Jessna Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06786299 (England and Wales)

Financial Statements

for the Year Ended 30 June 2017

for

Jessna Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K R Thomason

J A B Blower

E S B Close

R T B Thomason

REGISTERED OFFICE:

120-122 High Northgate

DARLINGTON

Co Durham

DL1 1UR

REGISTERED NUMBER:

06786299 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

FIXED ASSETS

Investment property

3

1,679,500

1,679,500

CURRENT ASSETS

Debtors

4

2,936

345

Cash at bank and in hand

3,118

3,242

6,054

3,587

CREDITORS

Amounts falling due within one year

5

322,048

264,575

NET CURRENT LIABILITIES

(315,994

)

(260,988

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,363,506

1,418,512

CREDITORS

Amounts falling due after more than one year

6

(1,002,440

)

(1,048,233

)

PROVISIONS FOR LIABILITIES

8

(19,225

)

(25,242

)

NET ASSETS

341,841

345,037

CAPITAL AND RESERVES

Called up share capital

9

600

600

Revaluation reserve

346,320

340,303

Retained earnings

(5,079

)

4,134

SHAREHOLDERS' FUNDS

341,841

345,037

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 23 March 2018 and were signed on its behalf by:

K R Thomason - Director

1.	STATUTORY INFORMATION

Jessna Properties 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.

There were no material departures from that standard.

These financial statements for the year ended 30 June 2017 are the first financial statements that comply with

FRS 102 Section 1A small entities. The date of transition is 1 July 2015. An explanation of how transition has

effected the reporting financial statements is given in the notes.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

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

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Turnover

Turnover represents rent receivable from property letting.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

and 30 June 2017

1,679,500

NET BOOK VALUE

At 30 June 2017

1,679,500

At 30 June 2016

1,679,500

Fair value at 30 June 2017 is represented by:

£

Valuation in 2017

1,679,500

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

2017

2016

£

£

Cost

1,313,954

1,313,954

Investment property was valued on a fair market basis on 30 June 2017 by the directors .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,762

345

Other debtors

1,174

-

2,936

345

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

41,144

40,955

Corporation tax

-

394

Amounts due to related

undertakings

278,804

221,126

Accruals and deferred income

2,100

2,100

322,048

264,575

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

164,574

163,820

Bank loans more 5 yr by instal

767,516

814,364

Other creditors

70,350

70,049

1,002,440

1,048,233

2017

2016

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

767,516

814,364

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

973,235

1,019,139

Bank loans are secured against the investment properties of the business.

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

19,225

25,242

Deferred

tax

£

Balance at 1 July 2016

25,242

Deferred tax on revaluation

(6,017

)

Balance at 30 June 2017

19,225

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

600

Ordinary

£1

600

600

10.	RELATED PARTY DISCLOSURES

2017

2016

£

£

Amounts due to directors

70,350

70,049

Interest is charged on this loan at 0.43%.

11.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A Small Entities for the year ended 30 June 2017. The

following adjustments were made on transition:

- The inclusion of deferred tax on revaluation reserve