Jaymax Property Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC234165 (Scotland)

Jaymax Property Limited

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J S F McInnes

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC234165 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

EH3 6AT

BANKERS:

National Westminster Bank Plc

11 Western Boulevard

Bede Island

Leicestershire

LE2 7EJ

FIXED ASSETS

Tangible assets

2

17,366

20,045

Investment property

3

1,387,223

1,404,589

1,407,268

CURRENT ASSETS

Debtors

1,284

1,828

Cash at bank

10,279

8,886

11,563

10,714

CREDITORS

Amounts falling due within one year

4

23,751

171,777

NET CURRENT LIABILITIES

(12,188

)

(161,063

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,392,401

1,246,205

CREDITORS

Amounts falling due after more than
one year

4

(743,093

)

(623,102

)

PROVISIONS FOR LIABILITIES

(3,473

)

(4,009

)

NET ASSETS

645,835

619,094

CAPITAL AND RESERVES

Called up share capital

5

Revaluation reserve

464,771

Profit and loss account

181,059

154,318

SHAREHOLDERS' FUNDS

645,835

619,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 30 September 2016 and were signed by:

J S F McInnes - Director

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 January 2015).

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

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

Improvements to property

-

10% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

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

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

43,274

DEPRECIATION

At 1 January 2015

23,229

Charge for year

2,679

At 31 December 2015

25,908

NET BOOK VALUE

At 31 December 2015

17,366

At 31 December 2014

20,045

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2015

and 31 December 2015

1,387,223

NET BOOK VALUE

At 31 December 2015

1,387,223

At 31 December 2014

1,387,223

4.

CREDITORS

Creditors include an amount of £ 151,123 (2014 - £ 152,400 ) for which security has been given.

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.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

5

Ordinary

£1

5

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.