Company registration number 13062165 (England and Wales)
JAMES TAYLOR HOMES (GRAYS INN) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR HOMES (GRAYS INN) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JAMES TAYLOR HOMES (GRAYS INN) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,569
46,809
Investment property
4
5,900,000
5,900,000
5,931,569
5,946,809
Current assets
Debtors
5
63,139
89,433
Cash at bank and in hand
65,893
63,245
129,032
152,678
Creditors: amounts falling due within one year
6
(2,237,814)
(2,286,840)
Net current liabilities
(2,108,782)
(2,134,162)
Total assets less current liabilities
3,822,787
3,812,647
Creditors: amounts falling due after more than one year
7
(3,800,000)
(3,800,000)
Net assets
22,787
12,647
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
22,786
12,646
Total equity
22,787
12,647

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
M Coath
Director
Company Registration No. 13062165
JAMES TAYLOR HOMES (GRAYS INN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

James Taylor Homes (Grays Inn) Limited is a private company limited by shares incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, United Kingdom, AL10 0HE.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors believe truethat the company has adequate resources to continue in operational existence for the foreseeable future including support from the group that the company is a part of.

 

The company therefore adopts the going concern basis in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

1.3
Turnover

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.4
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:

Fixtures and fittings
20% straight line

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and 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.

1.6
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. Bank overdrafts are shown within borrowings in current liabilities.

JAMES TAYLOR HOMES (GRAYS INN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

 

Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is ameasured using the teax rates and allowances that apply to the sale of the asset.

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.8

Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.9

Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

JAMES TAYLOR HOMES (GRAYS INN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

 

Investment properties

Investment properties are valued annually at fair value. Fair value is ascertained through review of comparable market data and rent levels and cash flows for the respective investment property. There is an inevitable degree of judgement involved. Given the property market knowledge and expertise of the directors and within the group, no formal third party valuation has been considered necessary.

 

Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods.

 

With the exception of the estimate described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
70,939
Depreciation and impairment
At 1 November 2022
24,130
Depreciation charged in the year
15,240
At 31 October 2023
39,370
Carrying amount
At 31 October 2023
31,569
At 31 October 2022
46,809
4
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
5,900,000
JAMES TAYLOR HOMES (GRAYS INN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
4
Investment property
(Continued)
- 5 -

The investment property was purchased at a cost of £5,900,000 during the year ended 31 October 2021 and was valued on an open market basis on 31 October 2023 by the directors.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
63,139
89,433
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,945
6,137
Amounts owed to group undertakings
2,190,784
2,242,073
Other creditors
40,085
38,630
2,237,814
2,286,840
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,800,000
3,800,000
8
Loans and overdrafts
2023
2022
£
£
Bank loans
3,800,000
3,800,000
Payable after one year
3,800,000
3,800,000

 

The bank loan of £3,800,000 is secured by a first legal charge over the property known as 10-11 Kings Mews and the land on the east side of 6 John Street. There is also a fixed charge and negative pledge.

 

 

JAMES TAYLOR HOMES (GRAYS INN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
9
Operating lease commitments
Lessor

The operating leases represent leases of residential property to third parties. There are options in place for either party to extend the lease terms.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Total lease payments
482,319
253,215
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Gary Tamkin
Statutory Auditor:
Azets Audit Services
11
Parent company

The directors regard James Taylor Homes Group Limited as the ultimate parent company. The registered office of the ultimate company is James Taylor House, St Albans Road East, Hatfield, Hertfordshire, AL10 0HE. The largest group of undertakings for which group financial statements have been drawn up is that headed by James Taylor Homes Group Limited. Copies of the group financial statements may be obtained from Companies House,

12
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries with the group.

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