J.R.S. Property Investment Company Limited Filleted accounts for Companies House (small and micro)

J.R.S. PROPERTY INVESTMENT COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05829348

J.R.S. Property Investment Company Limited

Filleted Unaudited Accounts

31 March 2022

J.R.S. Property Investment Company Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4		208,338	208,338

Current assets

Debtors	5	5,750	5,750
Cash at bank and in hand		34,505	31,177
		--------	--------
		40,255	36,927

Creditors: amounts falling due within one year	6	( 10,048)		( 13,210)
		--------		--------
Net current assets			30,207	23,717
			---------	---------
Total assets less current liabilities			238,545	232,055

Creditors: amounts falling due after more than one year	7	( 195,000)	( 195,000)
		---------	---------
Net assets		43,545	37,055
		---------	---------

Capital and reserves

Called up share capital	8	3	3
Profit and loss account	9	43,542	37,052
		--------	--------
Shareholders funds		43,545	37,055
		--------	--------

These accounts 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 31 March 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 accounts 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 accounts .

J.R.S. Property Investment Company Limited

Statement of Financial Position (continued)

31 March 2022

These accounts were approved by the board of directors and authorised for issue on 13 December 2022 , and are signed on behalf of the board by:

W J Daniel

Director

Company registration number: 05829348

J.R.S. Property Investment Company Limited

Notes to the Accounts

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 120 - 125 Peascod Street, Windsor, Berkshire, SL4 1DP.

2. Statement of compliance

These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the directors the company is a going concern as it has the financial resources to allow it to meet its trading liabilities as they fall due.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the form of rents from the letting out of investment property. Rental income is recognised on an accruals basis, in accordance with the expected rent receivable from the tenant as outlined in the lease agreement.

Income tax

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.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 April 2021 and 31 March 2022	208,338
	---------
Depreciation
At 1 April 2021 and 31 March 2022	–
	---------
Carrying amount
At 31 March 2022	208,338
	---------
At 31 March 2021	208,338
	---------

Tangible assets held at valuation

The freehold property is held as a commercial investment property and was purchased for £208,338 in May 2006. Each year the directors consider the current market value of the property and decide whether any fair value adjustment is necessary. Based on the consistent rental yields over the past few years and the expectation to retain the commercial property for future investment gain, the directors conclude that the base cost of the property is not unreasonable and that no fair value adjustment is is required in the current period.

5. Debtors

	2022	2021
	£	£
Trade debtors	5,750	5,750
	-------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	1,537	1,450
Other creditors	8,511	11,760
	--------	--------
	10,048	13,210
	--------	--------

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	195,000	195,000
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	3	3	3	3
	----	----	----	----

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Directors' advances, credits and guarantees

Throughout the period the company remained indebted to the directors in respect of the £195,000 interest free advance. The directors do not expect to seek repayment within one year from the balance sheet date and as such the liability is presented as long term.

11. Related party transactions

The company was under the control of the directors throughout the current and prior period. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.