| JASGEO LTD |
| Registered number: |
12185730 |
| Balance Sheet |
| as at 30 September 2020 |
|
| Notes |
|
|
2020 |
|
| £ |
|
| Fixed assets |
| Tangible assets |
3 |
|
|
323,842 |
|
| Current assets |
| Debtors |
4 |
|
36,000 |
| Cash at bank and in hand |
|
|
2,568 |
|
|
|
38,568 |
|
|
|
| Creditors: amounts falling due within one year |
5 |
|
(304,925) |
|
| Net current liabilities |
|
|
|
(266,357) |
|
|
| Total assets less current liabilities |
|
|
|
57,485 |
|
|
|
| Provisions for liabilities |
|
|
|
(11,400) |
|
|
| Net assets |
|
|
|
46,085 |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
4 |
| Revaluation reserve |
6 |
|
|
60,000 |
| Profit and loss account |
|
|
|
(13,919) |
|
| Shareholders' funds |
|
|
|
46,085 |
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| P. Milcoy |
| Director |
| Approved by the board on 28 May 2021 |
|
| JASGEO LTD |
| Notes to the Accounts |
| for the period from 5 November 2019 to 30 September 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going concern |
|
The company has made a loss during the first trading financial period. The directors will continue to support the company until it reaches profitability.
The directors have therefore a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts. |
|
|
Investment properties |
|
Investment properties are carried at fair value at each reporting date, determined annually by the directors and derived from the current market rents and investment properties yields for comparable real estate, adjusted if necessary for any difference in the nature, location and condition or the specific asset. No depreciation is provided on the investment properties. Changes in fair values are recognised in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2020 |
|
| Number |
|
|
|
Average number of persons employed by the company |
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
Additions |
263,842 |
|
Surplus on revaluation |
60,000 |
|
At 30 September 2020 |
323,842 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2020 |
323,842 |
|
|
| 4 |
Debtors |
2020 |
|
| £ |
|
|
|
Other debtors |
36,000 |
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
| £ |
|
|
|
Other creditors |
304,925 |
|
|
|
|
|
|
|
|
|
| 6 |
Revaluation reserve |
2020 |
|
| £ |
|
|
|
Gain on revaluation of land and buildings |
60,000 |
|
|
At 30 September 2020 |
60,000 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
As at the balance sheet date, the company owed Mr P. Milcoy and Mrs V. Milcoy a sum of £303,989. |
|
|
| 8 |
Controlling party |
|
|
Mr P. Milcoy and Mrs V. Milcoy, the directors of the company, controls the company as a result of controlling, directly or indirectly, 100 per cent of the issued share capital of the company. |
|
|
| 9 |
Other information |
|
|
JASGEO LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
33 Spring Gardens |
|
Orpington |
|
BR6 6HJ |
