REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
JOHNS' YARD LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
JOHNS' YARD LIMITED |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium | 13 |
Non-distributable reserves | 13 |
Retained earnings | 13 |
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. |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 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 |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Johns' Yard Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Johns' Yard Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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 |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Taxation |
Taxation for the year 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. |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
The Company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Ratoath House, Hazelwood Close, Storrington, West Sussex, RH20 3HX, England |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Ratoath House, Hazelwood Close, Storrington, West Sussex, RH20 3HX, England |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 100 North Road, Brighton, East Sussex, BN1 1YE, England |
Nature of business: |
% |
Class of shares: | holding |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Revaluations | 6,613,452 |
Impairments | (220,000 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 23,286,189 |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INVESTMENT PROPERTY - continued |
Included in additions for the year, £6,641,247 were in respect of investment properties transferred at cost on 25 January 2023, being £3,418,030 from ASA Consortium Limited and £3,223,217 from Sussex Property Investments Limited, two subsidiaries, and these were subsequently revalued by £6,613,452 as at 31 March 2023, as more fully described in note 15 as part of the group's reorganisation. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans | - | 40,000 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 9,000,000 | 3,609,500 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by charges over the assets of the company. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3,240,002 | 3,240,002 |
Ordinary A | 0.003 | 3816 | 100 | 100 |
Ordinary B | 0.046 | 3922 | 2 | 2 |
Ordinary D | 0.046 | 3922 | 606 | 606 |
3,240,710 | 3,240,710 |
13. | RESERVES |
Retained | Share | Non-distributable |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 2,256,712 |
Profit for the year |
Transfers | (5,154,854 | ) | - | 5,154,854 | - |
At 31 March 2023 | 9,528,847 |
Non-distributable reserves represent cumulative unrealised fair value movements on investment properties net of provisions for deferred taxation. |
Transfers between retained earnings and non-distributable reserves represent the unrealised fair value movements on investment properties net of provisions for deferred taxation in the current year. |
JOHNS' YARD LIMITED (REGISTERED NUMBER: 11009861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | RELATED PARTY DISCLOSURES |
The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below: |
2023 | 2022 |
£ | £ |
Amounts owed by/(to) J A Blake (Director) | (639,397 | ) | (500,761 | ) |
Amounts owed by/(to) J Eager (Director) | (535,818 | ) | (401,361 | ) |
Amounts owed by/(to) ASA Consortium Limited (Group Undertaking) | - | (2,328 | ) |
Amounts owed by/(to) Johns' Yard 2 Limited (Group Undertaking) | 951,410 | 998,766 |
Amounts owed by/(to) Sussex Property Investments Limited (Group Undertaking) | - | - |
Management fees paid to connected undertakings | 17,457 |
Interests paid to directors | 48,000 |
Connected Undertakings: |
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company. |
Interests paid to directors: |
The directors received £24,000 each from the company by way of interest on their directors' accounts. |
Group reorganisation: |
On 25 January 2023, ASA Consortium Limited, a subsidiary, transferred all its investment properties at cost of £3,418,030 (having a market value of £7,615,000) and Sussex Property Investments Limited, a subsidiary, transferred all its investment properties at cost of £3,223,217 (having a market value of £5,639,699) to Johns' Yard Limited (being their holding company). These properties were subsequently revalued at 31 March 2023, thereby reflecting the non-distributable reserves within the group. |
These transfers were carried out as part of the group's reorganisation during the year whereby the investment properties in both of the above subsidiaries are now all directly owned by Johns' Yard Limited (the holding company), which has taken over all other assets and liabilities relating to those subsidiaries as at 31 March 2023, at which date, the intercompany balances, owing to ASA Consortium Limited £1,370,622 and owing to Sussex Property Investments Limited £808,346, were written off. |