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Registration number: 03574718

JWT Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

JWT Estates Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

JWT Estates Limited

Company Information

Director

Mr HM Heaver





 

Registered office

The Estate Office
Unit 1
Broadbridge Business Centre
Delling Lane
Bosham
PO18 8NF





 

Solicitors

Foot Anstey LLP
The White Building
1-4 Cumberland Place
Southampton
Hampshire
SO15 2NP





 

Devonshire Solicitors LLP
30 Finsbury Circus
London
EC2M 7DT




 

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
JWT Estates Limited
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of JWT Estates Limited for the year ended 30 April 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of JWT Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of JWT Estates Limited and state those matters that we have agreed to state to the Board of Directors of JWT Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JWT Estates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that JWT Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of JWT Estates Limited. You consider that JWT Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of JWT Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

6 November 2023

 

JWT Estates Limited

(Registration number: 03574718)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

3,585,000

7,285,000

Current assets

 

Debtors

6

60,415

103,946

Cash at bank and in hand

 

1,164,152

193,307

 

1,224,567

297,253

Creditors: Amounts falling due within one year

7

(246,581)

(38,183)

Net current assets

 

977,986

259,070

Total assets less current liabilities

 

4,562,986

7,544,070

Creditors: Amounts falling due after more than one year

7

(696,942)

(2,422,602)

Provisions for liabilities

(397,043)

(559,881)

Net assets

 

3,469,001

4,561,587

Capital and reserves

 

Called up share capital

8

1,000

1,000

Fair value reserve

1,281,678

2,683,146

Retained earnings

2,186,323

1,877,441

Shareholders' funds

 

3,469,001

4,561,587

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 November 2023
 

.........................................
Mr HM Heaver
Director

 

JWT Estates Limited

Statement of Changes in Equity for the Year Ended 30 April 2023




 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

1,000

2,683,146

1,877,441

4,561,587

Loss for the year

-

-

(463,139)

(463,139)

Other comprehensive income

-

(1,401,468)

1,401,468

-

Total comprehensive income

-

(1,401,468)

938,329

(463,139)

Dividends

-

-

(629,447)

(629,447)

At 30 April 2023

1,000

1,281,678

2,186,323

3,469,001




 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2021

1,000

2,683,146

1,870,641

4,554,787

Profit for the year

-

-

214,188

214,188

Dividends

-

-

(207,388)

(207,388)

At 30 April 2022

1,000

2,683,146

1,877,441

4,561,587

 

JWT Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Estate Office
Unit 1
Broadbridge Business Centre
Delling Lane
Bosham
PO18 8NF

These financial statements were authorised for issue by the director on 6 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured.
It is probable that future economic benefits will flow to the entity.
Specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

JWT Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.


Financial instruments
Financial instruments are recognised in line with 11 and 12 of FRS 102.

Basic financial instruments, such as bank and cash, loans, amounts due to/from group undertakings, trade receivables and payables are initially recognised at transaction price, unless they constitute a financing arrangement, when the transaction is measured at the present value of the future receipts/payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest rate method.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

JWT Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).



 

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

181,158

-

Deferred taxation

Arising from origination and reversal of timing differences

(162,837)

(3,733)

Tax expense/(receipt) in the income statement

18,321

(3,733)




 

5

Investment properties

2023
£

At 1 May

7,285,000

Disposals

(3,700,000)

At 30 April

3,585,000


The company’s investment properties have been valued by the Director based on current market value at 30th April 2023. These have been reviewed post year end and it was concluded that values as stated are reasonable.

If the investment properties were accounted for using the historical cost method the amount of cost included would be £2,303,322 (2022: £3,547,085).




 

 

JWT Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

11

50,801

65,146

Other debtors

 

9,614

38,800

 

60,415

103,946




 

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

49,410

12,391

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

309

6,692

Taxation and social security

 

181,158

-

Accruals and deferred income

 

2,520

2,400

Other creditors

 

13,184

16,700

 

246,581

38,183

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

-

2,364,297

Other non-current financial liabilities

 

58,305

58,305

Amounts owed to group undertakings in which the company has a participating interest

11

638,637

-

 

696,942

2,422,602

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

-

2,364,297

Creditors after one year include bank loans which are secured over the group's freehold and leasehold properties of £Nil (2022: £2,364,297).

 

JWT Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         






 

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £1.00 (2022 - £2.00) per ordinary share

 

-

 

-

Dividend of £3.00 (2022 - £207.39) per ordinary share

 

629,447

 

207,388

   

629,447

 

207,388






 

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £Nil (2022 - £2,364,297). The company has entered into a joint loan facility arrangement with another group company, Mecabury Properties Limited. The joint facility is limited to the liabilities of Mecabury Properties Limited and JWT Estates Limited to Santander UK Plc. At 30 April 2023, the borrowings of Mecabury Properties Limited secured under the joint facility totalled £2,651,250 (2022: £2,733,674).

 

JWT Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Related party transactions

Summary of transactions with parent

Rawleigh Property Holdings Limited
At the balance sheet date £34,703 was owed to JWT Estates Limited from its parent company.

 

Summary of transactions with entities with joint control or significant interest

The following are companies under common control of Rawleigh Property Holdings Limited:

Mecabury Properties Limited - At the balance sheet date £638,636 (2022: (£49,048)) was owed from JWT Estates Limited.

Rawleigh Homes Group Limited - At the balance sheet date £16,098 (2022: £16,098) was owed to JWT Estates Limited.

Rawleigh Property Management Limited - At the balance sheet date £309 (2022: £192) was owed from JWT Estates Limited.





 

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

2,364,297