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

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

JEMS LIMITED - Company Information

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REGISTERED NUMBER: 00508614 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

JEMS LIMITED
JEMS LIMITED (REGISTERED NUMBER: 00508614)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

JEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: K Rossiter
J E Rossiter





SECRETARY: R D Geary





REGISTERED OFFICE: The Beeches Vernon Avenue, Harcourt Hill
Oxford
OX2 9AU





REGISTERED NUMBER: 00508614 (England and Wales)





ACCOUNTANTS: Mercer Lewin Ltd
Chartered Accountants
41 Cornmarket Street
Oxford
OX1 3HA
1
JEMS LIMITED (REGISTERED NUMBER: 00508614)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,660 1,953
Investments 5 - -
Investment property 6 800,000 800,000
801,660 801,953

CURRENT ASSETS
Debtors 7 14,950 -
Cash at bank 9,693 30,117
24,643 30,117
CREDITORS
Amounts falling due within one year 8 44,839 71,766
NET CURRENT LIABILITIES (20,196 ) (41,649 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
781,464
760,304

PROVISIONS FOR LIABILITIES 118,181 118,181
NET ASSETS 663,283 642,123

CAPITAL AND RESERVES
Called up share capital 30,075 30,075
Revaluation reserve 9 622,007 622,007
Retained earnings 11,201 (9,959 )
663,283 642,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

2 continued...
JEMS LIMITED (REGISTERED NUMBER: 00508614)

BALANCE SHEET - continued
31 DECEMBER 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2022 and were signed on its behalf by:





J E Rossiter - Director


The notes form part of these financial statements

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JEMS LIMITED (REGISTERED NUMBER: 00508614)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Jems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
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.

There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements.

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

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4 continued...
JEMS LIMITED (REGISTERED NUMBER: 00508614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021
and 31 December 2021 14,978
DEPRECIATION
At 1 January 2021 13,025
Charge for year 293
At 31 December 2021 13,318
NET BOOK VALUE
At 31 December 2021 1,660
At 31 December 2020 1,953

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2021
and 31 December 2021 173,316
PROVISIONS
At 1 January 2021
and 31 December 2021 173,316
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021
and 31 December 2021 800,000
NET BOOK VALUE
At 31 December 2021 800,000
At 31 December 2020 800,000

5 continued...
JEMS LIMITED (REGISTERED NUMBER: 00508614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2010 322,007
Valuation in 2013 70,000
Valuation in 2014 70,000
Valuation in 2015 160,000
Cost 177,993
800,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 14,950 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors (1 ) 408
Taxation and social security 8,571 1,037
Other creditors 36,269 70,321
44,839 71,766

9. RESERVES
Revaluation
reserve
£   
At 1 January 2021
and 31 December 2021 622,007

6
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
JEMS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jems Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Jems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Jems Limited and state those matters that we have agreed to state to the Board of Directors of Jems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Jems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jems Limited. You consider that Jems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Jems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mercer Lewin Ltd
Chartered Accountants
41 Cornmarket Street
Oxford
OX1 3HA


25 August 2022

This page does not form part of the statutory financial statements

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