Company Registration No. 11997033 (England and Wales)
JUPITER BRIDGING II LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
JUPITER BRIDGING II LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JUPITER BRIDGING II LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
Notes
£
£
Current assets
Debtors
3
17,654,999
Cash at bank and in hand
80,022
17,735,021
Creditors: amounts falling due within one year
4
(9,033,092)
Net current assets
8,701,929
Creditors: amounts falling due after more than one year
5
(8,644,000)
Net assets
57,929
Capital and reserves
Called up share capital
6
10,000
Profit and loss reserves
47,929
Total equity
57,929
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the period 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 10 February 2020
Mr P S Raja
Director
Company Registration No. 11997033
JUPITER BRIDGING II LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Jupiter Bridging II Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Suite 2, First Floor, 315 Regents Park Road, Finchley, London, N3 1DP.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company was incorporated on 15 May 2019. This is the first accounting period and there is no comparative period.
1.3
Turnover
Turnover represents interest receivable on loans advanced to customers. The turnover of the company is not subject to VAT.
Interest receivable is recognised as revenue immediately upon advancing of loans to the extent that it is non-refundable and will accrue over the minimum term of the underlying agreement. Interest accruing subsequent to the minimum term is recognised as revenue over the remaining term of the agreement in proportion to the capital amount outstanding.
1.4
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. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
JUPITER BRIDGING II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1.
JUPITER BRIDGING II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 4 -
3
Debtors
2019
Amounts falling due within one year:
£
Bridge loans receivable
16,942,594
Bridge loan interest receivable
712,405
17,654,999
4
Creditors: amounts falling due within one year
2019
£
Senior lender loan
6,670,000
Junior lender loan
1,683,347
Loan interest payable
366,101
Amounts owed to group undertakings
114,389
Corporation tax
11,292
Other taxation and social security
79,480
Other creditors
102,483
Accruals and deferred income
6,000
9,033,092
The
Senior lender
loan is secured by a fixed and floating charge over the company's assets.
5
Creditors: amounts falling due after more than one year
2019
£
Senior lender loan
8,644,000
The long-term Senior lender loan is secured by fixed and floating charge over the company's assets.
6
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
The company has one class of ordinary shares which carry no right to fixed income.
JUPITER BRIDGING II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
6
Called up share capital
2019
£
(Continued)
- 5 -
Reconciliation of movements during the period:
Ordinary
Number
At 15 May 2019
-
Issue of fully paid shares
10,000
At 31 December 2019
10,000
During the period, the company issued the above ordinary shares at par value.
7
Parent company
The parent company of Jupiter Bridging Limited is PSR Equities Limited, a company incorporated in England
. The registered office address of the parent company is the same as that of the company.