Jorik Limited - Accounts to registrar (filleted) - small 18.2

JORIK LIMITED

Financial Statements

for the Year Ended 28 February 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

R M Taylor

P G Taylor

K E Taylor

J W Taylor

B A Taylor

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

10023291 (England and Wales)

Fixed assets

Investment property

4

4,002,739

1,430,382

Current assets

Debtors

5

-

2,500

Cash at bank

1,364,180

414,021

1,364,180

416,521

Creditors

Amounts falling due within one year

6

5,337,673

1,842,732

Net current liabilities

(3,973,493

)

(1,426,211

)

Total assets less current liabilities

29,246

4,171

Capital and reserves

Called up share capital

200

200

Retained earnings

7

29,046

3,971

Shareholders' funds

29,246

4,171

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 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 on 30 October 2019 and were signed on its behalf by:

P G Taylor - Director

1.	Statutory information

Jorik 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.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

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.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the

director has carefully considered these risks including an assessment on uncertainty on future trading

projection for a period of at least 12 months from the date of signing the financial statements, and the extent

to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the director considers that the Company maintains an appropriate level of liquidity,

sufficient to meet the demands of the business including any capital and servicing obligations and external

debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers

that the Company is not exposed to losses on these assets which would affect their decision to adopt the going

concern basis.

The director has a reasonable expectation that the Company has adequate resources to continue in operational

existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts

upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the

going concern basis of accounting in preparing these financial statements.

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it

is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount

of the obligation. The amount recognised as a provision is the best estimate of the consideration required to

settle the present obligation at the end of the reporting taking into account the risks and uncertainties

surrounding the obligation. Provisions are discounted when the time value of money is material.

3.	Employees and directors

The average number of employees during the year was 1 (2018 - NIL ) .

4.	Investment property

Total

£

Fair value

At 1 March 2018

1,430,382

Additions

2,572,357

At 28 February 2019

4,002,739

Net book value

At 28 February 2019

4,002,739

At 28 February 2018

1,430,382

5.

Debtors: amounts falling due within one year

2019

2018

£

£

Other debtors

-

2,500

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

-

900

Taxation and social security

8,227

5,455

Other creditors

5,329,446

1,836,377

5,337,673

1,842,732

7.

Reserves

Retained

earnings

£

At 1 March 2018

3,971

Profit for the year

35,075

Dividends

(10,000

)

At 28 February 2019

29,046

8.	Ultimate controlling party

The controlling party is P G Taylor.