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

REGISTERED NUMBER: 02253717 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Jumbobright Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible fixed assets

4

17,315

18,773

Investment property

5

2,000,000

2,600,000

2,017,315

2,618,773

Current assets

Stocks

6

-

4,379

Debtors

7

58,625

86,571

Cash at bank

18,567

53,322

77,192

144,272

Creditors: amounts falling due within one year

8

17,188

11,440

Net current assets

60,004

132,832

Total assets less current liabilities

2,077,319

2,751,605

Creditors: amounts falling due after more than one year

9

(414,984

)

(419,781

)

Provisions for liabilities

(262,967

)

(369,128

)

Net assets

1,399,368

1,962,696

Capital and reserves

Called up share capital

10

1,000

1,000

Fair value reserve

11

1,404,588

1,927,024

Retained earnings

11

(6,220

)

34,672

Shareholders' funds

1,399,368

1,962,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 May 2022 and were signed by:

P J M Hutchinson - Director

1.	Statutory information

Jumbobright Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02253717

Registered office:

85 Church Road

Hove

East Sussex

BN3 2BB

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the rents receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued at its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.

Government grants

Government grants are included in the year to which they relate.

3.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 April 2021

27,119

Additions

2,600

At 31 March 2022

29,719

Depreciation

At 1 April 2021

8,346

Charge for year

4,058

At 31 March 2022

12,404

Net book value

At 31 March 2022

17,315

At 31 March 2021

18,773

5.	Investment property

Total

£

Fair value

At 1 April 2021

2,600,000

Additions

28,320

Revaluations

(628,320

)

At 31 March 2022

2,000,000

Net book value

At 31 March 2022

2,000,000

At 31 March 2021

2,600,000

The investment property fair value of £2,000,000 (2021 - £2,600,000) included in the balance sheet was determined by the director based on valuations of similar properties in the local area.

6.

Stocks

2022

2021

£

£

Stocks

-

4,379

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

1,350

1,544

Other debtors

57,275

85,027

58,625

86,571

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

4,797

1,963

Taxation and social security

8,849

6,596

Other creditors

3,542

2,881

17,188

11,440

9.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

414,984

419,781

Included within creditors amounts falling due after one year are liabilities of £396,744 (2021 - £396,744) which are secured by charges on the specific fixed assets to which they relate.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

Reserves

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2021

34,672

1,927,024

1,961,696

Deficit for the year

(483,328

)

(483,328

)

Dividends

(80,000

)

(80,000

)

Transfer

522,436

(522,436

)

-

At 31 March 2022

(6,220

)

1,404,588

1,398,368

12.	Director's advances, credits and guarantees

During the year, advances and credits of £57,148 (2021 £18,365) were made to and repayments of £84,901 (2021 £18,167) received from the director resulting in an overdrawn loan account balance of £39,527 (2021 £67,280) which is held within debtors at the year end. This loan was interest free and repayable on demand.