Joyce Brothers Property Holdings Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 11384806

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,369,881		1,236,904

			1,369,881		1,236,904
CURRENT ASSETS
Debtors	5	770		11,053
Cash at bank and in hand		46,419		55,983

		47,189		67,036
Creditors: Amounts Falling Due Within One Year	6	(556,353 )		(560,109 )

NET CURRENT ASSETS (LIABILITIES)			(509,164 )		(493,073 )

TOTAL ASSETS LESS CURRENT LIABILITIES			860,717		743,831

Creditors: Amounts Falling Due After More Than One Year	7		(857,734 )		(716,644 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(13,961 )		(13,961 )

NET (LIABILITIES)/ASSETS			(10,978 )		13,226

CAPITAL AND RESERVES
Called up share capital			10		10
Fair value reserve			73,479		73,479
Profit and Loss Account			(84,467 )		(60,263 )

SHAREHOLDERS' FUNDS			(10,978)		13,226

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Joyce Brothers Property Holdings Limited

Balance Sheet (continued)

As At 31 May 2025

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr William Joyce

Director

28 April 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Joyce Brothers Property Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11384806 . The registered office is 75 Bonner Hill Road, Kingston Upon Thames, KT1 3EU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company has net liabilities at the balance sheet date arising from accumulated losses. The directors have carefully considered the company’s financial position, including current trading performance, available funding and expected cash flows for at least twelve months from the date these financial statements are approved.

Based on these expectations and the continued financial support available to the company, the directors are satisfied that the company will be able to meet its liabilities as they fall due for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Joyce Brothers Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: NIL)

4. Tangible Assets

	Investment Properties
	£
Cost
As at 1 June 2024	1,236,904
Additions	132,977

As at 31 May 2025	1,369,881

Net Book Value
As at 31 May 2025	1,369,881

As at 1 June 2024	1,236,904

5. Debtors

	2025	2024 as restated
	£	£
Due within one year
Other debtors	770	11,053

6. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	-	125
Amounts owed to participating interests	38,350	38,950
Other creditors	518,003	518,915
Taxation and social security	-	2,119

	556,353	560,109

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Bank loans	857,734	716,644

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Joyce Brothers Property Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

8. Transition to FRS 102

These financial statements are the company’s first financial statements prepared in accordance with FRS 102. On transition to FRS 102, the comparative figures have been restated to reflect the requirements of the standard.

As part of this process, the company reviewed its treatment of investment properties. Under FRS 102, investment properties are measured at fair value and are not depreciated. Accordingly, depreciation previously charged on investment properties was reversed.

In addition, the company has separately presented the fair value reserve arising on transition and has recognised the related deferred tax liability.

The effect of the restatement was as follows:

reversal of brought forward accumulated depreciation on investment property of £11,006, with a corresponding increase in reserves; reversal of depreciation charged in the prior year of £12,369; transfer of £73,479 from general reserves to a separate fair value reserve; and recognition of a deferred tax liability of £13,961, with a corresponding debit to the profit and loss reserve.

These adjustments were recognised in the comparative figures as part of the company’s transition to FRS 102 and prior period restatement.

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