Company Registration No. 0956134 (England and Wales)
J.W. GUTTERIDGE (WHOLESALE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
J.W. GUTTERIDGE (WHOLESALE) LIMITED
COMPANY INFORMATION
Directors
Mr J. Gutteridge (Jnr)
Ms Davina Gutteridge
Ms Angela Roberts
Company number
0956134
Registered office
Ramillies House
2 Ramillies Street
London
W1F 7LN
Accountants
F Winter & Co. LLP
Ramillies House
2 Ramillies Street
London
W1F 7LN
J.W. GUTTERIDGE (WHOLESALE) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
J.W. GUTTERIDGE (WHOLESALE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 OCTOBER 2022
30 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
828,165
1,190,462
Investment properties
6
48,986,994
43,330,327
Investments
7
1,100
49,816,259
44,520,789
Current assets
Trade and other receivables
9
3,145,355
2,865,676
Cash and cash equivalents
3,432,950
3,778,335
6,578,305
6,644,011
Current liabilities
10
(413,315)
(618,373)
Net current assets
6,164,990
6,025,638
Total assets less current liabilities
55,981,249
50,546,427
Provisions for liabilities
(10,521,552)
(6,767,370)
Net assets
45,459,697
43,779,057
Equity
Called up share capital
5,000
5,000
Fair value reserve
32,730,712
30,834,391
Retained earnings
12,723,985
12,939,666
Total equity
45,459,697
43,779,057
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 October 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
Mr J. Gutteridge (Jnr)
Ms Davina Gutteridge
Ms Angela Roberts
Director
Director
Director
Company Registration No. 0956134
J.W. GUTTERIDGE (WHOLESALE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 OCTOBER 2022
- 2 -
Share capital
Fair value reserve
Retained earnings
Total
£
£
£
£
Balance at 31 October 2020
5,000
30,834,391
13,110,233
43,949,624
Year ended 30 October 2021:
Loss and total comprehensive income for the year
-
-
(170,567)
(170,567)
Balance at 30 October 2021
5,000
30,834,391
12,939,666
43,779,057
Year ended 30 October 2022:
Profit and total comprehensive income for the year
-
-
1,680,640
1,680,640
Unrealised profit for the year
-
1,896,321
(1,896,321)
Balance at 30 October 2022
5,000
32,730,712
12,723,985
45,459,697
J.W. GUTTERIDGE (WHOLESALE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
- 3 -
1
Company information
J.W. Gutteridge (Wholesale) Limited is a private company limited by shares incorporated in England and Wales with registration number 0956134. The registered office is Ramillies House, 2 Ramillies Street, London, W1F 7LN.
2
Compliance with accounting standard
These financial statements have been prepared in accordance with the provisions of FRS 102 section 1A for small entities. There were no material departures from the standard.
3
Accounting policies
3.1
Accounting convention
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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 £.
3.2
Revenue
The company revenue comprises of rental income, service charges and other recoverables from tenants and is recognised on a receivable basis.
3.3
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.
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 machinery
25% per annum on a straight line basis
Fixtures, fittings & equipment
25% per annum on a straight line basis
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.
3.4
Investment properties
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 and deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net unrealised gains for the year are transferred to fair value reserve. When the gains are realised on disposal, the net realised gain is transferred to retained earnings.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
3.5
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.
J.W. GUTTERIDGE (WHOLESALE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2022
3
Accounting policies
(Continued)
- 4 -
3.6
Financial instruments
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.
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.
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.
3.7
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 is provided at the rate expected to apply at the date that the timing differences reverse, based on the rates enacted or substantively enacted at the balance sheet date.
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing difference.
During the year, there was adjustment to deferred tax as both market values of the investment properties and the tax rate have changed as at balance sheet date.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2021 - 8).
J.W. GUTTERIDGE (WHOLESALE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 5 -
5
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 31 October 2021
1,800,288
51,943
1,852,230
Additions
114,097
114,097
At 30 October 2022
1,914,385
51,943
1,966,327
Depreciation and impairment
At 31 October 2021
629,241
32,528
661,769
Depreciation charged in the year
467,138
9,255
476,393
At 30 October 2022
1,096,379
41,783
1,138,162
Carrying amount
At 30 October 2022
818,005
10,160
828,165
At 30 October 2021
1,171,047
19,415
1,190,462
6
Investment property
2022
£
Fair value
At 31 October 2021
43,330,327
Additions
6,164
Net gains or losses through fair value adjustments
5,650,503
At 30 October 2022
48,986,994
During the year, the company undertook major repair and maintenance work in some of the properties. Capital allowance experts were appointed to identify the capital allowances available and any costs that can be capitalised. The capital allowance experts reported an amount of £6,164 (2021:£41,827) eligible for improvement, thus the costs have been capitalised.
The fair value of the investment properties reflects amongst other things, rental income from current leases and assumptions about future rental lease income based on current market conditions and anticipated plans for the properties.
On a historical cost basis, these would have been included at an original cost of £5,692.904 (2021: £5,686,740).
7
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,100
J.W. GUTTERIDGE (WHOLESALE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
7
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 31 October 2021
-
Additions
1,100
At 30 October 2022
1,100
Carrying amount
At 30 October 2022
1,100
At 30 October 2021
-
8
Subsidiaries
Details of the company's subsidiaries at 30 October 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Ledbury Properties Limited
England & Wales
Ordinary
100.00
-
ADK & JG Properties Ltd
England & Wales
Ordinary
100.00
-
Owridge Properties Limited
England & Wales
Ordinary
-
100.00
ADK & JG Rental Management Ltd
England & Wales
Ordinary
-
100.00
9
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
88,816
223,672
Corporation tax recoverable
20,434
7,945
Other receivables
2,899,525
2,508,792
Prepayments and accrued income
136,580
125,267
3,145,355
2,865,676
J.W. GUTTERIDGE (WHOLESALE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 OCTOBER 2022
- 7 -
10
Current liabilities
2022
2021
£
£
Trade payables
328,811
481,095
Other payables
62,504
72,928
Accruals and deferred income
22,000
64,350
413,315
618,373
11
Events after the reporting date
After the year end, the company underwent a major restructuring as a part of its strategic planning under which the investment property portfolio held by the company has been split up equally between the two directors, Mr. J. W. Gutteridge (Junior) and Ms. D. Gutteridge in their capacity as ultimate beneficiaries of James William Gutteridge Discretionary Settlement 2002, the controlling shareholder of the reporting entity. As part of this restructuring, the investment properties owned by the company has been transferred to its wholly owned subsidiaries operated and managed independently by Mr. J. W. Gutteridge (Junior) and Ms. D. Gutteridge respectively.
12
Directors' transactions
As at the year end, the balance outstanding on the directors loan account amounted to £48,559 (2021: £11,673), which include interest of £1,528, at the rate of 3.25% . This loan has not been repaid as at date of signing the accounts.
13
Controlling Party
The ultimate controlling party is the Trustees of the James William Gutteridge Discretionary Settlement 2002 by virtue of its shareholding and the beneficiaries of the trust are the directors of the company, Mr J Gutteridge (Junior) and Ms D Gutteridge.
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