Company Registration No. SC087971 (Scotland)
JJNB (PROPERTIES) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
JJNB (PROPERTIES) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JJNB (PROPERTIES) LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,490,000
1,425,000
Investments
4
61,600
61,600
1,551,600
1,486,600
Current assets
Debtors
5
722
56,488
Cash at bank and in hand
170
152
892
56,640
Creditors: amounts falling due within one year
6
(45,343)
(264,639)
Net current liabilities
(44,451)
(207,999)
Total assets less current liabilities
1,507,149
1,278,601
Creditors: amounts falling due after more than one year
7
(264,542)
(218,830)
Provisions for liabilities
Deferred tax liability
101,789
91,365
(101,789)
(91,365)
Net assets
1,140,818
968,406
Capital and reserves
Called up share capital
8
33,000
33,000
Revaluation reserve
463,300
371,692
Profit and loss reserves
644,518
563,714
Total equity
1,140,818
968,406
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
JJNB (PROPERTIES) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 by the board of directors and authorised for issue on 17 March 2021 and are signed on its behalf by:
Mr J C Barclay
Director
Company Registration No. SC087971
JJNB (PROPERTIES) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
JJNB (Properties) Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
2 Glasgow Road, PERTH, PH2 0NX.
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 at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover represents rents receivable net of VAT.
Rental income is recognised on a straight line basis over the term of the lease.
1.3
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.
Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks
.
1.6
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.
JJNB (PROPERTIES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors
a
nd bank balances, are measured at transaction price including transaction costs
.
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
and
loans from
fellow group companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
1.7
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.
1.8
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.
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.
JJNB (PROPERTIES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1
).
3
Investment property
2020
£
Fair value
At 1 April 2019
974,969
Additions
65,000
Disposals
(100,825)
Revaluations
550,856
At 31 March 2020
1,490,000
Investment property comprises various commercial properties across Perth. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2020 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2020
2019
£
£
Investments
61,600
61,600
Fixed asset investments not carried at market value
As there is no readily available information regarding the value of the shares of the company's unlisted investments, the directors have elected to adopt the cost less impairment model. The directors confirm that no impairment was required at the balance sheet date.
JJNB (PROPERTIES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2019 & 31 March 2020
61,600
Carrying amount
At 31 March 2020
61,600
At 31 March 2019
61,600
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
8,157
Other debtors
722
48,331
722
56,488
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
9,266
13,460
Trade creditors
336
-
Amounts owed to group undertakings
34,241
249,682
Other creditors
1,500
1,497
45,343
264,639
Bank loans are secured by a floating charge over all the company's property and assets, present and future.
JJNB (PROPERTIES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
100,036
164,943
Other creditors
164,506
53,887
264,542
218,830
Bank loans are secured by a floating charge over all the company's property and assets, present and future.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
56,334
103,046
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
33,000 Ordinary shares of £1 each
33,000
33,000
JJNB (PROPERTIES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
9
Related party transactions
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Amount owed to
Amounts owed by
2020
2019
2020
2019
£
£
£
£
Entities with control, joint control or significant influence over the company
34,241
249,682
47,766
Key management personnel
164,506
53,887
The directors loan account is interest free, unsecured and repayable in over 12 months.
The company rents premises from its subsidiary, Glenalmond Homes Limited. No rents were charged for the year ended 31 March 2020.