JRRA Property Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09583872 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

JRRA Property Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr James Richard Biggin

REGISTERED OFFICE:

The Don Press

New Street

Sheffield

South Yorkshire

S1 2DN

REGISTERED NUMBER:

09583872 (England and Wales)

ACCOUNTANTS:

Landin Wilcock & Co

Chartered Accountants

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

Starling Bank

2 Finsbury Avenue

London

EC2M 2PP

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JRRA Property Ltd for the year ended 31 May 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of JRRA Property Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JRRA Property Ltd and state those matters that we have agreed to state to the director of JRRA Property Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JRRA Property Ltd and its director for our work or for this report.

It is your duty to ensure that JRRA Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JRRA Property Ltd. You consider that JRRA Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of JRRA Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Landin Wilcock & Co

Chartered Accountants

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

10 August 2023

FIXED ASSETS

Tangible assets

4

-

151

Investment property

5

300,000

300,000

300,000

300,151

CURRENT ASSETS

Debtors

6

4,305

2,546

Cash at bank

15,110

9,017

19,415

11,563

CREDITORS

Amounts falling due within one year

7

(132,170

)

(127,864

)

NET CURRENT LIABILITIES

(112,755

)

(116,301

)

TOTAL ASSETS LESS CURRENT LIABILITIES

187,245

183,850

CREDITORS

Amounts falling due after more than one year

8

(104,867

)

(116,695

)

PROVISIONS FOR LIABILITIES

(1,055

)

(1,066

)

NET ASSETS

81,323

66,089

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

81,322

66,088

81,323

66,089

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 August 2023 and were signed by:

Mr James Richard Biggin - Director

1.	STATUTORY INFORMATION

JRRA Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern.

The director considers the company to continue to be a going concern.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

233

Disposals

(233

)

At 31 May 2023

-

DEPRECIATION

At 1 June 2022

82

Charge for year

58

Eliminated on disposal

(140

)

At 31 May 2023

-

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

151

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2022

and 31 May 2023

300,000

NET BOOK VALUE

At 31 May 2023

300,000

At 31 May 2022

300,000

The investment properties class of asset was revalued on 31 May 2023 by the director - Mr J Biggin, who is internal to the company. The basis of this valuation was that of estimated current open market value. There has been no valuation of investment properties by an independent valuer.

Fair value at 31 May 2023 is represented by:

£

Valuation in 2020

24,729

Cost

275,271

300,000

If the investment property had not been revalued it would have been included at the following historical cost:

31/5/23

31/5/22

£

£

Cost

275,271

275,271

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Trade debtors

3,043

1,224

Other debtors

1,262

1,322

4,305

2,546

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Bank loans and overdrafts

18,116

18,035

Trade creditors

-

86

Taxation and social security

4,941

628

Other creditors

109,113

109,115

132,170

127,864

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/23

31/5/22

£

£

Bank loans

104,867

116,695

31/5/23

31/5/22

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

30,402

44,554

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/5/23

31/5/22

£

£

Bank loans

122,983

134,730

The company has provided security on the bank loans(s) by way of fixed and floating charges which covers all the property or undertaking of the company.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31/5/23

31/5/22

£

£

Mr James Richard Biggin

Balance outstanding at start of year

699

699

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

699

699

11.	POST BALANCE SHEET EVENTS

The director has plans to dispose of the property, via purchase of the property by a SIPP, although it is the intention to dispose of the investment property, the company will still generate rent income from other sources, hence the going concern basis is still appropriate.