Jillant Properties Limited - Period Ending 2018-03-31

Registration number: 8273483

Jillant Properties Limited

Filleted and Unaudited Financial Statements

for the Year Ended 31 March 2018

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

Jillant Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Jillant Properties Limited

Company Information

Directors

Mrs J Stevens Mr A C W Stevens

Registered office

2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB

Accountants

Redwoods Chartered Certified Accountants 2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB

Page 1

Jillant Properties Limited

(Registration number: 8273483)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	4	1,007,578	1,007,578
Current assets
Debtors	5	807	608
Cash at bank and in hand		11,508	13,798
		12,315	14,406
Creditors: Amounts falling due within one year	6	(412,875)	(413,122)
Net current liabilities		(400,560)	(398,716)
Total assets less current liabilities		607,018	608,862
Creditors: Amounts falling due after more than one year	6	(575,000)	(575,000)
Net assets		32,018	33,862
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		31,918	33,762
Total equity		32,018	33,862

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 October 2018 and signed on its behalf by:
 

......................................... Mrs J Stevens Director

......................................... Mr A C W Stevens Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Jillant Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
Lod Cottage
The Lane
Dittisham
South Devon
TQ6 0HB

These financial statements were authorised for issue by the Board on 8 October 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and rounded to the nearest £1.

Judgements

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, which is the renting of property.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

Jillant Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The value is adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 4

Jillant Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4	Investment properties

	2018 £
At 1 April	1,007,578

Page 5

Jillant Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

The fair value of the properties at 1st April 2015 has been arrived at on the basis of valuations carried out by the directors, who are not professionally qualified valuers. The valuations are not considered to be materially different from the original cost of the individual properties when they were initially purchased.

The historic cost of the investment properties was £1,007,578 (2017 - £1,007,578) and the aggregate depreciation thereon would have been £23,827 (2017 - £18,790).

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2018 £	2017 £
Prepayments	807	608
	807	608

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Taxation and social security	2,680	-
Accruals and deferred income	2,680	1,794
Other creditors	407,515	411,328
	412,875	413,122

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings		575,000	575,000

	2018 £	2017 £
Due after more than five years
After more than five years not by instalments	575,000	575,000

	-	-

Creditors include unsecured loan notes not repayable by instalments of £575,000 (2017 - £575,000) due after more than five years. The unsecured loan notes are in favour of close family members of Mrs J A Stevens, a director of the company.The unsecured loan notes are interest free. The first of the unsecured loan notes are not due for repayment until 2025.

Page 6

Jillant Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary A shares of £1 each	50	50	50	50
Ordinary B shares of £1 each	50	50	50	50
	100	100	100	100

8	Related party transactions

Key management personnel

Mrs J Stevens - director
Mr A C W Stevens - director

Summary of transactions with key management

Each of the directors has a loan account with the company which has remained in credit during the year. The directors loans are provided interest fee by the directors.
 

Directors' remuneration

The directors' remuneration for the year was as follows:

	2018 £	2017 £
Remuneration	16,320	16,080

Dividends paid to directors

	2018 £	2017 £
Mrs J Stevens
Ordinary A shares	17,780	31,000
Mr A C W Stevens
Ordinary B shares	4,530	3,000

Loans from related parties

Page 7

Jillant Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018	Key management £
At start of period	405,766
Advanced	36,948
Repaid	(40,000)
At end of period	402,714

2017	Key management £
At start of period	390,027
Advanced	51,739
Repaid	(36,000)
At end of period	405,766

Terms of loans from related parties

The loans are provided interest free by the directors.
 

Page 8