Jaymax Property Limited - Limited company - abbreviated - 11.0.0
Jaymax Property Limited - Limited company - abbreviated - 11.0.0
REGISTERED NUMBER: |
Jaymax Property Limited |
Abbreviated Unaudited Accounts |
for the Year Ended 31 December 2013 |
Jaymax Property Limited (Registered number: SC234165) |
Contents of the Abbreviated Accounts |
for the Year Ended 31 December 2013 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 4 |
Jaymax Property Limited |
Company Information |
for the Year Ended 31 December 2013 |
DIRECTORS: |
SECRETARY: | J S F McInnes |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
BANKERS: |
Jaymax Property Limited (Registered number: SC234165) |
Abbreviated Balance Sheet |
31 December 2013 |
2013 | 2012 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
Investment property | 3 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
4 |
( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Jaymax Property Limited (Registered number: SC234165) |
Abbreviated Balance Sheet - continued |
31 December 2013 |
2013 | 2012 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Revaluation reserve |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors on on its behalf by: |
Jaymax Property Limited (Registered number: SC234165) |
Notes to the Abbreviated Accounts |
for the Year Ended 31 December 2013 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by |
the revaluation of certain assets and in accordance with the Financial Reporting Standard for |
Smaller Entities (effective April 2008). |
The company had net current liabilities at the year end but support is available from the directors if |
required. Accordingly, the accounts have been prepared on a going concern basis. |
Turnover and revenue recognition |
Turnover represents rental income, which is recognised in accordance with lease agreements. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment properties are shown at their open market value. The surplus or deficit arising from the |
revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on |
an individual property is expected to be permanent, in which case it is recognised in the profit and |
loss account for the year. |
This is in accordance with FRSSE which, unlike the Companies Act 2006, does not require |
depreciation of investment properties. Investment properties are held for their investment |
potential and not for use by the company and so their current value is of prime importance. The |
departure from the provisions of the Act is required in order to give a true and fair view. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date where transactions or events have occurred at that date that will result in |
an obligation to pay more, or a right to pay less or to receive more tax, with the following |
exceptions: |
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) |
of fixed assets, only to the extent that, at the balance sheet date, there is a binding agreement to |
dispose of the assets concerned. |
Deferred tax assets are recognised only to the extent that the directors consider that it is more |
likely than not that there will be suitable taxable profits from which the future reversal of the |
underlying timing differences can be deducted. |
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date |
Jaymax Property Limited (Registered number: SC234165) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 December 2013 |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 January 2013 |
Additions |
At 31 December 2013 |
DEPRECIATION |
At 1 January 2013 |
Charge for year |
At 31 December 2013 |
NET BOOK VALUE |
At 31 December 2013 |
At 31 December 2012 |
3. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 January 2013 |
Revaluations | ( |
) |
At 31 December 2013 |
NET BOOK VALUE |
At 31 December 2013 |
At 31 December 2012 |
4. | CREDITORS |
Creditors include an amount of £ |
A standard security is held over properties 24 Scotland Street West Lane and 5 Logan Street, |
Edinburgh, EH3 5EN by the Bank of Scotland securing the bank loans held. |
A further security is held over 24 Scotland Street West Lane, Edinburgh, EH3 6PT by Edinburgh |
World Heritage Trust securing grant funding received. |
Jaymax Property Limited (Registered number: SC234165) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 December 2013 |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2013 | 2012 |
value: | £ | £ |
Ordinary | £1 |
6. | ULTIMATE CONTROLLING PARTY |
The company was under the sole control of Mr J F S McInnes throughout the current year. Mr |
McInnes is a director and the majority shareholder. |