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COMPANY REGISTRATION NUMBER: 00724952
J H Holland Limited
Filleted Unaudited Financial Statements
31 March 2023
J H Holland Limited
Statement of Financial Position
31 March 2023
31 Mar 23
31 May 22
Note
£
£
Fixed assets
Tangible assets
5
535,383
1,535,438
Current assets
Debtors
6
1,609
1,551
Cash at bank and in hand
3,966,716
3,338,643
------------
------------
3,968,325
3,340,194
Creditors: amounts falling due within one year
7
256,185
722,645
------------
------------
Net current assets
3,712,140
2,617,549
------------
------------
Total assets less current liabilities
4,247,523
4,152,987
Provisions
8
97,802
197,104
------------
------------
Net assets
4,149,721
3,955,883
------------
------------
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
11
370,198
1,222,923
Profit and loss account
11
3,778,523
2,731,960
------------
------------
Shareholders funds
4,149,721
3,955,883
------------
------------
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 period ending 31 March 2023 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 period 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 H Holland Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mrs R Wilkinson
Director
Company registration number: 00724952
J H Holland Limited
Notes to the Financial Statements
Period from 1 June 2022 to 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whitecroft, 27 Roman Lane Little Aston Park, Sutton Coldfield, B74 3AE, West Midlands.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for investment properties rented in the period. Turnover is stated net of discounts and of Value Added Tax.
Income 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 pay or recover 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
15% reducing balance
Equipment
-
15% reducing balance
Investment property
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
1,535,000
34,198
5,439
1,574,637
Disposals
( 1,000,000)
( 1,000,000)
------------
--------
-------
------------
At 31 March 2023
535,000
34,198
5,439
574,637
------------
--------
-------
------------
Depreciation
At 1 June 2022
33,935
5,264
39,199
Charge for the period
33
22
55
------------
--------
-------
------------
At 31 March 2023
33,968
5,286
39,254
------------
--------
-------
------------
Carrying amount
At 31 March 2023
535,000
230
153
535,383
------------
--------
-------
------------
At 31 May 2022
1,535,000
263
175
1,535,438
------------
--------
-------
------------
Investment properties valuations are reviewed annually by the directors.
6. Debtors
31 Mar 23
31 May 22
£
£
Prepayments and accrued income
1,609
1,551
-------
-------
7. Creditors: amounts falling due within one year
31 Mar 23
31 May 22
£
£
Trade creditors
114
8
Accruals and deferred income
5,409
12,836
Corporation tax
175,265
631,535
Social security and other taxes
4,147
7,016
Other creditors
71,250
71,250
---------
---------
256,185
722,645
---------
---------
8. Provisions
Deferred tax (note 9)
£
At 1 June 2022
197,104
Additions
( 99,302)
---------
At 31 March 2023
97,802
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Mar 23
31 May 22
£
£
Included in provisions (note 8)
97,802
197,104
--------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 23
31 May 22
£
£
Fair value adjustment of investment property
97,802
197,104
--------
---------
10. Called up share capital
Issued, called up and fully paid
31 Mar 23
31 May 22
No.
£
No.
£
Ordinary shares of £ 0.10 each
10,000
1,000
10,000
1,000
--------
-------
--------
-------
11. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.