JSD Retail Park Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: NI646916 (Northern Ireland)

JSD Retail Park Ltd

Unaudited Financial Statements for the Year Ended 31st December 2024

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Tangible assets

4

45,989

4,515

Investment property

5

5,018,000

5,000,000

5,063,989

5,004,515

Current assets

Debtors

6

(30,607

)

(12,649

)

Cash at bank

94,494

31,130

63,887

18,481

Creditors

Amounts falling due within one year

7

(2,337,077

)

(2,336,595

)

Net current liabilities

(2,273,190

)

(2,318,114

)

Total assets less current liabilities

2,790,799

2,686,401

Creditors

Amounts falling due after more than one
year

8

(973,155

)

(1,077,100

)

Net assets

1,817,644

1,609,301

Capital and reserves

Called up share capital

11

200

Revaluation reserve

12

465,802

Retained earnings

12

1,351,642

1,143,299

Shareholders' funds

1,817,644

1,609,301

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 14th March 2025 and were signed on its behalf by:

Mr R J Davis - Director

1.	Statutory information

JSD Retail Park Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number:

NI646916

Registered office:

C/O Colemans Garden Centre Ltd

6 Old Ballyclare Road

Templepatrick

Antrim

BT39 0BJ

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

-

20% Straight line

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3.	Employees and directors

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

4.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1st January 2024

7,525

Additions

53,724

At 31st December 2024

61,249

Depreciation

At 1st January 2024

3,010

Charge for year

12,250

At 31st December 2024

15,260

Net book value

At 31st December 2024

45,989

At 31st December 2023

4,515

5.	Investment property

Total

£

Fair value

At 1st January 2024

5,000,000

Additions

18,000

At 31st December 2024

5,018,000

Net book value

At 31st December 2024

5,018,000

At 31st December 2023

5,000,000

Fair value at 31st December 2024 is represented by:

£

Valuation in 2023

5,000,000

Valuation in 2024

18,000

5,018,000

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

4,534,198

Investment property was valued on market valuation basis on 4th April 2023 by TDK Commercial Property Consultants .

6.

Debtors: amounts falling due within one year

2024

2023

£

Trade debtors

(39,550

)

(32,500

)

Prepayments

8,943

19,851

(30,607

)

(12,649

)

7.

Creditors: amounts falling due within one year

2024

2023

£

Bank loans and overdrafts (see note 9)

194,011

Trade creditors

78,317

55,007

Corporation tax

55,623

58,334

VAT

25,903

24,165

Other creditors

1,517,160

1,552,510

Directors' current accounts

372,070

Accrued expenses

93,993

80,498

2,337,077

2,336,595

8.

Creditors: amounts falling due after more than one year

2024

2023

£

Bank loans (see note 9)

973,155

1,077,100

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

197,111

301,056

9.

Loans

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans

194,011

Amounts falling due between one and two years:

Bank loans - 1-2 years

194,011

Amounts falling due between two and five years:

Bank loans - 2-5 years

582,033

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

197,111

301,056

10.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

Bank loans

1,167,166

1,271,111

Aib Group (UK) P.L.C hold a fixed and floating charge over all investment property.

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

200

Ordinary

£1

200

12.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

At 1st January 2024

1,143,299

465,802

1,609,101

Profit for the year

208,343

At 31st December 2024

1,351,642

465,802

1,817,444