Jonathan Richards Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06471742 (England and Wales)

Jonathan Richards Properties Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Saxton

SECRETARY:

M A Saxton

REGISTERED OFFICE:

9 Market Place

Hedon

East Yorkshire

HU12 8JA

REGISTERED NUMBER:

06471742 (England and Wales)

ACCOUNTANTS:

Southgates

Chartered Certified Accountants

9 Market Place

Hedon

East Yorkshire

HU12 8JA

FIXED ASSETS

Tangible assets

4

12,649

14,055

Investment property

5

670,000

670,000

682,649

684,055

CURRENT ASSETS

Debtors

6

2,400

2,208

Cash at bank

23,017

19,824

25,417

22,032

CREDITORS

Amounts falling due within one year

7

135,722

129,099

NET CURRENT LIABILITIES

(110,305

)

(107,067

)

TOTAL ASSETS LESS CURRENT LIABILITIES

572,344

576,988

CREDITORS

Amounts falling due after more than one year

8

(20,425

)

(28,923

)

PROVISIONS FOR LIABILITIES

(72,886

)

(73,153

)

NET ASSETS

479,033

474,912

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

391,599

391,599

Retained earnings

87,334

83,213

SHAREHOLDERS' FUNDS

479,033

474,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 July 2023 and were signed by:

A Saxton - Director

1.	STATUTORY INFORMATION

Jonathan Richards Properties 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the value of rents receivable.

Tangible fixed assets

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

Plant & equipment

-

10% on reducing balance

All fixed assets are initially recorded at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

All investment properties are valued annually by qualified external valuers or by officers of the company, at market value. No depreciation is provided on investment properties as the director considers that, as these properties are held for investment, to depreciate them would not give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant &

equipment

£

COST

At 1 February 2022

and 31 January 2023

29,800

DEPRECIATION

At 1 February 2022

15,745

Charge for year

1,406

At 31 January 2023

17,151

NET BOOK VALUE

At 31 January 2023

12,649

At 31 January 2022

14,055

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

and 31 January 2023

670,000

NET BOOK VALUE

At 31 January 2023

670,000

At 31 January 2022

670,000

Fair value at 31 January 2023 is represented by:

£

Valuation in 2012

99,282

Valuation in 2016

70,000

Valuation in 2017

100,000

Valuation in 2018

50,000

Valuation in 2019

50,000

Valuation in 2021

25,000

Valuation in 2022

45,000

Cost

230,718

670,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

230,718

230,718

The investment properties were valued on an open market basis on 31 January 2023 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,740

1,740

Prepayments

660

468

2,400

2,208

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

8,573

8,106

Trade creditors

-

540

Tax

2,360

3,650

Directors' current accounts

89,521

81,990

Accruals

942

791

Other loans

34,326

34,022

135,722

129,099

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

8,811

8,331

Bank loans - 2-5 years

11,614

20,592

20,425

28,923

9.

RESERVES

Revaluation

reserve

£

At 1 February 2022

and 31 January 2023

391,599