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REGISTERED NUMBER: 00459698 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

J.KNAPP & SONS LIMITED

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J.KNAPP & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







Directors: S J Taylor
Mrs C Dawson





Secretary: Mrs C Dawson





Registered office: 95 St. George's Terrace
Newcastle Upon Tyne
NE2 2DN





Registered number: 00459698 (England and Wales)





Accountants: BHG LLP
Chartered Accountants
95 St. George's Terrace
Newcastle Upon Tyne
NE2 2DN

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

BALANCE SHEET
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 4,256,043 3,985,000
4,256,043 3,985,000

CURRENT ASSETS
Debtors 6 13,261 10,407
Cash at bank 372,099 606,014
385,360 616,421
CREDITORS
Amounts falling due within one year 7 33,136 26,180
NET CURRENT ASSETS 352,224 590,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,608,267

4,575,241

CREDITORS
Amounts falling due after more than one
year

8

(1,700

)

(1,700

)

PROVISIONS FOR LIABILITIES 9 (380,612 ) (380,612 )
NET ASSETS 4,225,955 4,192,929

CAPITAL AND RESERVES
Called up share capital 10 5,300 5,300
Fair value reserve 11 2,091,888 2,091,888
Retained earnings 2,128,767 2,095,741
SHAREHOLDERS' FUNDS 4,225,955 4,192,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

BALANCE SHEET - continued
31 DECEMBER 2021


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 18 August 2022 and were signed on its behalf by:




S J Taylor - Director



Mrs C Dawson - Director


J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

J.Knapp & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investment property
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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot be reasonably quantified, because depreciation is only one of the factors reflected in the annual valuation and the amount relating to the deprecation of the property cannot be separately identified.

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

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 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 legally 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 trade and other 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.

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 trade and other creditors, bank loans 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

For non-depreciable assets measured using the revaluation model and investment properties measured at fair value, deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

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.

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 2 ).

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
Cost
At 1 January 2021
and 31 December 2021 397
Depreciation
At 1 January 2021
and 31 December 2021 397
Net book value
At 31 December 2021 -
At 31 December 2020 -

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 January 2021 3,985,000
Additions 271,043
At 31 December 2021 4,256,043
Net book value
At 31 December 2021 4,256,043
At 31 December 2020 3,985,000

Investment property comprises commercial and residential property held by the company for the generation of rental income.

The fair value of the residential investment property has been arrived at on the basis of a valuation carried out at February 2018 by the directors and independently confirmed by Leaders Limited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider this valuation to be materially different from the market value at December 2021.

The fair value of the commercial investment property has been arrived at on the basis of a valuation carried out at August 2015 by Loveday Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider this valuation to be materially different to the market value at December 2021.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 798 2,608
Other debtors 12,463 7,799
13,261 10,407

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 3,612 1,898
Taxation and social security 21,239 15,208
Other creditors 8,285 9,074
33,136 26,180

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Included in other creditors falling due after more than one year are 1,700 3.5% cumulative preference shares at their nominal value of £1 per share.

The shares are redeemable at the company's discretion.

9. PROVISIONS FOR LIABILITIES
31.12.21 31.12.20
£    £   
Deferred tax 380,612 380,612

Deferred
tax
£   
Balance at 1 January 2021 380,612
Balance at 31 December 2021 380,612

The deferred tax liability set out above is expected to reverse over a number of years when investment
property is disposed of.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
5,300 Ordinary £1.00 5,300 5,300

11. FAIR VALUE RESERVE
Fair
value
reserve
£   
At 1 January 2021
and 31 December 2021 2,091,888

The fair value reserve represents cumulative fair value gains on investment properties net of associated
deferred tax provisions.

J.KNAPP & SONS LIMITED (REGISTERED NUMBER: 00459698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

12. ULTIMATE CONTROLLING PARTY

The directors regard JKS (2015) LTD, a company registered in England and Wales, as the immediate and ultimate parent company. The registered office of JKS (2015) LTD is 95 St. George's Terrace, Jesmond, Newcastle-Upon-Tyne, NE2 2DN.

No one individual controls JKS (2015) LTD.