JM Property 5 Limited - Accounts to registrar (filleted) - small 18.2
JM Property 5 Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2019 |
| for |
| JM Property 5 Limited |
| JM Property 5 Limited (Registered number: 08141265) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| JM Property 5 Limited |
| Company Information |
| for the Year Ended 31 December 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Charnwood Street |
| Derby |
| Derbyshire |
| DE1 2GY |
| JM Property 5 Limited (Registered number: 08141265) |
| Abridged Balance Sheet |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 5 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Fair value reserve | 7 |
| Retained earnings | 7 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 and authorised for issue on |
| JM Property 5 Limited (Registered number: 08141265) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| JM Property 5 Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the rents received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Investment property |
| In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit and loss account, and no depreciation is provided in respect of freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the director, would be misleading. |
| 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. |
| Financial liabilities |
| Short term creditors are measured at transaction price. Other financial liabilities, including loans from group companies are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Financial assets |
| Short term debtors are measured at transaction price, less any impairment. Other financial assets, including loans to group companies are measured initially at fair value, net of transactions cost and are subsequently measured at amortised cost using the effective interest method, less any impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| JM Property 5 Limited (Registered number: 08141265) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2019 |
| Additions |
| Revaluations | 130,393 |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| Fair value at 31 December 2019 is represented by: |
| £ |
| Valuation in 2019 | 813,410 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 429,878 | 421,861 |
| 5. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 64,214 | 39,440 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2019 |
| Provided during year |
| Balance at 31 December 2019 |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 7. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2019 | ( |
) | 211,044 |
| Profit for the year |
| Deferred tax transfer | 24,774 | (24,774 | ) | - |
| Property revaluation transfer | (130,392 | ) | 130,392 | - |
| At 31 December 2019 | ( |
) | 316,662 |
| JM Property 5 Limited (Registered number: 08141265) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 8. | CONTINGENT LIABILITIES |
| There are fixed and floating charges over the company's assets. The debt in relation to this security is held in another group company. |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 10. | CONTROLLING PARTY |
| The immediate parent company of JM Property 5 Limited is JMP Finance A Limited. The company's accounts are consolidated in the accounts of JMP Finance A Limited, a company incorporated in Malta with its registered office address at 93, Mill Street, Qormi, QRM 3102, Malta. |
| The ultimate parent company of JMP Finance A Limited is MSS Millennial Property Rental Fund Limited, a company registered in the Cayman Islands, with its registered office address at Cayman Corporate Centre, 27 Hospital Road, George Town, KY1- 9008, Grand Cayman, Cayman Islands. |
| There is no ultimate controlling party. |