Company registration number 06939149 (England and Wales)
JORDAN 90 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
JORDAN 90 LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JORDAN 90 LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
444
1,355
Investment properties
4
6,247,821
2,939,302
Investments
5
1,482,614
2,899,737
7,730,879
5,840,394
Current assets
Debtors
6
594,681
300,905
Investments
7
250,000
Cash at bank and in hand
490,984
969,561
1,085,665
1,520,466
Creditors: amounts falling due within one year
8
(1,844,077)
(1,257,973)
Net current (liabilities)/assets
(758,412)
262,493
Total assets less current liabilities
6,972,467
6,102,887
Provisions for liabilities
(84)
(226)
Net assets
6,972,383
6,102,661
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
6,972,282
6,102,560
Total equity
6,972,383
6,102,661
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 2021 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 2021
30 November 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 July 2022 and are signed on its behalf by:
Mr Brian Henderson
Director
Company Registration No. 06939149
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 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, Washington, Tyne And Wear, United Kingdom, 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 goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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 equipment
25% Reducing balance
Fixtures and fittings
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.
1.5
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.
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
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.
1.8
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2020 and 30 November 2021
10,238
Depreciation and impairment
At 1 December 2020
8,883
Depreciation charged in the year
911
At 30 November 2021
9,794
Carrying amount
At 30 November 2021
444
At 30 November 2020
1,355
4
Investment property
2021
£
Fair value
At 1 December 2020
2,939,302
Additions
4,326,774
Disposals
(1,018,255)
At 30 November 2021
6,247,821
The valuations of investment properties of £6,247,821 (202: £2,939,302) were made as at 30 November 2021 by the directors, on an open market basis. No depreciation is provided in respect of these properties.
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
125,120
Loans to group undertakings and participating interests
1,482,514
2,774,617
1,482,614
2,899,737
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries and associates
Loans to subsidiaries and associates
Total
£
£
£
Cost or valuation
At 1 December 2020
125,120
2,774,617
2,899,737
Additions
-
89,098
89,098
Repaid
-
(21,143)
(21,143)
Disposals
(125,020)
(1,360,058)
(1,485,078)
At 30 November 2021
100
1,482,514
1,482,614
Carrying amount
At 30 November 2021
100
1,482,514
1,482,614
At 30 November 2020
125,120
2,774,617
2,899,737
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
594,681
166,667
Other debtors
134,238
594,681
300,905
7
Current asset investments
2021
2020
£
£
Other investments
250,000
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
2,215
1,929
Corporation tax
176,817
228,329
Other taxation and social security
150,731
95,674
Other creditors
1,514,314
932,041
1,844,077
1,257,973
JORDAN 90 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
2,375