Company Registration No. 00801079 (England and Wales)
JULIET PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
JULIET PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mrs P M Spencer
J R Spencer
Company number
00801079
Registered office
7 Pond Cottages
London
SE21 7LE
Accountants
K A Jeffries & Company
18 Melbourne Grove
London
SE22 8RA
JULIET PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
JULIET PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
536
631
Investment properties
4
2,677,803
3,265,550
Investments
5
633,237
560,960
3,311,576
3,827,141
Current assets
Debtors
6
25,720
56,887
Cash at bank and in hand
335,774
16,987
361,494
73,874
Creditors: amounts falling due within one year
7
(49,673)
(30,671)
Net current assets
311,821
43,203
Total assets less current liabilities
3,623,397
3,870,344
Provisions for liabilities
(241,970)
(229,974)
Net assets
3,381,427
3,640,370
Capital and reserves
Called up share capital
9
100
100
Capital reserve
205,746
205,746
Profit and loss reserves
3,175,581
3,434,524
Total equity
3,381,427
3,640,370
The directors 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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their 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 .
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.
JULIET PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 December 2017 and are signed on its behalf by:
J R Spencer
Director
Company Registration No. 00801079
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
JULIET PROPERTIES LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Pond Cottages, London, SE21 7LE.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rent and commissions.
1.3
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.
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:
Plant and machinery
33.3% straight line on computers
Fixtures, fittings & equipment
15% 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
.
1.4
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.
. 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.
1.5
Fixed asset investments
Listed investments are valued at their market value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable, are recognised in the profit and loss account. This is a change of accounting policy as a result of the implementation of FRS 102.
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
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 year was 1 (2016: 1)
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
29,843
Depreciation and impairment
At 1 April 2016
29,212
Depreciation charged in the year
95
At 31 March 2017
29,307
Carrying amount
At 31 March 2017
536
At 31 March 2016
631
4
Investment property
2017
£
Fair value
At 1 April 2016
3,265,551
Disposals
(587,748)
At 31 March 2017
2,677,803
The fair value of investment properties has been arrived at on the basis of a valuation carried out on 31 March 2014 by the then director of the company, Mr P L Spencer. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The current directors consider that this valuation adequately reflects the market value at the year end. The original cost of the properties was £719,472.
5
Fixed asset investments
2017
2016
£
£
Investments
633,237
560,960
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016
560,960
Additions - income reinvested
4,514
Valuation changes
73,191
Disposals
(5,428)
At 31 March 2017
633,237
Carrying amount
At 31 March 2017
633,237
At 31 March 2016
560,960
The historic cost of investments at the year end was £406,455 (2016: £407,369).
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
1
Corporation tax recoverable
-
22,807
Other debtors
25,720
34,079
25,720
56,887
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
2,507
Corporation tax
16,046
5,925
Other taxation and social security
(190)
-
Other creditors
33,817
22,239
49,673
30,671
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Provisions for liabilities - deferred taxation
2017
2016
£
£
Revaluation of investment properties
213,667
213,393
Revaluation of listed investments
28,303
16,581
Deferred tax liabilities
241,970
229,974
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Related party transactions
The directors operate a current account with the company on an interest free basis. At the beginning of the year the directors were owed £10,986 by the company. During the year a dividend of £12,000 was paid to director J R Spencer. Company obligations totalling £2,915 were settled by and credited to the directors. At the year end the directors were owed £14,319 by the company.
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
776
-
776
631
-
631
Investment properties
3,201,382
-
3,201,382
3,265,550
-
3,265,550
Investments
1
406,640
168,452
575,092
407,369
153,591
560,960
3,608,798
168,452
3,777,250
3,673,550
153,591
3,827,141
Current assets
Debtors
12,866
-
12,866
56,887
-
56,887
Bank and cash
122,161
-
122,161
16,987
-
16,987
135,027
-
135,027
73,874
-
73,874
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
11
Reconciliations on adoption of FRS 102
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
(Continued)
- 8 -
Creditors due within one year
Loans and overdrafts
(11,191)
-
(11,191)
(13,493)
-
(13,493)
Taxation
(22,780)
-
(22,780)
(5,925)
-
(5,925)
Other creditors
(4,993)
-
(4,993)
(11,253)
-
(11,253)
(38,964)
-
(38,964)
(30,671)
-
(30,671)
Net current assets
96,063
-
96,063
43,203
-
43,203
Total assets less current liabilities
3,704,861
168,452
3,873,313
3,716,753
153,591
3,870,344
Provisions for liabilities
Deferred tax
3
-
(237,696)
(237,696)
-
(229,974)
(229,974)
Net assets
3,704,861
(69,244)
3,635,617
3,716,753
(76,383)
3,640,370
Capital and reserves
Share capital
100
-
100
100
-
100
Revaluation reserve
2
2,257,428
-
2,257,428
2,257,428
(2,257,428)
-
Other reserves
205,746
-
205,746
205,746
-
205,746
Profit and loss
1,241,587
(237,696)
1,003,891
1,253,479
2,181,045
3,434,524
Total equity
3,704,861
(237,696)
3,467,165
3,716,753
(76,383)
3,640,370
Reconciliation of profit/(loss) for the financial period
Year ended 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
117,668
-
117,668
Administrative expenses
(104,427)
-
(104,427)
Interest receivable and similar income
15,948
-
15,948
Amounts written off investments
628
-
628
Profit before taxation
29,817
-
29,817
Taxation
3
(5,925)
(229,974)
(235,899)
Profit/(loss) for the financial period
23,892
(229,974)
(206,082)
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
11
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Notes to reconciliations on adoption of FRS 102
1) Investments
Fair value of listed investments at 1 April 2015 and 31 March 2016 previously shown a cost.
2) Revaluation reserve
The revaluation reserve relates to the increase in fair value of investment properties which has been transferred net of deferred tax to the profit and loss reserve.
3) Deferred tax
Deferred tax is a provision for tax on the gains relating to investment properties and listed investments measured at fair value compared to indexed costs.
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