REGISTERED NUMBER:
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JMG Bridge Properties Limited |
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31st March 2020 |
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REGISTERED NUMBER:
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JMG Bridge Properties Limited |
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31st March 2020 |
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Contents of the Financial Statements |
for the year ended 31st March 2020 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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JMG Bridge Properties Limited |
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Company Information |
for the year ended 31st March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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8 Blandfield Road |
London |
SW12 8BG |
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BANKERS: |
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Report of the Directors |
for the year ended 31st March 2020 |
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The directors present their report with the financial statements of the company for the year ended 31st March 2020. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2019 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Income Statement |
for the year ended 31st March 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING PROFIT | 4 |
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Interest receivable and similar
income |
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PROFIT BEFORE TAXATION |
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Tax on profit | ( |
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PROFIT FOR THE FINANCIAL
YEAR |
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Balance Sheet |
31st March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one
year |
7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS
CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more
than one year |
8 |
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NET ASSETS |
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Balance Sheet - continued |
31st March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors and authorised for issue
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Notes to the Financial Statements |
for the year ended 31st March 2020 |
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1. | STATUTORY INFORMATION |
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JMG Bridge Properties Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is the value of rents received on the company's buy-to-let properties. |
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Tangible fixed assets |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
JMG Bridge Properties Limited (Registered number: 07982239) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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5. | TANGIBLE FIXED ASSETS |
Leasehold |
property |
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COST |
At 1st April 2019 |
and 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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6. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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JMG Bridge Properties Limited (Registered number: 07982239) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2020 |
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7. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2020 | 2019 |
£ | £ |
Tax |
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Other creditors |
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Directors' current accounts | 12,085 | 12,084 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Directors' long term loans | 944,822 | 1,032,424 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Directors' long term loans | 944,822 | 1,032,424 |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by its directors. |
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10. | LOANS FROM DIRECTORS. |
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The directors made a loan to their company to enable it to purchase a leasehold property for renting.. |
The loans are unsecured and interest free . |
The loans are technically repayable on giving 30 days notice. |
However, as the loans were made to enable the company to purchase the property it is understood that the loans are unlikely to be repaid until either the property or the shares in the company are sold. |
For this reason the loans are classified as " long-term loans." |