JP&S Properties Ltd 31/12/2017 iXBRL

JP&S PROPERTIES LTD - Company Information

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Company registration number: 08325484

JP&S Properties Ltd

Unaudited filleted financial statements

31 December 2017

JP&S Properties Ltd

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

JP&S Properties Ltd

Directors and other information


	Director	Mr V Yoganathan


	Secretary	Mrs J Yoganathan


	Company number	08325484


	Registered office	797 Harrow Road
		Sudbury Town
		Wembley
		HA0 2LP


	Accountants	Accountancy Solutions
		797 Harrow Road
		Sudbury Town
		Wembley
		HA0 2LP

JP&S Properties Ltd

Statement of financial position

31 December 2017

		2017		2016
	Note	£	£	£	£

Current assets
Stocks		-		531,038
Debtors	4	20,000		2,630
Cash at bank and in hand		7,153		-
		_______		_______
		27,153		533,668
Creditors: amounts falling due
within one year	5	( 6,063)		( 531,469)
		_______		_______
Net current assets			21,090		2,199
			_______		_______
Total assets less current liabilities			21,090		2,199

			_______		_______
Net assets			21,090		2,199
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			20,990		2,099
			_______		_______
Shareholders funds			21,090		2,199
			_______		_______

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 28 September 2018 , and are signed on behalf of the board by:

Mr V Yoganathan

Director

Company registration number: 08325484

JP&S Properties Ltd

Notes to the financial statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 797 Harrow Road, Sudbury Town, Wembley, HA0 2LP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2017	2016
	£	£
Trade debtors	-	2,630
Other debtors	20,000	-
	_______	_______
	20,000	2,630
	_______	_______

The Other Debtors represents the loan of £20,000 made to JP and S Servicess Ltd, a company under common control.

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	-	2,630
Corporation tax	4,502	525
Other creditors	1,561	528,314
	_______	_______
	6,063	531,469
	_______	_______

The other creditors includes, a loan of £Nil (2016: £450,000) from JP and S Servicess Ltd, a company under common control. The loan is interest free and repayable on demand.

6. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2017
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr V Yoganathan	( 77,594)	76,753	( 841)
		_______	_______	_______

2016
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr V Yoganathan	-	( 77,594)	( 77,594)
		_______	_______	_______

7. Related party transactions

During the current year company repaid a loan of £450,000 and made a loan of £20,000 to JP and S Servicess Ltd, a company under common control. The loan is repayable on demand and free of any interest. Balance outstanding at year end is £20,000.