Company registration number 12244841 (England and Wales)
T&J Holmes Limited
Unaudited financial statements
For the year ended 31 October 2023
T&J Holmes Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
T&J Holmes Limited
Statement of financial position
As at 31 October 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,703,000
1,703,000
Current assets
Debtors
4
1,994
1,242
Cash at bank and in hand
2,481
10,777
4,475
12,019
Creditors: amounts falling due within one year
5
(890,824)
(879,756)
Net current liabilities
(886,349)
(867,737)
Total assets less current liabilities
816,651
835,263
Creditors: amounts falling due after more than one year
6
(462,904)
(488,908)
Provisions for liabilities
(71,500)
(67,100)
Net assets
282,247
279,255
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
282,147
279,155
Total equity
282,247
279,255
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
T&J Holmes Limited
Statement of financial position (continued)
As at 31 October 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 February 2024
Mr M McFaul
Director
Company Registration No. 12244841
T&J Holmes Limited
Notes to the financial statements
For the year ended 31 October 2023
- 3 -
1
Accounting policies
Company information
T&J Holmes Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
T&J Holmes Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
T&J Holmes Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Tangible fixed assets
Computers
£
Cost
At 1 November 2022 and 31 October 2023
1,159
Depreciation and impairment
At 1 November 2022 and 31 October 2023
1,159
Carrying amount
At 31 October 2023
At 31 October 2022
3
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
1,703,000
Investment property comprises of the above values. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,994
1,242
T&J Holmes Limited
Notes to the financial statements (continued)
For the year ended 31 October 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
17,219
16,182
Taxation and social security
115
Other creditors
873,490
863,574
890,824
879,756
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
462,904
488,908
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
372,322
407,058
7
Security
The bank loans are secured by a fixed and floating charge over the assets of the company.
Included within other creditors are buy to let mortgages of £480,122 (2022 - £505,090), which are secured by fixed charges over the assets to which they relate.
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
286,054
-
Non distributable profits in the year
(4,400)
286,054
At the end of the year
281,654
286,054