REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
J.KNAPP & SONS LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 - |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Depreciation |
At 1 January 2021 |
and 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 January 2021 |
Additions |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
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 |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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 |
Balance at 31 December 2021 |
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: | £ | £ |
Ordinary | £1.00 | 5,300 | 5,300 |
11. | FAIR VALUE RESERVE |
Fair |
value |
reserve |
£ |
At 1 January 2021 |
and 31 December 2021 |
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. |