Joel Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03679695 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Joel Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R A Josephs

REGISTERED OFFICE:

67 Westow Street

Upper Norwood

London

SE19 3RW

REGISTERED NUMBER:

03679695 (England and Wales)

ACCOUNTANTS:

Thornton Springer LLP

Chartered Accountants

67 Westow Street

London

United Kingdom

SE19 3RW

FIXED ASSETS

Tangible assets

5

-

-

Investment property

6

3,462,879

4,092,879

3,462,879

4,092,879

CURRENT ASSETS

Debtors

7

1,303,625

1,199,115

Cash at bank

111,738

42,096

1,415,363

1,241,211

CREDITORS

Amounts falling due within one year

8

(100,798

)

(104,146

)

NET CURRENT ASSETS

1,314,565

1,137,065

TOTAL ASSETS LESS CURRENT LIABILITIES

4,777,444

5,229,944

CREDITORS

Amounts falling due after more than one year

9

(4,051,788

)

(4,390,374

)

PROVISIONS FOR LIABILITIES

(58,757

)

(58,757

)

NET ASSETS

666,899

780,813

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

804,513

877,426

Retained earnings

(137,616

)

(96,615

)

SHAREHOLDERS' FUNDS

666,899

780,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 October 2021 and were signed by:

R A Josephs - Director

1.	STATUTORY INFORMATION

Joel Investments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Turnover

Turnover represents income received from the rental of investment properties.

Contract income represents fees generated from property management and consultancy services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2019

and 31 October 2020

2,652

DEPRECIATION

At 1 November 2019

and 31 October 2020

2,652

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2019

4,092,879

Disposals

(557,087

)

Revaluations

(72,913

)

At 31 October 2020

3,462,879

NET BOOK VALUE

At 31 October 2020

3,462,879

At 31 October 2019

4,092,879

The investment properties are valued annually by the director on an open market existing use basis.

The historical cost of the investment properties amount to £2,599,609 (2019 - £3,156,696 ).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Other debtors

1,303,625

1,199,115

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

5,366

793

Taxation and social security

28,509

9,880

Other creditors

66,923

93,473

100,798

104,146

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans

45,000

-

Other creditors

4,006,788

4,390,374

4,051,788

4,390,374

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgages

4,006,788

4,390,374

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.10.19

£

£

Mortgage advances

4,006,788

4,390,374

The loans are secured over the company's investment properties and all other future assets of the company. Interest is payable at an average of 4.06% per annum. The loans are repayable between 2028 and 2038.

11.

RESERVES

Fair

value

reserve

£

At 1 November 2019

877,426

Revaluations

(72,913

)

At 31 October 2020

804,513

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2020 and 31 October 2019:

31.10.20

31.10.19

£

£

R A Josephs

Balance outstanding at start of year

674,899

644,765

Amounts advanced

57,322

30,134

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

732,221

674,899

Interest is charged on the directors' advances at 2.5% per annum.

13.	RELATED PARTY DISCLOSURES

Other debtors include £17,393 due from Lower Mash Ltd and £349,157 due from Joel Developments Ltd, which are connected companies.

14.	ULTIMATE CONTROLLING PARTY