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COMPANY REGISTRATION NUMBER: 10575431
J Holtby Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2022
J Holtby Limited
Financial Statements
Year ended 31 January 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
J Holtby Limited
Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
382,962
376,651
Current assets
Debtors
6
1,772
1,350
Cash at bank and in hand
168,541
55,685
----------
--------
170,313
57,035
Creditors: amounts falling due within one year
7
215,691
227,797
----------
----------
Net current liabilities
45,378
170,762
----------
----------
Total assets less current liabilities
337,584
205,889
Creditors: amounts falling due after more than one year
8
289,567
194,822
----------
----------
Net assets
48,017
11,067
----------
----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
14,359
Profit and loss account
33,558
10,967
--------
--------
Shareholders funds
48,017
11,067
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J Holtby Limited
Statement of Financial Position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 12 August 2022 , and are signed on behalf of the board by:
Mr J N Holtby
Director
Company registration number: 10575431
J Holtby Limited
Notes to the Financial Statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Highcroft, Cherry Burton, Beverley, East Yorkshire, HU17 7SG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognsied only to the extent that expenses recognised are recoverable. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2021: 2 ).
5. Tangible assets
Investment properties
Motor vehicles
Office equipment
Total
£
£
£
£
Cost/Valuation
At 1 February 2021
369,118
12,240
864
382,222
Additions
594
594
Revaluations
14,359
14,359
Other movements
( 6,610)
( 6,610)
----------
--------
-------
----------
At 31 January 2022
376,867
12,240
1,458
390,565
----------
--------
-------
----------
Depreciation
At 1 February 2021
5,355
216
5,571
Charge for the year
1,721
311
2,032
----------
--------
-------
----------
At 31 January 2022
7,076
527
7,603
----------
--------
-------
----------
Carrying amount
At 31 January 2022
376,867
5,164
931
382,962
----------
--------
-------
----------
At 31 January 2021
369,118
6,885
648
376,651
----------
--------
-------
----------
Tangible assets held at valuation
The investment properties were valued in January 2022 by the directors who have experience in the location and category of the investment properties being valued.
6. Debtors
2022
2021
£
£
Trade debtors
1,350
Other debtors
1,772
-------
-------
1,772
1,350
-------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
3,354
2,042
Trade creditors
997
948
Corporation tax
7,440
907
Directors loan account
203,900
223,900
----------
----------
215,691
227,797
----------
----------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
289,567
194,822
----------
----------
The bank loans are secured by a charge over the associated assets.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £1,458) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £97,987 (2021: £Nil) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date
.
9. Related party transactions
During the year the directors made available interest free loans to the company which are repayable on demand . As at 31 January 2022 the total balance owed to the directors was £ 203,900 (2021 £ 223,900 ).