Company Registration No. 07902916 (England and Wales)
GRAHAM JAY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
GRAHAM JAY PROPERTIES LIMITED
COMPANY INFORMATION
Director
Mr G J Meggitt
Secretary
St Pauls Secretaries Limited
Company number
07902916
Registered office
1 St Paul's Square
Old Hall Street
Liverpool
Merseyside
L3 9SJ
Accountants
BWMacfarlane
Castle Chambers
43 Castle Street
Liverpool
L2 9SH
Bankers
NatWest Plc
24 Castle Street
Conwy
LL32 8WY
GRAHAM JAY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GRAHAM JAY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
4
950,896
903,554
Investments
5
130,000
280,000
1,080,896
1,183,554
Current assets
Debtors
6
84,887
61,619
Investments
7
150,000
-
Cash at bank and in hand
2,827
4,951
237,714
66,570
Creditors: amounts falling due within one year
8
(1,284,614)
(1,187,047)
Net current liabilities
(1,046,900)
(1,120,477)
Total assets less current liabilities
33,996
63,077
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
33,994
63,075
Total equity
33,996
63,077
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on
9 August 2017
Mr G J Meggitt
Director
Company Registration No. 07902916
GRAHAM JAY PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2015
2
29,256
29,258
Year ended 31 January 2016:
Profit and total comprehensive income for the year
-
35,819
35,819
Dividends
-
(2,000)
(2,000)
Balance at 31 January 2016
2
63,075
63,077
Year ended 31 January 2017:
Loss and total comprehensive income for the year
-
(29,081)
(29,081)
Balance at 31 January 2017
2
33,994
33,996
GRAHAM JAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
Graham Jay Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 St Paul's Square, Old Hall Street, Liverpool, Merseyside, L3 9SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of Graham Jay Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
The business is supported by the director who is the only shareholder.
1.3
Turnover
Turnover represents amounts receivable for rental income net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.3% Per annum on cost
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
.
1.5
Investment properties
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
GRAHAM JAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
GRAHAM JAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.12
Income from fixed and current asset investments are included in the accounts on a receivable basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 5).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2016 and 31 January 2017
540
Depreciation and impairment
At 1 February 2016 and 31 January 2017
540
Carrying amount
At 31 January 2017
-
At 31 January 2016
-
4
Investment property
2017
£
Fair value
At 1 February 2016
903,554
Additions
98,423
Disposals
(51,081)
At 31 January 2017
950,896
The investment properties have been valued on an open market value basis by the director at
£950,896 as at 31 January 2017.
GRAHAM JAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
5
Fixed asset investments
2017
2016
£
£
Unlisted Investments
130,000
280,000
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
83,636
17,612
Other debtors
1,251
44,007
84,887
61,619
7
Current asset investments
2017
2016
£
£
Other investments
150,000
-
8
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
9,007
9,328
Other creditors
1,275,607
1,177,719
1,284,614
1,187,047
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2