Company Registration No. 00801079 (England and Wales)
JULIET PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
JULIET PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JULIET PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
388
456
Investment properties
4
7,290,991
7,290,991
Investments
5
637,928
646,964
7,929,307
7,938,411
Current assets
Debtors
6
26,431
16,503
Cash at bank and in hand
454,144
422,842
480,575
439,345
Creditors: amounts falling due within one year
7
(49,278)
(78,797)
Net current assets
431,297
360,548
Total assets less current liabilities
8,360,604
8,298,959
Provisions for liabilities
(1,133,374)
(1,133,374)
Net assets
7,227,230
7,165,585
Capital and reserves
Called up share capital
8
100
100
Other reserves
205,746
205,746
Profit and loss reserves
7,021,384
6,959,739
Total equity
7,227,230
7,165,585
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 2019 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.
JULIET PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2019 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 2019
- 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.
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 propert
ies, which are
proper
ies
held to earn rentals and/or for capital appreciation,
are
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.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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 year was 1 (2017: 1)
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018 and 31 March 2019
29,843
Depreciation and impairment
At 1 April 2018
29,387
Depreciation charged in the year
68
At 31 March 2019
29,455
Carrying amount
At 31 March 2019
388
At 31 March 2018
456
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Investment property
2019
£
Fair value
At 1 April 2018 and 31 March 2019
7,290,991
The fair value of investment properties has been arrived at on the basis of a valuation carried out on 31 March 2018 by a Chartered Surveyor who is a RICS registered valuer. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. . The original cost of the properties was £719,472.
5
Fixed asset investments
2019
2018
£
£
Investments
637,928
646,964
Fixed asset investments revalued
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2018
646,964
Additions
4,703
Disposals
(13,739)
At 31 March 2019
637,928
Carrying amount
At 31 March 2019
637,928
At 31 March 2018
646,964
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
9,713
60
Other debtors
16,718
16,443
26,431
16,503
JULIET PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
6
Debtors
(Continued)
- 6 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
15,342
11,956
Other taxation and social security
199
(190)
Other creditors
33,737
67,031
49,278
78,797
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Related party transactions
The directors operate current accounts with the company on an interest free basis. At the beginning of the year the directors were owed £27,350 by the company. During the year a dividend of £31,586 was paid to director J R Spencer. At the year end the directors were owed £2133 by the company.