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Registration number: 09329410

J T Retail Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

J T Retail Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

J T Retail Properties 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
 North Somerset
BS23 1NF

 

J T Retail Properties Limited

(Registration number: 09329410)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,185

2,118

Investment property

5

750,000

775,000

Investments

6

100

-

 

752,285

777,118

Current assets

 

Stocks

7

610,702

603,054

Debtors

8

10,181

4,481

Cash at bank and in hand

 

47,696

1,922

 

668,579

609,457

Creditors: Amounts falling due within one year

9

(269,962)

(761,846)

Net current assets/(liabilities)

 

398,617

(152,389)

Total assets less current liabilities

 

1,150,902

624,729

Creditors: Amounts falling due after more than one year

9

(868,453)

(466,775)

Provisions for liabilities

(37,528)

(44,587)

Net assets

 

244,921

113,367

Capital and reserves

 

Called up share capital

12

200

1

Non-distributable reserve

198,868

217,214

Retained earnings

45,853

(103,848)

Shareholders' funds

 

244,921

113,367

 

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 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 Properties Limited

Notes to the Unaudited 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

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

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 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

The company's year end was shortened from 30 September 2022 to 30 June 2022 to coincide with companies under common control. The comparative figures are for a 9-month 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

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

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.

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.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

12,210

12,210

Additions

796

796

At 30 June 2023

13,006

13,006

Depreciation

At 1 July 2022

10,092

10,092

Charge for the year

729

729

At 30 June 2023

10,821

10,821

Carrying amount

At 30 June 2023

2,185

2,185

At 30 June 2022

2,118

2,118

 

J T Retail Properties Limited

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

5

Investment properties

30 June
2023
£

At 1 July

775,000

Fair value adjustments

(25,000)

At 30 June

750,000

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 its historical cost of £513,604 (2022 - £513,604).

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 30 June 2023

100

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

J T Retail Entertainments Limited

34 Boulevard, Weston-Super-Mare, Somerset, BS23 1NF

England and Wales

Ordinary

100%

0%

Subsidiary undertakings

J T Retail Entertainments Limited

The principal activity of J T Retail Entertainments Limited is letting of investment property.

7

Stocks

2023
£

2022
£

Other inventories

610,702

603,054

8

Debtors

Current

2023
£

2022
£

Amounts owed by group undertakings

4,308

-

Prepayments

5,873

3,962

Other debtors

-

519

 

10,181

4,481

 

J T Retail Properties Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

12,097

166,664

Trade creditors

 

18,091

8,962

Amounts owed to group undertakings

-

257,044

Taxation and social security

 

10,161

7,242

Accruals and deferred income

 

7,403

8,161

Other creditors

 

222,210

313,773

 

269,962

761,846

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

10

868,453

466,775

30 June
2023
£

30 September
2022
£

Due after more than five years

After more than five years not by instalments

834,550

426,775

-

-

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.

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

33,903

40,000

Other borrowings

834,550

426,775

868,453

466,775

Current loans and borrowings

2023
£

2022
£

Bank borrowings

12,097

10,000

Other borrowings

-

156,664

12,097

166,664

 

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.

11

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

30 June
2023
£

30 September
2022
£

Not later than one year

2,843

3,791

Later than one year and not later than five years

-

2,843

2,843

6,634

12

Share capital

Allotted, called up and fully paid shares

 

30 June
2023

30 September
2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

1

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.

13

Controlling party

The ultimate controlling party is J A Tucker.