REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
JOHN HOPKINS ESTATE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
JOHN HOPKINS ESTATE LIMITED |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Statement of Financial Position | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 10 |
JOHN HOPKINS ESTATE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor North |
40 Oxford Road |
High Wycombe |
Buckinghamshire |
HP11 2EE |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
JOHN HOPKINS ESTATE LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Hopkins Estate Limited for the year ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of John Hopkins Estate Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of John Hopkins Estate Limited and state those matters that we have agreed to state to the Board of Directors of John Hopkins Estate Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Hopkins Estate Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that John Hopkins Estate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of John Hopkins Estate Limited. You consider that John Hopkins Estate 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 financial statements of John Hopkins Estate 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 financial statements. |
First Floor North |
40 Oxford Road |
High Wycombe |
Buckinghamshire |
HP11 2EE |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
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 | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Fair value reserve | 10 |
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. |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
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 |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | GENERAL INFORMATION |
John Hopkins Estate Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is Great Meadow Barn Boss Lane Farm, Boss Lane, Hughenden Valley, High Wycombe, Buckinghamshire, HP14 4LQ. The registered number is 00370861. |
The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. |
The financial statements have been prepared on the going concern basis. Although at the statement of financial position date the company had net current liabilities of £70,697, the total net assets were £4,929,069. As the total net assets position is backed by capital investment in investments and investment property, the directors believe it is appropriate to prepare the financial statements on a going concern basis. The company is also able to rely on the support of its shareholders, if required. |
Preparation of consolidated financial statements |
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 248 of the Companies Act 1985 not to prepare group accounts. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable for services provided, net of value added tax. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life: |
Fixtures and fittings - Reducing balance 15% |
Motor vehicles - Reducing balance 25% |
No depreciation is provided on freehold land. |
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. |
The company assesses at each reporting date whether tangible fixed assets are impaired. |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiaries are carried at cost less impairment. |
Investment property |
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. |
Investment properties are measured at cost upon initial recognition. The initial cost of the property comprises of its purchase price and any directly attributable expenditure. |
Subsequently, investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss in the period that they arise. No depreciation is provided in respect of investment properties applying the fair value model. |
Taxation |
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years. |
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. |
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted. |
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. |
Investments |
Investments are initially recognised at cost which is usually the transaction price (excluding any transaction costs). Subsequently, the investments are measured at fair value through profit or loss except for those shares which cannot be publicly traded or where fair value cannot be reliably measured. |
If reliable measurement of fair value cannot be obtained or this measure is no longer available, the investment's cost is deemed to be the fair value at the last point to which a reliable measurement was obtained. These instruments are recognised at cost less impairment until a reliable measure of fair value becomes available. |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements. |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Included in cost of land and buildings is freehold land of £ 495,554 (2022 - £ 488,629 ) which is not depreciated. |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Listed |
undertaking | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 3,583,911 |
Additions | 620,539 |
Disposals | ( |
) | (741,004 | ) |
Revaluations | ( |
) | (77,340 | ) |
At 31 March 2023 | 3,386,106 |
PROVISIONS |
At 1 April 2022 |
and 31 March 2023 | 590,000 | - | 590,000 |
NET BOOK VALUE |
At 31 March 2023 | 2,796,106 |
At 31 March 2022 | 2,993,911 |
In respect of the listed investments stated at market value, the comparable historical costs are as follows: |
2023 | 2022 |
£ | £ |
Historical cost of listed investments | 1,868,936 | 1,791,298 |
Subsidiary undertaking |
The company owns 100% of the issued share capital of John Hopkins (Building) Limited, a company incorporated in England and Wales and which was dormant throughout the year with an aggregate share capital and reserves of £nil. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INVESTMENT PROPERTY - continued |
The investment properties are carried at their fair values, which have been determined by the directors on an open market valuation basis. |
In respect of the investment properties stated valuations, the comparable historical cost values are as follows: |
2022 | 2021 |
£ | £ |
Investment Property |
Historical cost | 635,000 | 635,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.10 | 1,862 | 1,862 |
Ordinary A | £0.10 | 1 | 1 |
1,863 | 1,863 |
JOHN HOPKINS ESTATE LIMITED (REGISTERED NUMBER: 00370861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | RESERVES |
Fair value reserve |
£ |
At 1 April 2022 | 2,322,823 |
Revaluation of listed investments | (275,443 | ) |
Revaluation of investment properties | - |
Deferred tax on revaluation of listed investments | (3,296 | ) |
Deferred tax on revaluation of investment properties | (58,829 | ) |
At 31 March 2023 | 1,985,255 |
The tax treatment of items included above is the recognition of the movement in the tax liabilities which will be due on the investment properties and listed investments if they were to be sold at their fair values as at the reporting date. |