J A K Rentals Limited 31/05/2020 iXBRL

J A K Rentals Limited 31/05/2020 iXBRL

JAK RENTALS LIMITED - Company Information

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31/05/2020 2020-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-06-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 06589513 2019-06-01 2020-05-31 06589513 2020-05-31 06589513 2018-06-01 2019-05-31 06589513 2019-05-31 06589513 bus:Director1 2019-06-01 2020-05-31 06589513 core:WithinOneYear 2020-05-31 06589513 core:WithinOneYear 2019-05-31 06589513 core:LandBuildings core:OwnedOrFreeholdAssets 2020-05-31 06589513 core:LandBuildings core:OwnedOrFreeholdAssets 2019-05-31 06589513 core:ShareCapital 2020-05-31 06589513 core:ShareCapital 2019-05-31 06589513 core:RetainedEarningsAccumulatedLosses 2020-05-31 06589513 core:RetainedEarningsAccumulatedLosses 2019-05-31 06589513 bus:Director1 2019-05-31 06589513 bus:Director1 2020-05-31 06589513 bus:Director1 2018-05-31 06589513 bus:Director1 2019-05-31 06589513 bus:Director1 2018-06-01 2019-05-31 06589513 bus:SmallEntities 2019-06-01 2020-05-31 06589513 bus:AuditExemptWithAccountantsReport 2019-06-01 2020-05-31 06589513 bus:FullAccounts 2019-06-01 2020-05-31 06589513 bus:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 06589513 bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31 06589513 core:LandBuildings core:OwnedOrFreeholdAssets 2019-06-01 2020-05-31 06589513 core:ConstructionInProgressAssetsUnderConstruction 2020-05-31 06589513 core:ConstructionInProgressAssetsUnderConstruction 2019-05-31
Company registration number: 06589513
J A K Rentals Limited
Unaudited filleted financial statements
31 May 2020
J A K RENTALS LIMITED
Contents
Statement of financial position
Notes to the financial statements
J A K RENTALS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 753,605 753,605
_______ _______
753,605 753,605
Current assets
Cash at bank and in hand 21,710 3,808
_______ _______
21,710 3,808
Creditors: amounts falling due
within one year 6 ( 99,680) ( 98,480)
_______ _______
Net current liabilities ( 77,970) ( 94,672)
_______ _______
Total assets less current liabilities 675,635 658,933
_______ _______
Net assets 675,635 658,933
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 7 673,635 656,933
_______ _______
Shareholders funds 675,635 658,933
_______ _______
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2020 , and are signed on behalf of the board by:
Mr A W Kenton
Director
Company registration number: 06589513
J A K RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 14 Cedar Close, Chard, Somerset, TA20 1DB.
Principal activity
The principal activity of the company is residential property letting.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation charged
Assets under construction - No depreciation charged
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2019: 2 ).
5. Tangible assets
Freehold property Assets under construction Total
£ £ £
Cost
At 1 June 2019 and 31 May 2020 750,000 3,605 753,605
_______ _______ _______
Depreciation
At 1 June 2019 and 31 May 2020 - - -
_______ _______ _______
Carrying amount
At 31 May 2020 750,000 3,605 753,605
_______ _______ _______
At 31 May 2019 750,000 3,605 753,605
_______ _______ _______
Investment property
In the opinion of Mr A Kenton (Director), the open market value of the properties held has not changed since last reviewed at the 31 May 2019, therefore no revaluation adjustment is required for the year ended 31 May 2020.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 May 2020
Aggregate cost 667,330 667,330
Aggregate depreciation - -
_______ _______
Carrying amount 667,330 667,330
_______ _______
At 31 May 2019
Aggregate cost 667,330 667,330
Aggregate depreciation - -
_______ _______
Carrying amount 667,330 667,330
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 2,296 240
Accruals and deferred income 1,074 1,074
Social security and other taxes 4,387 5,341
Other creditors 91,923 91,825
_______ _______
99,680 98,480
_______ _______
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.This reserve contains accumulated undistributable reserves totalling £82,670.
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 June 2019 Loans to / (from) the directors Amounts repaid Balance at 31 May 2020
£ £ £ £
Directors ( 90,825) 19,902 - ( 70,923)
_______ _______ _______ _______
Loans to / (from) directors at 1 June 2018 Loans to / (from) the directors Amounts repaid Balance at 31 May 2019
£ £ £ £
Directors ( 114,897) ( 328) 24,400 ( 90,825)
_______ _______ _______ _______
As at 31 May 2020 the company owed the directors £70,923 (31 May 2019: £90,825). Interest of £1, 000 was charged to the company during the year.