J & S Property Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 04138113 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

J & S PROPERTY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S Fowler

S W Fowler

SECRETARY:

J S Fowler

REGISTERED OFFICE:

38 Furners Mead

Henfield

West Sussex

BN5 9JA

REGISTERED NUMBER:

04138113 (England and Wales)

ACCOUNTANTS:

Russell New Limited

The Courtyard

Shoreham Road

Upper Beeding

Steyning

West Sussex

BN44 3TN

FIXED ASSETS

Tangible assets

3

7,844

10,459

Investment property

4

2,692,301

2,215,000

2,700,145

2,225,459

CURRENT ASSETS

Debtors

2,369

-

Cash at bank

10,201

7,177

12,570

7,177

CREDITORS

Amounts falling due within one year

14,867

9,359

NET CURRENT LIABILITIES

(2,297

)

(2,182

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,697,848

2,223,277

CREDITORS

Amounts falling due after more than one year

5

(1,021,978

)

(751,978

)

PROVISIONS FOR LIABILITIES

(106,861

)

(84,783

)

NET ASSETS

1,569,009

1,386,516

CAPITAL AND RESERVES

Called up share capital

11

11

Retained earnings

6

1,568,998

1,386,505

SHAREHOLDERS' FUNDS

1,569,009

1,386,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 5th April 2017 and were signed on its behalf by:

J S Fowler - Director

1.	STATUTORY INFORMATION

J & S Property 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This is the first year in which the financial statement have been prepared under FRS102 Section 1A.

Turnover

Turnover represents 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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided

on these gains at the rate expected to apply when the property is sold.

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 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.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2016

and 31st December 2016

26,357

DEPRECIATION

At 1st January 2016

15,898

Charge for year

2,615

At 31st December 2016

18,513

NET BOOK VALUE

At 31st December 2016

7,844

At 31st December 2015

10,459

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2016

2,215,000

Additions

312,351

Revaluations

164,950

At 31st December 2016

2,692,301

NET BOOK VALUE

At 31st December 2016

2,692,301

At 31st December 2015

2,215,000

Cost or valuation at 31st December 2016 is represented by:

£

Valuation in 2013

681,942

Valuation in 2014

170,000

Valuation in 2015

93,987

Valuation in 2016

164,951

Cost

1,581,421

2,692,301

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

2016

2015

£

£

Cost

1,581,421

1,269,071

Investment properties were valued on an open market basis basis on 31st December 2016 by Stevens Estate Agents .

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

1,021,978

751,978

6.

RESERVES

Included within reserves is non-distributable reserves of £1,216,406 (2015: £1,022,115).