REGISTERED NUMBER: |
JOHN LEACH PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
SOLICITORS: |
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 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 |
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 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold properties | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | and | Motor | Computer |
properties | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Revaluations | 3,379,427 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Director's current account | 39,458 | - |
Prepayments and accrued income |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Deposit from tenants | 1,000 | 1,400 |
Director's current account | 89 | 40,117 |
Accruals and deferred income |
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 |
Provided during year |
Balance at 31 March 2024 |
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. |