Registration number:
J T Retail Properties Limited
for the
Year Ended 30 June 2023
J T Retail Properties Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
J T Retail Properties Limited
Company Information
Director |
J A Tucker |
Registered office |
|
Accountants |
|
J T Retail Properties Limited
(Registration number: 09329410)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Non-distributable reserve |
|
|
|
Retained earnings |
|
( |
|
Shareholders' funds |
|
|
J T Retail Properties Limited
(Registration number: 09329410)
Balance Sheet as at 30 June 2023
For the financial year ending 30 June 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 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
|
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Metford Farm
Crow Lane
East Bower
Bridgwater
Somerset
TA6 4TT
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The presentation currency of the financial statements is Pound Sterling (£). All monetary amounts are rounded to the nearest pound.
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
Disclosure of long or short period
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence. In this regard, the director has indicated their intention to continue to financially support the company.
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of 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;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises 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.
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings & Equipment |
25% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2022 |
|
|
Additions |
|
|
At 30 June 2023 |
|
|
Depreciation |
||
At 1 July 2022 |
|
|
Charge for the year |
|
|
At 30 June 2023 |
|
|
Carrying amount |
||
At 30 June 2023 |
|
|
At 30 June 2022 |
|
|
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Investment properties |
30 June |
|
At 1 July |
|
Fair value adjustments |
( |
At 30 June |
|
The company's investment property was valued by the director on an open market basis at 30 June 2023.
If investment property had not been revalued it would have been included at its historical cost of £513,604 (2022 - £513,604).
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Provision |
|
Carrying amount |
|
At 30 June 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
6 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
34 Boulevard, Weston-Super-Mare, Somerset, BS23 1NF England and Wales |
|
|
|
Subsidiary undertakings |
J T Retail Entertainments Limited The principal activity of J T Retail Entertainments Limited is |
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Current |
2023 |
2022 |
Amounts owed by group undertakings |
|
- |
Prepayments |
|
|
Other debtors |
- |
|
|
|
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
- |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors due within one year include loans which are secured of £12,097 (2022 - £10,000).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
30 June |
30 September |
|
Due after more than five years |
||
After more than five years not by instalments |
|
|
- |
- |
Creditors due after more than one year include loans which are secured of £868,453 (2022 -
£466,775).
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
9 |
Creditors (continued) |
Creditors not repayable by instalments due after more than five years include loans which are secured of £834,550 (2022 - £426,775) due after more than five years.
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
Current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Other borrowings |
- |
|
|
|
J T Retail Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
10 |
Loans and borrowings (continued) |
Security for borrowings
Other borrowings were secured by fixed and floating charges over the undertaking and all property and assets of the company.
Bank borrowings are 100% guaranteed by the Government.
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
30 June |
30 September |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
Share capital |
Allotted, called up and fully paid shares
30 June |
30 September |
|||
No. |
£ |
No. |
£ |
|
|
|
200 |
|
1 |
During the period under review the company alloted 99 ordinary £1 shares at £1 per share as a rights issue and a further 100 ordinary shares at £1 per share as a share for share exchange on the acquisiton of the wholly owned subsidiary, J T Retail Entertainments Limited. This has been accounted for under the merger accounting rules.
Controlling party |
The ultimate controlling party is