Company No: 04885184 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Investment property	4	2,123,000		1,957,344
		2,123,000		1,957,344
Current assets
Debtors	5	7,147		12,578
Cash at bank and in hand		62,942		135,690
		70,089		148,268
Creditors: amounts falling due within one year	6	( 232,121)		( 79,424)
Net current (liabilities)/assets		(162,032)		68,844
Total assets less current liabilities		1,960,968		2,026,188
Creditors: amounts falling due after more than one year	7	0		( 175,456)
Net assets		1,960,968		1,850,732
Capital and reserves
Called-up share capital	8	10,000		10,000
Share premium account		794,930		794,930
Profit and loss account	10	1,156,038		1,045,802
Total shareholders' funds		1,960,968		1,850,732

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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of JSK Property Limited (registered number: 04885184) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

J A Hicks Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JSK Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Saffron Hill, Egloskerry, Launceston, PL15 8RX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £162,032. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 October 2023	2,682		2,682
At 30 September 2024	2,682		2,682
Accumulated depreciation
At 01 October 2023	2,682		2,682
At 30 September 2024	2,682		2,682
Net book value
At 30 September 2024	0		0
At 30 September 2023	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2023	1,957,344
Additions	93,805
Fair value movement	82,677
Disposals	(10,826)
As at 30 September 2024	2,123,000

Valuation

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

5. Debtors

	2024		2023
	£		£
Prepayments and accrued income	3,303		8,732
Other debtors	3,844		3,846
	7,147		12,578

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	0		15,932
Amounts owed to directors	195,304		28,705
Accruals	12,976		8,366
Taxation and social security	15,201		18,826
Other creditors	8,640		7,595
	232,121		79,424

The loans are secured by way of fixed and floating charges over all the property and undertaking of the company containing a negative pledge.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	0		175,456

The loans are secured by way of fixed and floating charges over all the property and undertaking of the company containing a negative pledge.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2024		2023
	£		£
Bank loans	0		126,070

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
5,400 A ordinary shares of £ 1.00 each	5,400		5,400
500 B ordinary shares of £ 1.00 each	500		500
4,100 C ordinary shares of £ 1.00 each	4,100		4,100
	10,000		10,000

9. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts owed to the directors	195,304		28,705
Dividends declared to directors	0		2,286

The loan amounts due to directors are interest free and there are no set repayment terms.

10. Profit and loss account

Within the profit and loss reserve is a non-distributable amount totalling £98,511 (2023: 15,834) comprising the total unrealised gain on the revaluation of the investment property less the estimated deferred tax on the gain.