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JOINTURBAN LIMITED - Company Information

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Registered number: 04316486

JOINTURBAN LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

JOINTURBAN LIMITED

REGISTERED NUMBER: 04316486

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£


Current assets
Stocks		-		500,000
Debtors: amounts falling due within one year	4	184,641		79,459
Cash at bank and in hand		3,887		10,500
		188,528		589,959
Creditors: amounts falling due within one year	5	(1,013,446)		(1,088,056)
Net current liabilities			(824,918)		(498,097)
Total assets less current liabilities			(824,918)		(498,097)
Creditors: amounts falling due after more than one year	6		-		(356,409)

Net liabilities			(824,918)		(854,506)

Capital and reserves
Called up share capital	8	2	2
Profit and loss account		(824,920)	(854,508)
		(824,918)	(854,506)

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JOINTURBAN LIMITED

REGISTERED NUMBER: 04316486

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2021

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 by:

S Sharpe

Director

Date: 15 December 2021

The notes on pages 3 to 7 form part of these financial statements.

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JOINTURBAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

The principal activity of the Company is that of property dealings.
Jointurban Limited is a private company limited by shares and incorporated in England and Wales.
The Registered Office address is Fairchild House, Redbourne Avenue, London, N3 2BP.

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

Despite the negative Statement of Financial Position in the current year, the directors remain committed to the company for the long term and have put in place appropriate long term financing. This, together with continued financial and operational support from the parent company undertaking, The Winston Group Limited, means that the directors are confident that the company can continue to trade for the foreseeable future.

2.3

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount
is reduced to its selling price less costs to complete and sell. The impairment loss is recognised
immediately in profit or loss.

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JOINTURBAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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JOINTURBAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

Debtors

					2021	2020
					£	£


Trade debtors	1,539	66,116
Amounts owed by group undertakings	131,606	-
Other debtors	51,496	1,572
Prepayments and accrued income	-	11,771
	184,641	79,459

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loans	-	8,166
Trade creditors	150	-
Amounts owed to group undertakings	973,481	1,000,272
Amounts owed to joint ventures	36,813	67,322
Other creditors	-	125
Accruals and deferred income	3,002	12,171
	1,013,446	1,088,056

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JOINTURBAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

	Bank loans	-	356,409

Amounts falling due within one year
Bank loans	-	8,166
	-	8,166

Amounts falling due 2-5 years
Bank loans	-	356,409
	-	356,409

	-	364,575

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JOINTURBAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

2 (2020 - 2) Ordinary shares of £1.00 each	2	2

9.	Controlling party

The ultimate parent company undertaking is The Winston Group Limited, a company registered in England and Wales.

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