Jaywell Ventures Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08724048 (England and Wales)

JAYWELL VENTURES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mr J Kahan

SECRETARY:

Mrs M Kahan

REGISTERED OFFICE:

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED NUMBER:

08724048 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

1,531,956

1,525,000

CURRENT ASSETS

Debtors

6

5,000

5,000

Cash at bank

191,003

77,593

196,003

82,593

CREDITORS

Amounts falling due within one year

7

293,384

399,986

NET CURRENT LIABILITIES

(97,381

)

(317,393

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,434,575

1,207,607

CREDITORS

Amounts falling due after more than one year

8

(1,107,978

)

(920,708

)

PROVISIONS FOR LIABILITIES

10

(34,666

)

(43,377

)

NET ASSETS

291,931

243,522

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

262,036

253,325

Retained earnings

29,795

(9,903

)

291,931

243,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 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 director on 18 July 2018 and were signed by:

Mr J Kahan - Director

1.	STATUTORY INFORMATION

Jaywell Ventures Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include

investment properties measured at fair value through profit or loss.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 November 2015.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. The estimates and underlying

assumptions are reviewed on an ongoing basis.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided

in the normal course of business. The turnover of the company is represented by rents and charges

receivable in respect of the company's investment portfolio. Rental income is accounted for on an

accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value

are 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

1,525,000

Additions

6,956

At 31 October 2017

1,531,956

NET BOOK VALUE

At 31 October 2017

1,531,956

At 31 October 2016

1,525,000

The fair value of the investment properties has been arrived at on the basis of a valuation carried out

by the company's directors who have the experience and expertise required to undertake such an

exercise. The valuation was made on an open market value basis by reference to market evidence of

transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 October 2017 is £1,235,254.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

5,000

5,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

19,215

22,346

Taxation and social security

4,526

-

Other creditors

269,643

377,640

293,384

399,986

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

1,107,978

920,708

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

1,023,958

831,324

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,127,193

943,054

The bank loans are secured by legal charges over the company's investment properties.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

34,666

43,377

Deferred

tax

£

Balance at 1 November 2016

43,377

Credit to Income Statement during year

(8,711

)

Balance at 31 October 2017

34,666

Deferred tax arises from the revaluation of investment properties.

11.

RESERVES

Fair

value

reserve

£

At 1 November 2016

253,325

Transfer deferred tax from retained earnings

8,711

At 31 October 2017

262,036

12.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102. The company transitioned to FRS

102 on 1 November 2015.

The following were changes in accounting policies arising from the transition to FRS 102:

Investment properties:

Previously, the company's investment properties were shown at market value, with aggregate surplus

or deficit being recorded in the revaluation reserve. Under FRS 102, these properties are shown at fair

value, with changes in fair value being recorded in the profit and loss account.

Deferred tax on unrealised investment property gains and losses:

Previously, no deferred tax was recognised on the timing differences between the accounting and tax

treatment of the revaluation of the company's investment property. Under FRS 102, deferred tax is

recognised on the difference between the cost for tax purposes and the fair value of the company's

investment properties, with movements recorded in the profit and loss account.