Jsd Retail Park Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI646916 (Northern Ireland)

Jsd Retail Park Ltd

Unaudited Financial Statements for the Year Ended 31 December 2019

Page

Balance sheet

1

Notes to the financial statements

2

Fixed assets

Investment property

4

4,450,014

2,714,700

Current assets

Debtors

5

138,361

882

Cash at bank

35,641

190

174,002

1,072

Creditors

Amounts falling due within one year

6

(2,510,205

)

(1,833,733

)

Net current liabilities

(2,336,203

)

(1,832,661

)

Total assets less current liabilities

2,113,811

882,039

Creditors

Amounts falling due after more than one year

7

(1,723,941

)

(688,961

)

Net assets

389,870

193,078

Capital and reserves

Called up share capital

10

200

200

Retained earnings

11

389,670

192,878

Shareholders' funds

389,870

193,078

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2020 and were signed on its behalf by:

Mr R J Davis - Director

1.	Statutory information

Jsd Retail Park Ltd is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address are as below:

Registered number:

NI646916

Registered office:

C/O Colemans Garden Centre Ltd

6 Old Ballyclare Road

Templepatrick

Antrim

BT39 0BJ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instruments Issues" of FRS102 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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 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.

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, 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 payments

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. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of

change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary

course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised

cost using the effective interest method, less provision for impairment, A provision for the impairment of trade

debtors is established when there is objective evidence that the company will not be able to collect all amounts

due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if the company does not have an

unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve

months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months

after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost

using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of

transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss

Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable

and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement

of the liability for at least twelve months after the reporting date.

3.	Employees and directors

The average number of employees during the year was NIL (2018 - NIL).

4.	Investment property

Total

£

Fair value

At 1 January 2019

2,714,700

Additions

1,735,314

At 31 December 2019

4,450,014

Net book value

At 31 December 2019

4,450,014

At 31 December 2018

2,714,700

5.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

10,727

-

Other debtors

119,400

-

Prepayments

8,234

882

138,361

882

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts (see note 8)

170,565

64,435

Hire purchase contracts

23,850

-

Trade creditors

115,785

55,188

VAT

15,874

11,704

Other creditors

1,494,676

331,504

Directors' current accounts

657,097

1,361,057

Accruals and deferred income

25,817

5,456

Accrued expenses

6,541

4,389

2,510,205

1,833,733

7.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans (see note 8)

1,670,278

688,961

Hire purchase contracts

53,663

-

1,723,941

688,961

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,158,583

495,656

8.

Loans

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans

170,565

64,435

2019

2018

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

170,565

64,435

Amounts falling due between two and five years:

Bank loans - 2-5 years

341,130

128,870

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,158,583

495,656

9.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,840,843

753,396

Aib Group (UK) P.L.C hold a fixed and floating charge over all investment property.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

200

Ordinary

£1

200

200

11.

Reserves

Retained

earnings

£

At 1 January 2019

192,878

Profit for the year

196,792

At 31 December 2019

389,670

12.	Related party disclosures

Colemans Garden Centre Ltd

A company with mutual directors and shareholders.

During the year Colemans Garden Centre Ltd loaned the company £120,380. This is an interest free on demand

loan. At the balance sheet date the company owed £120,380 (2018: £0) to Colemans Garden Centre Ltd.

2019

2018

£

£

Amount due to related party at the balance sheet date

120,380

-

Dunadry Holdings Ltd

A company with mutual shareholders.

On 1 January 2019 the company owed Dunadry Holdings Ltd £69,600.This is an interest free on demand loan.

At the balance sheet date Dunadry Holdings Limited owed the company £79,400 (2018: -£69,600)

2019

2018

£

£

Amount due from/(to) related party at the balance sheet date

79,400

(69,600

)

Robert Kirk Flooring Limited

A company in which David Chick is a shareholder.

Last year Robert Kirk Flooring Limited loaned the company £15,000. This is an interest free on demand loan.

At the balance sheet date the company owed £75,000 (2018: £15,000) to Robert Kirk Flooring Limited.

2019

2018

£

£

Amount due to related party at the balance sheet date

75,000

15,000

Troopers Road Construction Ltd

A company with mutual shareholders

Last year Troopers Road Construction Ltd loaned the company £241,904. This is an interest free on demand

loan. At the balance sheet date the company owed £241,904 (2018: £241,904) to Troopers Road Construction

Ltd.

2019

2018

£

£

Amount due to related party at the balance sheet date

241,904

241,904

Springfarm Architectural Mouldings Limited

A company with mutual shareholders.

During the year the company received £200,000 (2018: £0) from Springfarm Architectural Mouldings Limited. At

the balance sheet date there was £200,000 (2018:£0) due to Springfarm Architectural Mouldings Limited. This is

an interest free loan and is payable on demand.

2019

2018

£

£

Amount due to related party at the balance sheet date

200,000

-

SWC Restaurants Limited

Shareholder's close family member is a director

During the year the company received £35,000 from SWC Restaurants Limited. At the balance sheet date there

was £35,000 due to SWC Restaurants Limited (2018: £0). There is no interest accruing on this balance and it is

payable on demand.

2019

2018

£

£

Amount due to related party at the balance sheet date

35,000

-