JUBILEE_LETTINGS_&_PROPER - Accounts

JUBILEE_LETTINGS_&_PROPER - Accounts

JUBILEE LETTINGS & PROPERTY SALES LIMITED - Company Information

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Company Registration No. 06817994 (England and Wales)
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
DIRECTORS' REPORT

AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
COMPANY INFORMATION
Directors
Ms K Fuller
Mr S Allen
Company number
06817994
Registered office
408 Rayleigh Road
Eastwood
Leigh on Sea
Essex
SS9 5PT
Accountants
Maynard Heady LLP
Suite 12
Chalkwell Lawns
648-656 London Road
Westcliff on Sea
Essex
SS0 9HR
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 9
The following pages do not form part of the statutory financial statements:-
Detailed trading and profit and loss account
Appendix A
Schedule of administrative expenses
Appendix B
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2014
- 1 -
The directors present their report and financial statements for the year ended 31 March 2014.
Principal activities

The principal activity of the company continued to be that of a property letting management company.a property letting management company.

Directors
The following directors have held office since 1 April 2013:
Ms K Fuller
Mr S Allen
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary Share of £1 each
31 March 2014
31 March 2013
Ms K Fuller
1
1
Mr S Allen
-
-
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Ms K Fuller
Director
23 December 2014
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
CHARTERED ACCOUNTANTS' REPORT TO THE TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jubilee Lettings & Property Management Ltd for the year ended 31 March 2014 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Jubilee Lettings & Property Management Ltd, as a body, in accordance with the terms of our engagement letter dated 23 December 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Jubilee Lettings & Property Management Ltd and state those matters that we have agreed to state to the Board of Directors of Jubilee Lettings & Property Management Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jubilee Lettings & Property Management Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Jubilee Lettings & Property Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jubilee Lettings & Property Management Ltd. You consider that Jubilee Lettings & Property Management Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Jubilee Lettings & Property Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Maynard Heady LLP
23 December 2014
Chartered Accountants
Suite 12
Chalkwell Lawns
648-656 London Road
Westcliff on Sea
Essex
SS0 9HR
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2014
2013
Notes
£
£
Turnover
20,085
11,157
Administrative expenses
(8,811)
(8,638)
Operating profit
2
11,274
2,519
Other interest receivable and similar income
3
48
2
Interest payable and similar charges
(3,298)
-
0
Profit on ordinary activities before taxation
8,024
2,521
Tax on profit on ordinary activities
4
(1,638)
(405)
Profit for the year
12
6,386
2,116
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
6
350
167
Current assets
Debtors
7
19,456
(1)
Cash at bank and in hand
13,726
846
33,182
845
Creditors: amounts falling due within one year
8
(14,092)
(979)
Net current assets/(liabilities)
19,090
(134)
Total assets less current liabilities
19,440
33
Creditors: amounts falling due after more than one year
9
(19,351)
-
0
Provisions for liabilities
10
(70)
-
0
19
33
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
12
18
32
Shareholders'  funds
19
33
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2014
31 March 2014
- 5 -
For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 23 December 2014
Ms K Fuller
Director
Company Registration No. 06817994
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
- 6 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover

Turnover represents amounts receivable for goods and services net of trade discounts.

1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% straight line
2
Operating profit
2014
2013
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
296
164
3
Investment income
2014
2013
£
£
Bank interest
48
2
48
2
4
Taxation
2014
2013
£
£
Domestic current year tax
U.K. corporation tax
1,568
405
Total current tax
1,568
405
Deferred tax
Origination and reversal of timing differences
70
-
1,638
405
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 7 -
5
Dividends
2014
2013
£
£
Ordinary interim paid
6,400
13,950
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2013
496
Additions
480
At 31 March 2014
976
Depreciation
At 1 April 2013
330
Charge for the year
296
At 31 March 2014
626
Net book value
At 31 March 2014
350
At 31 March 2013
167
7
Debtors
2014
2013
£
£
Trade debtors
-
0
(1)
Other debtors
19,456
-
0
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 8 -
8
Creditors: amounts falling due within one year
2014
2013
£
£
Bank loans and overdrafts
3,919
-
0
Taxation and social security
1,973
405
Other creditors
8,200
574
14,092
979

The aggregate amount of creditors for which security has been given amounted to £23,270 (2013 - £0).

 

9
Creditors: amounts falling due after more than one year
2014
2013
£
£
Bank loans
19,351
-
0
Analysis of loans
Wholly repayable within five years
23,270
-
Included in current liabilities
(3,919)
-
19,351
-
10
Provisions for liabilities
Deferred tax liability
£
Profit and loss account
70
Balance at 31 March 2014
70
The deferred tax liability is made up as follows:
2014
2013
£
£
Accelerated capital allowances
70
-
0
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 9 -
11
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary Share of £1 each
1
1
12
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2013
32
Profit for the year
6,386
Dividends paid
(6,400)
Balance at 31 March 2014
18
13
Control

The ultimate controlling party is Ms K Fuller.

 

JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2014
Appendix A
2014
2013
£
£
£
£
Turnover
Management fees
20,085
11,157
Administrative expenses
(8,811)
(8,638)
Operating profit
11,274
2,519
Other interest receivable and similar income
Bank interest received
48
2
Interest payable
Bank interest paid
(3,298)
-
Profit before taxation
8,024
2,521
JUBILEE LETTINGS & PROPERTY MANAGEMENT LTD
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2014
Appendix B
2014
2013
£
£
Administrative expenses
Repairs and maintenance
1,000
120
Printing, postage and stationery
78
317
Advertising
1,860
1,200
Computer running costs
192
755
Motor running expenses
681
675
Entertaining
-
34
Accountancy
1,085
864
Bank charges
506
445
Credit card charges
1,530
1,867
Sundry expenses
287
1,333
Subscriptions
1,296
864
Depreciation on computer equipment
296
164
8,811
8,638
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