| JABE PROPERTIES (YORKSHIRE) LIMITED |
| Registered number: |
09323634 |
| Balance Sheet |
| as at 31 July 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
481,576 |
|
|
781,037 |
|
| Current assets |
| Debtors |
4 |
|
729 |
|
|
857 |
| Cash at bank and in hand |
|
|
151,331 |
|
|
76,772 |
|
|
|
152,060 |
|
|
77,629 |
|
| Creditors: amounts falling due within one year |
5 |
|
(614,575) |
|
|
(662,439) |
|
| Net current liabilities |
|
|
|
(462,515) |
|
|
(584,810) |
|
| Total assets less current liabilities |
|
|
|
19,061 |
|
|
196,227 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
- |
|
|
(151,045) |
| Provisions for liabilities |
|
|
|
(9,689) |
|
|
(8,775) |
|
| Net assets |
|
|
|
9,372 |
|
|
36,407 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
500 |
|
|
1,000 |
| Profit and loss account |
|
|
|
8,872 |
|
|
35,407 |
|
| Shareholders' funds |
|
|
|
9,372 |
|
|
36,407 |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
| D J Kempley |
| Director |
| Approved by the board on 1 August 2022 |
|
| JABE PROPERTIES (YORKSHIRE) LIMITED |
| Notes to the Accounts |
| for the period from 1 October 2021 to 31 July 2022 |
|
|
| 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). |
|
The company meets its working capital requirements out of rental income and the directors forecast the company's properties will generate operating cash inflows. The loan outstanding at the financial year end of £600,000 is secured against other assets owned by the directors. The company relies on the directors to repay this loan or for the funder to renew and extend the loan. The directors consider they will be able to meet this obligation or renew the facility and therefore it is appropriate to prepare the accounts on a going concern basis. |
|
|
Rental income |
|
Rental income represents the value of rents receivable under occupational leases and is credited to the profit and loss account on a receivable basis over the terms of the leases. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures and fittings |
18% reducing balance |
|
|
Investment properties |
|
Investments properties are measured at fair value. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
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 |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Investment properties |
|
Fixtures and fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 October 2021 |
765,000 |
|
58,432 |
|
823,432 |
|
Disposals |
(295,000) |
|
(26,654) |
|
(321,654) |
|
At 31 July 2022 |
470,000 |
|
31,778 |
|
501,778 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2021 |
- |
|
42,395 |
|
42,395 |
|
Charge for the period |
- |
|
4,461 |
|
4,461 |
|
On disposals |
- |
|
(26,654) |
|
(26,654) |
|
At 31 July 2022 |
- |
|
20,202 |
|
20,202 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2022 |
470,000 |
|
11,576 |
|
481,576 |
|
At 30 September 2021 |
765,000 |
|
16,037 |
|
781,037 |
|
|
|
|
|
|
|
|
|
|
|
Investment properties |
2022 |
|
2021 |
| £ |
£ |
|
Historical cost |
430,578 |
|
667,259 |
|
Investment properties are revalued annually by the directors by reference to UK property valuation information. |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Other debtors |
729 |
|
857 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts |
600,000 |
|
600,000 |
|
Taxation and social security costs |
1,699 |
|
- |
|
Directors loans |
2,726 |
|
62,084 |
|
Other creditors |
10,150 |
|
355 |
|
|
|
|
|
|
614,575 |
|
662,439 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
- |
|
151,045 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
- |
|
151,045 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
600,000 |
|
751,045 |
|
|
|
|
|
|
|
|
|
|
Security was held against investment properties in the company and owned by the directors personally. Repayments are interest only and the loan is due for repayment in 2023. |
|
|
| 8 |
Controlling party |
|
|
The company is controlled by the director, D J Kempley. |
|
| 9 |
Other information |
|
|
JABE PROPERTIES (YORKSHIRE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 1 |
|
Intermezzo Drive |
|
Leeds |
|
LS10 1DF |
