C J K Properties Limited Filleted accounts for Companies House (small and micro)

C J K PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC423128

C J K PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2022

C J K PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1,301,539		1,301,293

CURRENT ASSETS

Debtors	6	665	1,550
Cash at bank and in hand		6,204	18,831
		-------	---------
		6,869	20,381

CREDITORS: amounts falling due within one year	7	904,146		942,815
		----------		----------
NET CURRENT LIABILITIES			897,277		922,434
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			404,262		378,859

PROVISIONS

Taxation including deferred tax	19,005	18,899
	----------	----------
NET ASSETS	385,257	359,960
	----------	----------

C J K PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2022

	2022		2021
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Revaluation reserve	81,347	81,347
Profit and loss account	303,810	278,513
	----------	----------
SHAREHOLDERS FUNDS	385,257	359,960
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 3 November 2022 , and are signed on behalf of the board by:

C E Knowles

Director

Company registration number: SC423128

C J K PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Copper Beech, Main Street, Methlick, Aberdeenshire, AB41 7DS, Scotland.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

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 not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Revenue recognition

Turnover represents rental income receivable from the investment properties.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment properties Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with FRS 102, as follows: i) No depreciation is provided in respect of investment property, which is revalued annually. The surplus or deficit on revaluation is transferred to revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years left to run. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of the fixed assets. However, these assets are not held for consumption, but for investment and the directors consider that systematic annual deprecation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33.33% Straight Line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2021: 2 ).

5. TANGIBLE ASSETS

	Freehold property	Equipment	Total
	£	£	£
Cost or valuation
At 1 March 2021	1,300,000	1,498	1,301,498
Additions	–	1,033	1,033
	-------------	-------	-------------
At 28 February 2022	1,300,000	2,531	1,302,531
	-------------	-------	-------------
Depreciation
At 1 March 2021	–	205	205
Charge for the year	–	787	787
	-------------	-------	-------------
At 28 February 2022	–	992	992
	-------------	-------	-------------
Carrying amount
At 28 February 2022	1,300,000	1,539	1,301,539
	-------------	-------	-------------
At 28 February 2021	1,300,000	1,293	1,301,293
	-------------	-------	-------------

Tangible assets held at valuation

The directors estimate that properties with an original cost value of £1,167,803 currently have a market value of £1,300,000. If the property was disposed of at this value there would a tax charge of £18,653.

6. DEBTORS

	2022	2021
	£	£
Other debtors	665	1,550
	----	-------

7. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	6,767	5,522
Other creditors	897,379	937,293
	----------	----------
	904,146	942,815
	----------	----------

Included within 'Other creditors' is a loan from a relative of a director amounting to £224,920 (2021 - £232,840). This loan is unsecured, currently interest free and repayable on demand.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors had an unsecured interest free loan with the company. The director's loan account was in credit throughout the year and is repayable on demand.