Company Registration No. 06939149 (England and Wales)
JORDAN 90 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
JORDAN 90 LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JORDAN 90 LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,341
1,408
Investment properties
4
2,939,303
2,882,129
2,942,644
2,883,537
Current assets
Debtors
5
479,264
236,786
Cash at bank and in hand
2,270,164
1,381,732
2,749,428
1,618,518
Creditors: amounts falling due within one year
6
(1,407,938)
(1,346,449)
Net current assets
1,341,490
272,069
Total assets less current liabilities
4,284,134
3,155,606
Provisions for liabilities
(587)
(210)
Net assets
4,283,547
3,155,396
Capital and reserves
Called up share capital
7
101
101
Profit and loss reserves
4,283,446
3,155,295
Total equity
4,283,547
3,155,396
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 30 November 2018 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.
JORDAN 90 LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2018
30 November 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2019 and are signed on its behalf by:
Mr John Henderson
Director
Company Registration No. 06939149
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 3 -
1
Accounting policies
Company information
Jordan 90 Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
17 Loch Lomond, High Usworth, Washington, Tyne & Wear, NE37 1PD.
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 is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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
25% Reducing balance
Fixtures, fittings & equipment
25% 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.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Cash at bank and in hand
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.
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies (Continued)
- 4 -
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.
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.
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.
1.7
Equity instruments
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.
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 3 (2017 - 3).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 December 2017
3,227
3,964
7,191
Additions
-
3,047
3,047
At 30 November 2018
3,227
7,011
10,238
Depreciation and impairment
At 1 December 2017
2,747
3,036
5,783
Depreciation charged in the year
120
994
1,114
At 30 November 2018
2,867
4,030
6,897
Carrying amount
At 30 November 2018
360
2,981
3,341
At 30 November 2017
480
928
1,408
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
4
Investment property
2018
£
Fair value
At 1 December 2017
2,882,129
Additions
57,174
At 30 November 2018
2,939,303
The valuations of investment properties of £2,939,303 (2017 : £2,882,129) were made as at 30 November 2018 by the directors, on an open market basis. No depreciation is provided in respect of these properties.
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
398,264
173,809
Other debtors
81,000
62,977
479,264
236,786
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
44,132
1,591
Corporation tax
265,111
217,399
Other taxation and social security
141,284
95,165
Other creditors
947,614
1,021,666
Accruals and deferred income
9,797
10,628
1,407,938
1,346,449
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
101 Ordinary of £1 each
101
101