JML Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03753200 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

JML Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P F Lovel

Mrs H M Lovel

Mrs J M Lovel

Mrs S E Hodgson

SECRETARY:

P F Lovel

REGISTERED OFFICE:

22 Molescroft Road

Beverley

East Yorkshire

HU17 7ED

REGISTERED NUMBER:

03753200 (England and Wales)

ACCOUNTANTS:

WOODGATES

Chartered Accountants

25 Woodgates Lane

North Ferriby

East Yorkshire

HU14 3JR

FIXED ASSETS

Investment property

5

750,000

750,000

CURRENT ASSETS

Debtors

6

67,097

76,579

Cash at bank

266

112

67,363

76,691

CREDITORS

Amounts falling due within one year

7

12,279

371,841

NET CURRENT ASSETS/(LIABILITIES)

55,084

(295,150

)

TOTAL ASSETS LESS CURRENT LIABILITIES

805,084

454,850

CREDITORS

Amounts falling due after more than one year

8

(417,150

)

(65,616

)

PROVISIONS FOR LIABILITIES

(32,000

)

(32,000

)

NET ASSETS

355,934

357,234

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

355,835

357,135

SHAREHOLDERS' FUNDS

355,934

357,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 18 June 2019 and were signed on its behalf by:

P F Lovel - Director

1.	STATUTORY INFORMATION

JML Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The directors revalue the Company's investment properties each year. The determination of the fair

value of each property requires the use of estimates and assumptions in relation to factors such as future

rental income and current market conditions.

Turnover

Turnover represents rents receivable.

Rents receivable are recognised for the period to which they relate.

Investment property

Investment properties are shown at the most recent fair value. Any aggregate surplus or deficit arising

from changes in fair value is recognised in the profit and loss account. Deferred taxation is provided on

gains recognised in the profit and loss account. No depreciation is provided on Investment Properties.

Financial instruments

Cash and bank balances

Cash and bank balances are recognised at transaction price.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a financing transaction it is measured at the present value of

future payments.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

750,000

NET BOOK VALUE

At 31 December 2018

750,000

At 31 December 2017

750,000

Fair value at 31 December 2018 is represented by:

£

Valuation in 2018

750,000

If the investment properties had not been revalued they would have been included at the following

historical cost:

31.12.18

31.12.17

£

£

Cost

364,637

364,637

Investment properties were valued on an open market basis on 31 December 2018 by P F Lovel MRICS a director of the company

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other debtors

67,097

76,579

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

8,466

368,467

Taxation and social security

-

272

Other creditors

3,813

3,102

12,279

371,841

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

417,150

65,616

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

23,283

31,749

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank loans

425,616

434,083

Bank loans are secured against investment properties.

10.	ANALYSIS OF RETAINED EARNINGS

£

Profit and loss

2,472

Fair value reserve

353,363

Total

355,835