Company Registration No. 9738914 (England and Wales)
JUST FLATS LIMITED
Unaudited accounts
for the year ended 31 August 2018
JUST FLATS LIMITED
Company Information
for the year ended 31 August 2018
Directors
Martin Webb
Teresa Phyllis Webb
Company Number
9738914 (England and Wales)
Registered Office
TY DERLWYN
PANDY
ABERGAVENNY
NP7 8DR
WALES
Accountants
The Accounting Studio Limited
23 Downscroft Gardens
Hedge End
Southampton
Hampshire
SO30 4RR
JUST FLATS LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of JUST FLATS LIMITED for the year ended 31 August 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
JUST FLATS LIMITED for the year ended
31 August 2018 as set out on pages
5 -
8 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of JUST FLATS LIMITED, as a body, in accordance with the terms of our engagement letter dated 25 September 2018. Our work has been undertaken solely to prepare for your approval the accounts of JUST FLATS LIMITED and state those matters that we have agreed to state to the Board of Directors of JUST FLATS LIMITED, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JUST FLATS LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that JUST FLATS LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of JUST FLATS LIMITED. You consider that JUST FLATS LIMITED 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 accounts of JUST FLATS LIMITED. 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 accounts.
The Accounting Studio Limited
Chartered Accountants
23 Downscroft Gardens
Hedge End
Southampton
Hampshire
SO30 4RR
14 January 2019
JUST FLATS LIMITED
Statement of financial position
as at 31 August 2018
Tangible assets
3,291
4,114
Investment property
450,000
411,625
Cash at bank and in hand
9,712
5,292
Creditors: amounts falling due within one year
(160,115)
(165,996)
Net current liabilities
(150,403)
(160,704)
Total assets less current liabilities
302,888
255,035
Creditors: amounts falling due after more than one year
(284,200)
(283,966)
Provisions for liabilities
Net assets/(liabilities)
11,397
(28,931)
Called up share capital
100
100
Profit and loss account
11,297
(29,031)
Shareholders' funds
11,397
(28,931)
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 14 January 2019.
Martin Webb
Director
Company Registration No. 9738914
JUST FLATS LIMITED
Notes to the Accounts
for the year ended 31 August 2018
JUST FLATS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 9738914. The registered office is TY DERLWYN, PANDY, ABERGAVENNY, NP7 8DR, WALES.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue from the rental of property is recognised when the significant risks and rewards of ownership of the rental property have passed to the tenant, the amount of revenue can be measured reliably, it is probably that the economic benefit associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
The investment property is valued by the directors.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
JUST FLATS LIMITED
Notes to the Accounts
for the year ended 31 August 2018
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 September 2017
411,625
Net gain from fair value adjustments
38,375
The investment property is valued by the directors.
The gain arising from the revaluation is include in the profit and loss account of the company.
6
Creditors: amounts falling due within one year
2018
2017
Loans from directors
159,607
164,461
7
Creditors: amounts falling due after more than one year
2018
2017
Other creditors
284,200
283,966
8
Deferred taxation
2018
2017
Revaluation of investment property
7,291
-
Charged to the profit and loss account
7,291
-
Provision at end of year
7,291
-
JUST FLATS LIMITED
Notes to the Accounts
for the year ended 31 August 2018
Allotted, called up and fully paid:
50 Ordinary A shares of £1 each
50
50
50 Ordinary B shares of £1 each
50
50
10
Transactions with related parties
The directors operate a current loan account with the company which is debited with payments made on their behalf and credited with funds introduced and undrawn directors' fees. The amount owing to the company at 31 August 2018 was £159,607 (2017: £164,461) and is included in creditors falling within one year.
11
Average number of employees
During the year the average number of employees was 2 (2017: 2).
