JGF Properties Limited Filleted accounts for Companies House (small and micro)

JGF PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07121510

JGF Properties Limited

Filleted Unaudited Financial Statements

31 March 2021

JGF Properties Limited

Financial Statements

Year ended 31 March 2021

CONTENTS	PAGE

Officers and Professional Advisers	1

Statement of Financial Position	2

Notes to the Financial Statements	4

JGF Properties Limited

Officers and Professional Advisers

Director	Mrs J Davies

Registered office	Grawen House
	Grawen Lane
	Cefn Coed
	Merthyr Tydfil
	Wales
	CF48 2NN

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

JGF Properties Limited

Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	2,206,242	2,206,242

CURRENT ASSETS

Debtors	6	495	–
Cash at bank and in hand		61,295	37,610
		--------	--------
		61,790	37,610

CREDITORS: amounts falling due within one year	7	1,556,997	1,565,981
		------------	------------
NET CURRENT LIABILITIES		1,495,207	1,528,371
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		711,035	677,871

PROVISIONS	11,008	28,338
	---------	---------
NET ASSETS	700,027	649,533
	---------	---------

CAPITAL AND RESERVES

Called up share capital	9	265,502	265,502
Profit and loss account		434,525	384,031
		---------	---------
SHAREHOLDERS FUNDS		700,027	649,533
		---------	---------

These financial statements 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 comprehensive income has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

JGF Properties Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 2 December 2021 , and are signed on behalf of the board by:

Judith Davies

Director

Company registration number: 07121510

JGF Properties Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. GENERAL INFORMATION

JGF Properties Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2. STATEMENT OF COMPLIANCE

These financial statements 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 financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2021. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.

(iii) Goodwill and intangible fixed assets

Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investment properties

The methods and significant assumptions used to ascertain the fair value and the fair value movement includedin the profit and loss for the year are as follows:

The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.

Revenue recognition

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.

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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Fixtures and fittings	-	33% straight line

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. TANGIBLE ASSETS

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2020 and 31 March 2021	2,206,242	2,419	2,208,661
	------------	------	------------
Depreciation
At 1 April 2020 and 31 March 2021	–	2,419	2,419
	------------	------	------------
Carrying amount
At 31 March 2021	2,206,242	–	2,206,242
	------------	------	------------
At 31 March 2020	2,206,242	–	2,206,242
	------------	------	------------

The historic cost equivalent of investment properties included at valuation are as follows:

		2021
		£
	Cost	2,101,546
		------------
	At 31st March 2021	2,101,546
		------------
	At 31st March 2020	2,101,546
		------------

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows: The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.

6. DEBTORS

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	495	–
	----	----

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	8,325	8,849
Other creditors	1,548,672	1,557,132
	------------	------------
	1,556,997	1,565,981
	------------	------------

8. DISTRIBUTABLE RESERVES

Included within total reserves of £434,525 is a revaluation gain of £138,139. Total distributable reserves, excluding this gain is therefore £296,386.

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	265,502	265,502	265,502	265,502
	---------	---------	---------	---------

10. RELATED PARTY TRANSACTIONS

At the year end, the company owed the director £1,536,491 (2020: £1,546,024) No interest has been incurred in relation to this.