J2s Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12178119 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

J2S ASSOCIATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Mistry

Mrs H Mistry

REGISTERED OFFICE:

1 Lodge Close

Watford

Hertfordshire

WD25 9BD

REGISTERED NUMBER:

12178119 (England and Wales)

ACCOUNTANTS:

Meades Group Limited

39 The Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

FIXED ASSETS

Investment property

4

556,500

556,500

CURRENT ASSETS

Debtors

5

4,037

598

Cash at bank

5,891

30,746

9,928

31,344

CREDITORS

Amounts falling due within one year

6

27,359

35,276

NET CURRENT LIABILITIES

(17,431

)

(3,932

)

TOTAL ASSETS LESS CURRENT LIABILITIES

539,069

552,568

CREDITORS

Amounts falling due after more than one year

7

545,908

558,623

NET LIABILITIES

(6,839

)

(6,055

)

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

(7,239

)

(6,455

)

SHAREHOLDERS' FUNDS

(6,839

)

(6,055

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2022 and were signed on its behalf by:

Mr S Mistry - Director

1.	STATUTORY INFORMATION

J2s Associates 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.

The financial statements have been prepared on the going concern basis on the assumption that the company will continue to trade for the foreseeable future, despite it having net current liabilities of £17,431 (2020 - £3,932) as at the balance sheet date.

The directors consider the going concern basis to be appropriate as, in their opinion, the company will be able to secure sufficient funding to enable it to pay its debts as they fall due.

Turnover

Turnover represents amounts receivable for commercial property rental and is stated net of value added tax.

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 Statement of Income and Retained Earnings, 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 2 (2020 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2020

and 31 August 2021

556,500

NET BOOK VALUE

At 31 August 2021

556,500

At 31 August 2020

556,500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

3,065

-

Directors' current accounts

-

104

PAYE repayable

135

-

Prepayments

837

494

4,037

598

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

22,680

32,280

Trade creditors

300

-

VAT

612

1,736

Directors' current accounts

520

-

Accrued expenses

3,247

1,260

27,359

35,276

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans more than a year

345,908

358,623

Trackit 247 Ltd

200,000

200,000

545,908

558,623

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 August 2021 and the period ended 31 August 2020:

2021

2020

£

£

Mr S Mistry and Mrs H Mistry

Balance outstanding at start of year

104

-

Amounts advanced

-

400

Amounts repaid

(624

)

(296

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(520

)

104

9.	RELATED PARTY DISCLOSURES

The directors’ current account balances included within creditors of £520 (2020 - £104 included within debtors) have no fixed date for repayment, are repayable upon demand and are non-interest bearing.