Jadestone Properties Limited - Period Ending 2021-07-31

Jadestone Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Jadestone Properties Limited

Company Information

Director

M Yianni

Registered office

590 Green Lanes Palmers Green London N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes Palmers Green London N13 5RY

Jadestone Properties Limited

(Registration number: 09678589)
Balance Sheet as at 31 July 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	1,200,000	1,200,000
Current assets
Debtors	5	720	720
Cash at bank and in hand		270,951	329,345
		271,671	330,065
Creditors: Amounts falling due within one year	6	(391,844)	(441,484)
Net current liabilities		(120,173)	(111,419)
Total assets less current liabilities		1,079,827	1,088,581
Creditors: Amounts falling due after more than one year	6	(705,007)	(705,007)
Provisions for liabilities		(76,561)	(76,561)
Net assets		298,259	307,013
Capital and reserves
Called up share capital	7	2	2
Revaluation reserve		326,390	326,390
Profit and loss account		(28,133)	(19,379)
Shareholders' funds		298,259	307,013

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 February 2022
 

Jadestone Properties Limited

(Registration number: 09678589)
Balance Sheet as at 31 July 2021

......................................... M Yianni Director

Jadestone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
20 Berkeley Gardens
Winchmore Hill
London
N21 2BA

These financial statements were authorised for issue by the director on 16 February 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Jadestone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

Jadestone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

4	Investment properties

	2021 £
At 1 August	1,200,000
At 31 July	1,200,000

The investment property is valued based on an assessment of the property and the market by the company directors.

5

Debtors

	2021 £	2020 £
Other debtors	720	720
	720	720

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Accruals and deferred income		1,860	1,500
Director's loan account	9	239,984	289,984
Other creditors		150,000	150,000
		391,844	441,484

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	9	705,007	705,007

	2021 £	2020 £
Due after more than five years
After more than five years not by instalments	705,007	705,007

	-	-

Creditors include bank loans not repayable by instalments of £705,007 (2020- £705,007 due after more than five years.

Jadestone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

9	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	705,007	705,007

The bank loan is secured by way of a fixed & floating charge over the assets of the company.

10	Related party transactions

Summary of transactions with other related parties

Included in creditors less than one year is an amount of £239,984 (2020: £289,984) owed to M Yianni, the director of the company.
Included in other creditors is an amount of £150,000 (2020: £150,000) owed to Belleveue Mortlakes Investment Agency Limited, a company under common control.