Company No: SC087971 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Investment property	3	1,490,000		1,490,000
Investments	4	0		100
		1,490,000		1,490,100
Current assets
Debtors	5	2,750		4,331
Cash at bank and in hand	6	7,456		4,023
		10,206		8,354
Creditors
Amounts falling due within one year	7	( 47,483)		( 79,925)
Net current liabilities		(37,277)		(71,571)
Total assets less current liabilities		1,452,723		1,418,529
Creditors
Amounts falling due after more than one year	8	( 284,193)		( 211,367)
Provision for liabilities	9, 10	( 134,361)		( 102,114)
Net assets		1,034,169		1,105,048
Capital and reserves
Called-up share capital	11	33,000		33,000
Revaluation reserve		463,300		463,300
Profit and loss account		537,869		608,748
Total shareholders' funds		1,034,169		1,105,048

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of JJNB (Properties) Ltd (registered number: SC087971) were approved and authorised for issue by the Director on 12 October 2022. They were signed on its behalf by:

Mr J C Barclay Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JJNB (Properties) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Summerhill, Bellwood Park, Perth, PH2 7AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Interests in subsidiaries 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	1,490,000
As at 31 March 2022	1,490,000

Valuation

Investment property comprises various commercial properties across Perth. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2022 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4. Fixed asset investments

	2022		2021
	£		£
Subsidiary undertakings	0		100

As there is no readily available information regarding the value of the shares of the company's unlisted investments, the directors have elected to adopt the cost less impairment model.

Investments in subsidiaries

	2022
	£
Cost
At 01 April 2021	100
At 31 March 2022	100
Provisions for impairment
At 01 April 2021	0
Impairment	100
At 31 March 2022	100
Carrying value at 31 March 2022	0
Carrying value at 31 March 2021	100

5. Debtors

	2022		2021
	£		£
Trade debtors	2,750		4,000
Other debtors	0		331
	2,750		4,331

6. Cash and cash equivalents

	2022		2021
	£		£
Cash at bank and in hand	7,456		4,023

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	35,746		38,090
Trade creditors	0		2,274
Amounts owed to Group undertakings	0		34,246
Corporation tax	5,327		3,365
Other taxation and social security	72		0
Other creditors	6,338		1,950
	47,483		79,925

Included in bank loans is an amount of £26,059 (2021 - £30,982) secured by a floating charge over all the company's property and assets, present and future.

Also included in bank loans are amounts advance to the company via a bounce back loan of £9,687 (2021- £7,108). This loan is covered by a government backed guarantee.

8. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	33,171		69,002
Other creditors	251,022		142,365
	284,193		211,367

Included in bank loans is an amount of £nil (2021 - £26,110) secured by a floating charge over all the company's property and assets, present and future.

Also included in bank loans are amounts advance to the company via a bounce back loan of £33,171 (2021- £42,892). This loan is covered by a government backed guarantee.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2022		2021
	£		£
Bank loans (repayable by instalments)	0		2,651

9. Provision for liabilities

	2022		2021
	£		£
Deferred tax	134,361		102,114

10. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 102,114)		( 101,789)
Charged to the Profit and Loss Account	( 32,247)		( 325)
At the end of financial year	( 134,361)		( 102,114)

11. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
33,000 Ordinary shares of £ 1.00 each	33,000		33,000

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2022		2021
	£		£
Entities with control, joint control or significant influence over the company	0		34,246

Transactions with the entity's directors

	2022		2021
	£		£
Amounts owed to directors	251,022		142,365

The directors loan account is interest free, unsecured and repayable in over 12 months.