Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Joyfields Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Joyfields Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Joyfields Properties Limited. You consider that Joyfields Properties Limited 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 financial statements of Joyfields Properties Limited. 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 statutory financial statements.

NELSON GILMOUR SMITH Chartered accountants

Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB

20 August 2025

Joyfields Properties Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	65,621	65,733

Cost of sales	41,825	42,704
	--------	--------
Gross profit	23,796	23,029

Administrative expenses	( 31,246)	1,318
	--------	--------
Operating profit	55,042	21,711

Interest payable and similar expenses	44	–
	--------	--------
Profit before taxation	54,998	21,711

Tax on profit	4,041	4,171
	--------	--------
Profit for the financial year and total comprehensive income	50,957	17,540
	--------	--------

Retained earnings at the start of the year	832,565	815,025
	---------	---------
Retained earnings at the end of the year	883,522	832,565
	---------	---------

All the activities of the company are from continuing operations.

Joyfields Properties Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	1,031,729	1,121,979

Current assets

Cash at bank and in hand	244,934	103,811

Creditors: amounts falling due within one year	5	393,041	393,125
		---------	---------
Net current liabilities		148,107	289,314
		------------	------------
Total assets less current liabilities		883,622	832,665
		---------	---------
Net assets		883,622	832,665
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	883,522	832,565
	---------	---------
Shareholders funds	883,622	832,665
	---------	---------

These financial statements have been prepared 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'.

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 August 2025 , and are signed on behalf of the board by:

R D A Syme
Director

Company registration number: SC369925

Joyfields Properties 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 Scotland. The address of the registered office is Joyfields House, Douglas Avenue, Giffnock, Glasgow, G46 6NX.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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.

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 .

4. Tangible assets

	Land and buildings
	£
Cost
At 1 January 2024	1,121,979
Disposals	( 90,250)
	------------
At 31 December 2024	1,031,729
	------------
Depreciation
At 1 January 2024 and 31 December 2024	–
	------------
Carrying amount
At 31 December 2024	1,031,729
	------------
At 31 December 2023	1,121,979
	------------

5. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	53	53
Corporation tax	4,041	4,125
Other creditors	388,947	388,947
	---------	---------
	393,041	393,125
	---------	---------

6. Related party transactions

The company was under the control of the Directors throughout the period under review. During the period the company owed money to Nationspaces Developments Limited , a company in which Mr R.D.A. Syme is a Director. The outstanding amounts are as follows: beginning of the year: £ 327,202 ; End of Year: £ 327,202 ; maximum during the year £327,202.