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REGISTERED NUMBER: 03164676 (England and Wales)













JOHN LEACH PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024











Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





JOHN LEACH PROPERTIES LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024









DIRECTORS:

Mr M H Leach


Mr J D Leach





SECRETARY:

Mrs C A Leach





REGISTERED OFFICE:

Sterling House


Fulbourne Road


Walthamstow


London


E17 4EE





REGISTERED NUMBER:

03164676 (England and Wales)





ACCOUNTANTS:

Christiansons Ltd


Chartered Certified Accountants


Sterling House


Fulbourne Road


Walthamstow


London


E17 4EE





SOLICITORS:

Dean Wilson LLP


96 Church Street


Brighton


East Sussex


BN1 1UJ


JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



BALANCE SHEET

31 MARCH 2024



31.3.24

31.3.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Property, plant and equipment

4

1,062,849


738,246



Investment property

5

20,270,000


16,890,573



21,332,849


17,628,819




CURRENT ASSETS

Debtors

6

115,888


73,545



Cash at bank and in hand

1,830,640


1,770,322



1,946,528


1,843,867



CREDITORS

Amounts falling due within one year

7

129,546


151,158



NET CURRENT ASSETS

1,816,982


1,692,709



TOTAL ASSETS LESS CURRENT

LIABILITIES

23,149,831


19,321,528




PROVISIONS FOR LIABILITIES

8

3,970,032


2,297,233



NET ASSETS

19,179,799


17,024,295




CAPITAL AND RESERVES

Called up share capital

1,001


1,001



Fair value reserve

9

13,694,941


11,672,754



Retained earnings

9

5,483,857


5,350,540



19,179,799


17,024,295




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.  


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 LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



BALANCE SHEET - continued

31 MARCH 2024



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


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 22 July 2024 and were signed on its behalf by:






Mr M H Leach - Director



JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024



1.

STATUTORY INFORMATION



John Leach Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Provision for bad and doubtful debts
The Company reviews its trade and other receivables for evidence of their recoverability. Such evidence includes the customer's payment record and the customer's overall financial position. If indications of irreconcilability exist, the recoverable amount is estimated and a respective provision for bad and doubtful debts is made. The amount of the provision is charged through profit or loss. The review of credit risk is continuous and the methodology and assumptions used for estimating the provision are reviewed regularly and adjusted accordingly.

Corporation tax
Significant judgement is required in determining the provision for corporation taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the corporation tax and deferred tax provisions in the period in which such determination is made.


Turnover


Turnover represents gross rents receivable for the year. Turnover is recognised when rent becomes due under the lease agreement.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold properties

-

not provided


Fixtures and fittings

-

20% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

33% on reducing balance


JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



2.

ACCOUNTING POLICIES - continued



Investment property


The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease.



This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director consider that this policy is necessary in order that the accounts may


give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified.



All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves.



Taxation

Taxation 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 in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


Debtors receivable and creditors payable within one year


Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.



Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.


JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



2.

ACCOUNTING POLICIES - continued



Impairment


Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.



Provisions


Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 5 (2023 - 5 ) .


4.

PROPERTY, PLANT AND EQUIPMENT


Fixtures



Freehold


and


Motor


Computer



properties


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST OR VALUATION


At 1 April 2023

734,405


50,067


2,500


17,244


804,216




Additions

10,036


-


-


-


10,036




Revaluations

315,559


-


-


-


315,559




At 31 March 2024

1,060,000


50,067


2,500


17,244


1,129,811




DEPRECIATION


At 1 April 2023

-


48,153


2,167


15,650


65,970




Charge for year

-


383


83


526


992




At 31 March 2024

-


48,536


2,250


16,176


66,962




NET BOOK VALUE


At 31 March 2024

1,060,000


1,531


250


1,068


1,062,849




At 31 March 2023

734,405


1,914


333


1,594


738,246





Cost or valuation at 31 March 2024 is represented by:



Fixtures



Freehold


and


Motor


Computer



properties


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



Valuation in 2011

429,063


-


-


-


429,063




Valuation in 2016

125,000


-


-


-


125,000




Valuation in 2022

315,559


-


-


-


315,559




Cost

190,378


50,067


2,500


17,244


260,189



1,060,000


50,067


2,500


17,244


1,129,811




JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



4.

PROPERTY, PLANT AND EQUIPMENT - continued



If freehold land and buildings had not been revalued they would have been included at the following historical cost:



31.3.24


31.3.23

£   

£   



Cost

95,937


95,937





Value of land in freehold land and buildings

525,000


525,000





Freehold land and buildings were valued on a open market basis on 15 August 2022 by R. A Draycott Chartered Surveyors  .


In the opinion of the directors the market values of the freehold properties as at the year end were not different from those shown in the accounts.

5.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 April 2023

16,890,573




Revaluations

3,379,427




At 31 March 2024

20,270,000




NET BOOK VALUE


At 31 March 2024

20,270,000




At 31 March 2023

16,890,573





Fair value at 31 March 2024 is represented by:

£   



Valuation in 2011

7,950,498




Valuation in 2016

5,465,428




Valuation in 2022

3,379,427




Cost

3,474,647



20,270,000





If investment properties had not been revalued they would have been included at the following historical cost:



31.3.24


31.3.23

£   

£   



Cost

3,474,647


3,474,647





Investment properties were valued on an open market basis on 15 August 2022 by R.A Draycott Chartered Surveyors  .



In the opinion of the directors the market values of the investment properties as at the year end were not different from those shown in the accounts.


JOHN LEACH PROPERTIES LIMITED (REGISTERED NUMBER: 03164676)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.3.24


31.3.23

£   

£   



Trade debtors

42,650


45,655




Director's current account

39,458


-




Prepayments and accrued income

17,618


13,655




Prepayments

16,162


14,235



115,888


73,545




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.3.24


31.3.23

£   

£   



Trade creditors

1,775


8,986




Corporation tax

88,972


57,666




Social security and other taxes

-


2,831




Other creditors

5,880


8,674




Deposit from tenants

1,000


1,400




Director's current account

89


40,117




Accruals and deferred income

31,830


31,484



129,546


151,158




8.

PROVISIONS FOR LIABILITIES


31.3.24


31.3.23

£   

£   



Deferred tax

3,970,032


2,297,233





Deferred



tax


£   



Balance at 1 April 2023

2,297,233




Provided during year

1,672,799




Balance at 31 March 2024

3,970,032




9.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 April 2023

5,350,540


11,672,754


17,023,294




Profit for the year

266,397


266,397




Dividends

(133,080

)

(133,080

)



Transfer to fair value reserve

-


2,022,187


2,022,187




At 31 March 2024

5,483,857


13,694,941


19,178,798




10.

CONTROLLING PARTY



The controlling party is Mr M H Leach.