J A K Rentals Limited 31/05/2021 iXBRL
J A K Rentals Limited 31/05/2021 iXBRL
Company registration number:
06589513
Unaudited filleted financial statements
J A K RENTALS LIMITED
Contents
Statement of financial position
Notes to the financial statements
J A K RENTALS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Debtors | 6 |
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- | ||||||
Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 7 |
(
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(
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_______ | _______ | ||||||||
Net current liabilities |
(
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(
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_______ | _______ | ||||||||
Total assets less current liabilities |
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account | 8 |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements 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 financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2021
, and are signed on behalf of the board by:
Director
Company registration number:
06589513
J A K RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2021
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Popinjays, Northover Drive, Chard, Somerset, TA20 1LQ.
Principal activity
The principal activity of the company is residential property letting.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property | - |
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|
Assets under construction | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (202
0
: Nil).
5.
Tangible assets
Freehold property | Assets under construction | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 June 2020 and 31 May 2021 |
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_______ | _______ | _______ | ||
Depreciation | ||||
At 1 June 2020 and 31 May 2021 | - | - | - | |
_______ | _______ | _______ | ||
Carrying amount | ||||
At 31 May 2021 |
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_______ | _______ | _______ | ||
At 31 May 2020 |
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3,605 |
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|
_______ | _______ | _______ | ||
Investment property
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property | Total | ||
£ | £ | ||
At 31 May 2021 | |||
Aggregate cost | - | - | |
Aggregate depreciation | - | - | |
_______ | _______ | ||
Carrying amount | - | - | |
_______ | _______ | ||
At 31 May 2020 | |||
Aggregate cost | 667,330 | 667,330 | |
Aggregate depreciation | - | - | |
_______ | _______ | ||
Carrying amount |
|
667,330 | |
_______ | _______ | ||
6.
Debtors
2021 | 2020 | |||
£ | £ | |||
Trade debtors |
|
- | ||
_______ | _______ | |||
7.
Creditors: amounts falling due within one year
2021 | 2020 | |||
£ | £ | |||
Trade creditors |
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Accruals and deferred income |
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Social security and other taxes | 5,010 | 4,387 | ||
Other creditors | 51,205 | 91,923 | ||
_______ | _______ | |||
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_______ | _______ | |||
8.
Reserves
9.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
Loans to / (from) directors at 1 June 2020 | Loans to / (from) the directors | Amounts repaid | Balance at 31 May 2021 | ||
£ | £ | £ | £ | ||
Directors |
(
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(
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(
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_______ | _______ | _______ | _______ | ||
Loans to / (from) directors at 1 June 2019 | Loans to / (from) the directors | Amounts repaid | Balance at 31 May 2020 | ||
£ | £ | £ | £ | ||
Directors |
(
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|
- |
(
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_______ | _______ | _______ | _______ | ||
As at 31 May 2021 the company owed the directors £30,205 (31 May 2020: £70,923). Interest of £1, 000 was charged to the company during the year.