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Registration number: 07038245

J T Retail Entertainments Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

J T Retail Entertainments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 13

 

J T Retail Entertainments Limited

Company Information

Director

J A Tucker

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

J T Retail Entertainments Limited

(Registration number: 07038245)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

269,000

195,000

Current assets

 

Debtors

6

3,114

258,461

Cash at bank and in hand

 

87

626

 

3,201

259,087

Creditors: Amounts falling due within one year

7

(152,808)

(48,843)

Net current (liabilities)/assets

 

(149,607)

210,244

Total assets less current liabilities

 

119,393

405,244

Creditors: Amounts falling due after more than one year

7

-

(96,017)

Net assets

 

119,393

309,227

Capital and reserves

 

Called up share capital

9

100

100

Non-distributable reserve

(21,402)

(5,118)

Retained earnings

140,695

314,245

Shareholders' funds

 

119,393

309,227

 

J T Retail Entertainments Limited

(Registration number: 07038245)
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 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 29 March 2024
 

.........................................
J A Tucker
Director

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

The principal place of business is:
Metford Farm
Crow Lane
East Bower
Bridgwater
Somerset
TA6 4TT

These financial statements were authorised for issue by the director on 29 March 2024.

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 - '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 the Pound Sterling (£). All monetary amounts are rounded to the nearest Pound (£).

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

Disclosure of long or short period

The company's year end was extended from 31 January 2022 to 30 June 2022 to coincide with companies under common control. The comparative period figures are for a 17-month period.

Going concern

Post year end the company transferred its investment property within the group and became dormant. No adjustment has been made to the financial statements to reflect this as the adjustments are not material to the financial statements. As such the financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

The company became a wholly owned subsidiary of J T Retail Properties Limited on 27 September 2022. Amounts owed to the company by the parent company in the previous accounting period have been reclassified from 'other debtors' to 'amounts due from group undertakings'.

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 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;
and specific criteria have been met for each of the company's activities.

Government grants

The company was affected by the COVID-19 pandemic and took advantage of Government financial aid of furlough funding. This has been recognised under the accruals model and the grant income received has been identified as revenue therefore recognised as income.

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.

 

J T Retail Entertainments Limited

Notes to the 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

Plant and machinery

20% on cost

Fixtures and fittings (Furniture, fittings and equipment)

20% on cost and 10% on cost

Computer equipment (Furniture, fittings and equipment)

33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

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.

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made and income received under operating leases are charged/credited to profit and loss on a straight-line basis over the period of the lease.

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

6,635

15,485

22,120

Disposals

(1,391)

-

(1,391)

At 30 June 2023

5,244

15,485

20,729

Depreciation

At 1 July 2022

6,635

15,485

22,120

Eliminated on disposal

(1,391)

-

(1,391)

At 30 June 2023

5,244

15,485

20,729

Carrying amount

At 30 June 2022 and 30 June 2023

-

-

-

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Investment properties

2023
£

At 1 July

195,000

Additions

90,284

Fair value adjustments

(16,284)

At 30 June

269,000

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 it's historical cost of £290,402 (2022 - £200,118).

No provision has been made for the deferred tax asset on losses recognised on revaluing the investment property to its fair values on disposal. The current estimate is that there is an unprovided deferred tax asset of £4,066 (2022 - 973). The director has not recognised this asset as it is their long-term intention to retain the investment property within the group.

6

Debtors

Current

2023
£

2022
£

Amounts owed by group undertakings

-

257,044

Prepayments

2,915

350

Other debtors

199

1,067

 

3,114

258,461

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

113,984

7,924

Trade creditors

 

12,807

17,920

Amounts owed to group undertakings

4,308

-

Taxation and social security

 

4,611

4,959

Accruals and deferred income

 

4,476

5,369

Other creditors

 

12,622

12,671

 

152,808

48,843

Creditors due within one year include loans which are secured of £113,984 (2022 - £7,924).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

96,017

Creditors due after more than one year include loans which are secured of £0 (2022 - £96,017).

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

96,017

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

7,924

Other borrowings

113,984

-

113,984

7,924

Security for borrowings

Other borrowings that were taken out during the year were secured by fixed and floating charges over the undertaking and all property and assets of the company.

The overdraft facility was covered by a fixed and floating charge over the undertaking and all property and assets present and future. This was satisfied in December 2022.

The bank borrowings were secured by way of a first legal charge over the freehold property of the company. This was satisfied in December 2022.

 

J T Retail Entertainments Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each of £1 each

100

100

100

100

       

10

Parent and ultimate parent undertaking

The company's immediate parent is J T Retail Properties Limited, incorporated in England and Wales.

 The ultimate controlling party is J A Tucker.