ACCOUNTS - Final Accounts

J V PROPERTY LTD - Company Information

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Registered number: 09651026

J V PROPERTY LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2018

J V PROPERTY LTD

REGISTERED NUMBER: 09651026

BALANCE SHEET

AS AT 30 JUNE 2018

		2018		2017
Note		£		£

Fixed assets
Investment property	4		808,479		784,931
Current assets
Debtors: amounts falling due within one year	5	645		3,150
Cash at bank		54,136		35,799
		54,781		38,949
Creditors: amounts falling due within one year	6	(808,683)		(820,816)
Net current liabilities			(753,902)		(781,867)
Total assets less current liabilities			54,577		3,064
Provisions for liabilities
Deferred tax	7		(895)		-
Net assets			53,682		3,064

Capital and reserves
Called up share capital	8	2	2
Profit and loss account		53,680	3,062
		53,682	3,064

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J V PROPERTY LTD

REGISTERED NUMBER: 09651026

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Miss V L Mold

Director

Date: 28 March 2019

The notes on pages 3 to 6 form part of these financial statements.

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J V PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.	General information

J V Property Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. The Company is not part of a group.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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J V PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

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J V PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 July 2017	784,931
	Surplus on revaluation	23,548
	At 30 June 2018	808,479

The 2018 valuations were made by the directors, on an open market value for existing use basis.

Debtors

					2018	2017
					£	£


Other debtors	-	1,266
Prepayments and accrued income	645	1,884
	645	3,150

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	-	1,650
Corporation tax	6,560	753
Other taxation and social security	129	-
Other creditors	800,148	817,148
Accruals and deferred income	1,846	1,265
	808,683	820,816

7.	Deferred taxation

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J V PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

7.Deferred taxation (continued)

		2018
		£

	Charged to profit or loss	(895)
	At end of year	(895)

The deferred taxation balance is made up as follows:
	2018	2017
	£	£

Deferred tax on gain from changes in fair value of investment property

(895)

8.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

2 Ordinary shares of £1.00 each	2	2

9.	Related party transactions
	During the year the Company operated loans with the directors of the Company. The amount payable to the directors of the Company at the year end was £800,148 (2017 - £817,148). These loans are interest free and repayable on demand.

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