ACCOUNTS - Final Accounts preparation

JUBILEE REAL ESTATE LIMITED - Company Information

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Registered number: 11973671

JUBILEE REAL ESTATE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2020

JUBILEE REAL ESTATE LIMITED

REGISTERED NUMBER: 11973671

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2020

	2020	2020
Note	£	£


Current assets
Debtors: amounts falling due within one year	5	37,153
Cash at bank and in hand		67,483
		104,636
Creditors: amounts falling due within one year	6	(25,081)
Net current assets			79,555
Total assets less current liabilities			79,555

Net assets			79,555

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

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 30 June 2021.

J Gow

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

JUBILEE REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

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

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.

2.6

Debtors

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

Page 2

JUBILEE REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

2.Accounting policies (continued)

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

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.

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.

Debtors

					2020
					£


	Other debtors	37,153
		37,153

Page 3

JUBILEE REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

6.	Creditors: Amounts falling due within one year
		2020
		£

	Corporation tax	19,681
	Accruals	5,400
		25,081

7.	Related party transactions
	At the reporting date, the company was owed £6,185 and £2,627 by Whitepond Limited and Dalgens Estates Limited respectively, companies of which J Gow is a director.

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