J.Ferguson Estate, Limited 00479593 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property rental. Digita Accounts Production Advanced 6.30.9574.0 true true 00479593 2023-04-01 2024-03-31 00479593 2024-03-31 00479593 bus:OrdinaryShareClass1 2024-03-31 00479593 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 00479593 core:OtherReservesSubtotal 2024-03-31 00479593 core:RetainedEarningsAccumulatedLosses 2024-03-31 00479593 core:ShareCapital 2024-03-31 00479593 core:CurrentFinancialInstruments 2024-03-31 00479593 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00479593 core:Non-currentFinancialInstruments 2024-03-31 00479593 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 00479593 bus:SmallEntities 2023-04-01 2024-03-31 00479593 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00479593 bus:FullAccounts 2023-04-01 2024-03-31 00479593 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00479593 bus:RegisteredOffice 2023-04-01 2024-03-31 00479593 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 00479593 bus:Director3 2023-04-01 2024-03-31 00479593 bus:Director4 2023-04-01 2024-03-31 00479593 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00479593 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00479593 countries:EnglandWales 2023-04-01 2024-03-31 00479593 2023-03-31 00479593 2022-04-01 2023-03-31 00479593 2023-03-31 00479593 bus:OrdinaryShareClass1 2023-03-31 00479593 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 00479593 core:OtherReservesSubtotal 2023-03-31 00479593 core:RetainedEarningsAccumulatedLosses 2023-03-31 00479593 core:ShareCapital 2023-03-31 00479593 core:CurrentFinancialInstruments 2023-03-31 00479593 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00479593 core:Non-currentFinancialInstruments 2023-03-31 00479593 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00479593

Prepared for the registrar

J.Ferguson Estate, Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

J.Ferguson Estate, Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

J.Ferguson Estate, Limited

Company Information

Directors

L G Tomlinson

E C Tomlinson

M L T Tomlinson

Company secretary

L G Tomlinson

Registered office

Down Farm
Westonbirt
Tetbury
Gloucestershire
GL8 8QW

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

J.Ferguson Estate, Limited

(Registration number: 00479593)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investment property

4

26,500,000

26,500,000

Current assets

 

Debtors

5

3,500

3,590

Cash at bank and in hand

 

1,116,994

2,152,601

 

1,120,494

2,156,191

Creditors: Amounts falling due within one year

6

(619,042)

(778,730)

Net current assets

 

501,452

1,377,461

Total assets less current liabilities

 

27,001,452

27,877,461

Creditors: Amounts falling due after more than one year

6

(13,458,411)

(14,610,314)

Deferred tax liabilities

(2,547,994)

(2,547,994)

Net assets

 

10,995,047

10,719,153

Capital and reserves

 

Called up share capital

8

40,000

40,000

Other reserves

8,273,569

8,273,569

Profit and loss account

2,681,478

2,405,584

Total equity

 

10,995,047

10,719,153

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 


L G Tomlinson
Company secretary and director

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

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:
Down Farm
Westonbirt
Tetbury
Gloucestershire
GL8 8QW

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

The following judgement has had the most significant effect on amounts recognised in the financial statements.

Fair value of investment property - The fair value of investment properties has been considered by the directors using professional valuations of the properties and their knowledge of the local property market. The market value of the properties is reviewed at least annually.

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

4

Investment properties

2024
£

At 1 April 2023 and 31 March 2024

26,500,000

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors.

The investment properties class of assets has a historical cost of £16,308,026 (2023 - £16,308,026). The depreciation on this historical cost is £nil (2023 - £nil).

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

5

Debtors

2024
 £

2023
 £

Prepayments

3,500

3,590

 

3,500

3,590

 

6

Creditors

2024
 £

2023
 £

Due within one year

Loans and borrowings

183,834

221,517

Social security and other taxes

42,651

100,526

Accrued expenses

112,106

164,066

Corporation tax liability

45,448

34,708

Deferred income

235,003

257,913

619,042

778,730

Due after one year

Loans and borrowings

13,458,411

14,610,314

 

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

183,834

221,517

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,458,411

14,610,314

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

40,000

40,000

40,000

40,000

         
 

9

Related party transactions

At the balance sheet date the amount due from other related parties amounted to £nil (2023 - £nil).

 

J.Ferguson Estate, Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Revaluation of investment property

2,547,994

2,547,994

2023

Liability
£

Revaluation of investment property

2,547,994

2,547,994