J & K (Cardiff) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07015226

J & K (CARDIFF) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J H Baines

Mr H Baines

Ms C Baines

Ms C Baines

Mrs K Baines

REGISTERED OFFICE:

1st Floor Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

REGISTERED NUMBER:

07015226

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Tangible assets

4

14,331

15,199

Investments

5

-

-

Investment property

6

1,408,010

1,355,722

1,422,341

1,370,921

CURRENT ASSETS

Debtors

7

-

1,858

Cash at bank

190,071

252,772

190,071

254,630

CREDITORS

Amounts falling due within one year

8

1,495,281

1,494,603

NET CURRENT LIABILITIES

(1,305,210

)

(1,239,973

)

TOTAL ASSETS LESS CURRENT LIABILITIES

117,131

130,948

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

-

12,669

Retained earnings

9

117,031

118,179

117,131

130,948

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th December 2023 and were signed on its behalf by:

Mr J H Baines - Director

1.	STATUTORY INFORMATION

J & K (Cardiff) Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Going concern

The directors consider it is appropriate to prepare the financial statements on the basis of a going concern. Although the balance sheet shows a deficit, the principal liability is to the directors. They have indicated that they will not be seeking the repayment of the amount due to them in whole or in part within the next twelve months. The directors also consider that the open market value of the properties owned by the company is in excess of the value shown in the balance sheet but do not consider it appropriate to obtain a professional valuation at this point.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

- The valuation of the company's freehold investment properties.

Turnover

Turnover comprises rent received.

Tangible fixed assets

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

Short leasehold

-

Straight line over 25 years

Fixtures and fittings

-

15% straight line on cost

Investment property

Freehold investment properties are shown at fair value and the surplus or deficit arising from the change in fair value is recognised in profit and loss. Leasehold investment properties are shown at cost less amortisation. Amortisation is charged in equal annual instalments over 50 years or the remaining length of the lease whichever is lower.

Taxation

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

Repairs and maintenance

In the absence of a specific intention by the board of either a disposition or substantial reconstruction of letting units in investment properties, all expenditure incurred on general repair, maintenance and upgrade is written off as incurred. It is the opinion of the board that the nature of the company's property ownership is such that any appreciation in value is due to the passage of time rather than intent to improve as policy and is as such reflected through the revaluation reserve.

Investments

Investments in unquoted companies are initially stated at cost and are subject to annual impairment reviews.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1st April 2022

and 31st March 2023

21,705

5,478

27,183

DEPRECIATION

At 1st April 2022

6,512

5,472

11,984

Charge for year

868

-

868

At 31st March 2023

7,380

5,472

12,852

NET BOOK VALUE

At 31st March 2023

14,325

6

14,331

At 31st March 2022

15,193

6

15,199

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st April 2022

and 31st March 2023

50,250

PROVISIONS

At 1st April 2022

and 31st March 2023

50,250

NET BOOK VALUE

At 31st March 2023

-

At 31st March 2022

-

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2022

1,355,722

Additions

93,790

Revaluations

(41,502

)

At 31st March 2023

1,408,010

NET BOOK VALUE

At 31st March 2023

1,408,010

At 31st March 2022

1,355,722

Fair value at 31st March 2023 is represented by:

£

Valuation in 2018

185,000

Cost

1,436,843

1,621,843

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

2023

2022

£

£

Cost

1,343,054

1,343,054

investment properties were valued on open market basis on 31st March 2018 by the directors. .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

-

1,858

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

6,698

6,248

Other creditors

1,488,583

1,488,355

1,495,281

1,494,603

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1st April 2022

118,179

12,669

130,848

Deficit for the year

(13,817

)

(13,817

)

Revaluation in the year

12,669

(12,669

)

-

At 31st March 2023

117,031

-

117,031

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023

2022

£

£

Mr H Baines

Balance outstanding at start of year

1,858

7,858

Amounts advanced

7,993

-

Amounts repaid

(11,600

)

(6,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,749

)

1,858