REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
JOSH INVESTMENTS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
JOSH INVESTMENTS LTD |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Contents of the Financial Statements |
for the year ended 30 APRIL 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
JOSH INVESTMENTS LTD |
Company Information |
for the year ended 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Statement of Financial Position |
30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
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. |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Statement of Financial Position - continued |
30 APRIL 2023 |
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 |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Notes to the Financial Statements |
for the year ended 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Josh Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Long leasehold | - |
Fixtures and fittings | - |
Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. |
Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method. |
Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property held under lease is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value are recognised in profit or loss in line with the 125 year lease term. |
Investments |
Equity investments are measured at fair value through profit or loss , except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably , which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
These accounts have been prepared on a going concern basis on the grounds that related entities of the company will not withdraw support until such a time as the company has funds available to meet its debts and liabilities as and when they fall due. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Long | and |
property | leasehold | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 |
Additions |
Reclassification/transfer | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Charge written back | (34,000 | ) | - | - | (34,000 | ) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Long leasehold property as included above also meets the definition of investment property. As the fair value of the company's interest in the leasehold property can not be measured reliably without undue cost or effort, it has been classified as long leasehold property and depreciated over the life of the lease, in accordance with FRS 102 - 16.3. |
During the year the company commence renting one of its freehold properties to an unconnected third party. The freehold property has therefore been reclassified to investment properties. Depreciation charged on this assets has been reversed accordingly. |
Cost or valuation at 30 April 2023 is represented by: |
Fixtures |
Freehold | Long | and |
property | leasehold | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2018 | 635,571 | 370,000 | - | 1,005,571 |
Cost | 2,643,225 | 11,746 | 58,673 | 2,713,644 |
3,278,796 | 381,746 | 58,673 | 3,719,215 |
The fair value of the freehold properties at April 2023 has been arrived at on the basis of a valuation carried out at that date by the directors of the company who are not professionally qualified valuers. The directors believe the values shown in the accounts reflect the market value at at the reporting date. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location and takes into account the yield from rentals in the area where the property is situated. |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investment |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
Additions |
Revaluations |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
The fair value of the properties at April 2023 has been arrived at on the basis of a valuation carried out at that date by the directors of the company who are not professionally qualified valuers. The directors believe the values shown in the accounts reflect the market value at at the reporting date. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location and takes into account the yield from rentals in the area where the property is situated. |
Cost or valuation at 30 April 2023 is represented by: |
£ |
Valuation in 2018 | 355,624 |
Cost | 494,376 |
850,000 |
8. | DEBTORS |
30/4/23 | 30/4/22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 310,270 | 296,109 |
Aggregate amounts |
JOSH INVESTMENTS LTD (REGISTERED NUMBER: 10938737) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Trade creditors |
Amounts owed to associates | 1,720,063 | 1,508,549 |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Other creditors |
Other creditors represent the loan balance owed to buy the trading property in November 2017. There is no security on the loans and no interest is charged on the balance due. |
11. | PROVISIONS FOR LIABILITIES |
30/4/23 | 30/4/22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax | 340,299 | 206,902 |
349,114 | 209,497 |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Provided during year |
Balance at 30 April 2023 |
The deferred tax provision as shown above relates to the potential future tax due should the investment properties and freehold property held by the company be sold. The provision has been calculated based on the difference between the historic cost of the properties and the market value of those properties as at the Balance Sheet date at the future applicable corporation tax rates. The increase in the provision for the year reflects the change in corporation tax rates from 19% to 25%, as required by FRS 102 S1A. |
12. | RELATED PARTY DISCLOSURES |
The company is owed £310,270 (2022- £296,109) by Gandhi Investments Ltd, an entity in which the company holds 50% interest. |