ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

JUBILEE REAL ESTATE LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.112020-06-01falseNo description of principal activitytruetrue 11973671 2020-06-01 2021-11-30 11973671 2019-05-01 2020-05-31 11973671 2021-11-30 11973671 2020-05-31 11973671 c:Director1 2020-06-01 2021-11-30 11973671 d:CurrentFinancialInstruments 2021-11-30 11973671 d:CurrentFinancialInstruments 2020-05-31 11973671 d:Non-currentFinancialInstruments 2021-11-30 11973671 d:Non-currentFinancialInstruments 2020-05-31 11973671 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 11973671 d:CurrentFinancialInstruments d:WithinOneYear 2020-05-31 11973671 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 11973671 d:Non-currentFinancialInstruments d:AfterOneYear 2020-05-31 11973671 d:ShareCapital 2021-11-30 11973671 d:ShareCapital 2020-05-31 11973671 d:RetainedEarningsAccumulatedLosses 2021-11-30 11973671 d:RetainedEarningsAccumulatedLosses 2020-05-31 11973671 c:FRS102 2020-06-01 2021-11-30 11973671 c:AuditExempt-NoAccountantsReport 2020-06-01 2021-11-30 11973671 c:FullAccounts 2020-06-01 2021-11-30 11973671 c:PrivateLimitedCompanyLtd 2020-06-01 2021-11-30 iso4217:GBP xbrli:pure

Registered number: 11973671

JUBILEE REAL ESTATE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

JUBILEE REAL ESTATE LIMITED

REGISTERED NUMBER: 11973671

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2021

	30 November	30 November	31 May	31 May
	2021	2021	2020	2020
Note	£	£	£	£


Current assets
Debtors: amounts falling due within one year	5	88,754		37,153
Cash at bank and in hand		6		67,483
		88,760		104,636
Creditors: amounts falling due within one year	6	(28,179)		(25,081)
Net current assets			60,581		79,555
Total assets less current liabilities			60,581		79,555
Creditors: amounts falling due after more than one year			(29,167)		-

Net assets			31,414		79,555

Capital and reserves
Called up share capital	100	100
Profit and loss account	31,314	79,455
	31,414	79,555

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JUBILEE REAL ESTATE LIMITED

REGISTERED NUMBER: 11973671

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 NOVEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2022.

J Gow

Director

The notes on pages 3 to 5 form part of these financial statements.

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JUBILEE REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

1.	General information

Jubilee Real Estate Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Regina House, 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

Although the potential effect of Covid-19 can be modelled, it is very difficult to determine the assumptions that will prove to be the most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the provision that a material uncertainty exists over the company.

2.3

Foreign currency translation

The Company's functional and presentational currency is GBP.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the company in respect of property development and consultancy services supplied during the year.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

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JUBILEE REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates
and generates income.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.9

Creditors

Short term creditors are measured at the transaction price.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies 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 for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The director does not consider that the company has any significant areas of estimation uncertainity.

Employees

The average monthly number of employees, including directors, during the period was 1 (2020 - 1).

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JUBILEE REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

Debtors

					30 November	31 May
					2021	2020
					£	£


Other debtors	88,754	37,153
	88,754	37,153

Bank loans	5,833	-
Trade creditors	620	-
Corporation tax	17,526	19,681
Accruals and deferred income	4,200	5,400
	28,179	25,081

Bank loans	29,167	-
	29,167	-

8.	Related party transactions
	At the reporting date, the company was owed £18,917 (2020: £6,185) and £44,922 (2020: £2,627) by Whitepond Limited and Dalgens Estates Limited respectively, companies of which J Gow is a director.

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