Company registration number 08587806 (England and Wales)
JORDAN FAMILY ESTATE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
JORDAN FAMILY ESTATE LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
JORDAN FAMILY ESTATE LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
113
141
Investment properties
5
810,000
810,000
810,113
810,141
Current assets
Cash and cash equivalents
4,418
2,196
Current liabilities
6
(63,700)
(66,608)
Net current liabilities
(59,282)
(64,412)
Total assets less current liabilities
750,831
745,729
Non-current liabilities
7
(410,302)
(410,302)
Provisions for liabilities
(19,834)
(19,300)
Net assets
320,695
316,127
Equity
Called up share capital
2
2
Revaluation reserve
8
149,950
Non-distributable profits reserve
9
254,845
Distributable retained earnings
65,848
166,175
Total equity
320,695
316,127
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JORDAN FAMILY ESTATE LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mrs S Jordan
Director
Company Registration No. 08587806
JORDAN FAMILY ESTATE LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Jordan Family Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Holmeleigh, Lydford, Okehampton, Devon, United Kingdom, EX20 4BJ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
2.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
2.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition for it to be capable of operating in the manner intended by management.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
JORDAN FAMILY ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 4 -
2.4
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation and are accounted for in accordance with FRS 102 Section 16 "Investment Property". Investment properties are initially measured at cost, including associated transaction costs. Subsequently investment properties are measured at fair value.
Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period which they arise. Any gains are subsequently transferred to a non-distributable reserve. Any losses are only transferred to the non-distributable reserve as far as they can be matched against previous net unrealised gains.
During the year historic fair value adjustments and the associated deferred tax charge were transferred to the 'non-distributable profits reserve' to provide further clarity to the users on aggregate fair value adjustments. Historically these amounts have been split between the revaluation reserve and general retained earnings, both of which are treated through the profit and loss rather than other comprehensive income.
2.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.6
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 in the company's statement of financial position 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 receivables 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 unless the 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.
JORDAN FAMILY ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all material timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
JORDAN FAMILY ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
947
Depreciation and impairment
At 1 July 2022
806
Depreciation charged in the year
28
At 30 June 2023
834
Carrying amount
At 30 June 2023
113
At 30 June 2022
141
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
810,000
Investment property comprises of:
- historic cost £535,341
- formal valuation £149,950
- fair value uplift £124,709
The residential property of 4 Noble Street, Taunton was valued by directors on 30 June 2014 at £149,950 in accordance with advice from a local estate agent.
All other investment properties are stated at open market value on an existing use basis at 30 June 2023, as estimated by the directors. There has been no valuation of investment property by an independent valuer at this time.
6
Current liabilities
2023
2022
£
£
Taxation and social security
1,203
1,704
Other payables
62,497
64,904
63,700
66,608
'Other payables' includes interest free loans to the Company from the directors of £60,936 (2022 - £63,342).
JORDAN FAMILY ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Borrowings
2023
2022
£
£
Bank loans
410,302
410,302
Payable after more than five years
410,302
410,302
The long-term loans are secured by a fixed charge over the properties known as 48 Larch Close, Bridgwater TA6 4UY, 5 Cotton Patch Walk, North Petherwin TA6 6GS, 5 Clarks Road, Bridgewater TA6 5QB and 4 Noble Street, Taunton TA1 3BD. They are interest only mortgages.
8
Revaluation reserve
2023
£
At the beginning of the year
149,950
Transfer to non-distributable profits reserve
(149,950)
At the end of the year
Amounts in relation to historic fair value adjustments have been aggregated during the year into a seperate reserve designated as 'non-distributable profits reserve'.
9
Non-distributable profits reserve
2023
£
At the beginning of the year
-
Non distributable profits in the year
(513)
Transfer of non-distributable profits relating to prior periods
255,358
At the end of the year
254,845
Amounts in relation to historic fair value adjustments previously included within the 'revaluation reserve' and 'retained earnings' have been aggregated during the year into a separate reserve designated as 'non-distributable profit reserve'.