Registered number |
01055142 |
J K Holdings Limited |
Filleted Accounts |
31 December 2023 |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Investments | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Investments held as current assets - at cost | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Provisions for liabilities - deferred tax | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
J W Kiernan | S J Loveday | ||||||
Director | Director | ||||||
Approved by the board on |
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Notes to the Accounts | |||||||||
for the year ended |
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1 | Accounting policies | ||||||||
Basis of preparation | |||||||||
Turnover | |||||||||
Investment in subsidiaries | |||||||||
Tangible fixed assets | |||||||||
Plant and equipment | 25% reducing balance basis | ||||||||
Freehold investment properties | |||||||||
Impairment of assets | |||||||||
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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Stocks | |||||||||
Debtors | |||||||||
Creditors | |||||||||
Taxation | |||||||||
Provisions | |||||||||
Leased assets | |||||||||
Pensions | |||||||||
2 | Employees | 2023 | 2022 | ||||||
Number | Number | ||||||||
Average number of persons employed by the company | |||||||||
3 | Tangible fixed assets | ||||||||
£ | £ | ||||||||
Cost | |||||||||
At 1 January 2023 | |||||||||
At 31 December 2023 | |||||||||
Depreciation | |||||||||
At 1 January 2023 | |||||||||
Charge for the year | |||||||||
At 31 December 2023 | |||||||||
Net book value | |||||||||
At 31 December 2023 | |||||||||
At 31 December 2022 | |||||||||
4 | Fixed Asset Investments | ||||||||
Freehold Investment property | Investments in subsidiary undertakings | Total | |||||||
£ | £ | £ | |||||||
At Fair Value | |||||||||
At 1 January 2023 | 4,417,528 | 834,270 | 5,251,798 | ||||||
Additions | - | 244,819 | 244,819 | ||||||
Revaluation | - | - | - | ||||||
Disposals | - | - | - | ||||||
Irrecoverable Loans - written off - Essex Restaurants Ltd | - | - | - | ||||||
At 31 December 2023 | 4,417,528 | 1,079,089 | 5,496,617 | ||||||
Provisions | |||||||||
At 1 January 2023 | - | (650,000) | (650,000) | ||||||
Impairment Loss for the year | - | - | - | ||||||
At 31 December 2023 | - | (650,000) | (650,000) | ||||||
Net book value | |||||||||
At 31 December 2023 | 4,417,528 | 429,089 | 4,846,617 | ||||||
At 31 December 2022 | 4,417,528 | 184,270 | 4,601,798 | ||||||
The Freehold Investment Property in Heybridge (Hotel and Restaurant) was professionally valued in October 2021 by Christie & Co, Chartered Surveyors. The Company sold a 38% share in the Hotel in February 2022 at market value. A second Freehold Property (Garden Centre) was also professional valued in August 2021 by Christie & Co, Chartered Surveyors. Based on the above mentioned valuations, the Directors are of the opinion that the Fair Value of both Investment Properties was £4,417,528 as at 31 December 2023. The original cost of both Investment Properties at 31 December 2023 was £936,442 (2022: £936,442). |
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Investments in | Investments in | ||||||||
subsidiary | subsidiary | ||||||||
undertakings | undertakings | ||||||||
£ | £ | ||||||||
Shares in group undertakings | 390 | ||||||||
Loans to group undertakings | 428,699 | ||||||||
At 31 December 2023 | 429,089 | ||||||||
Subsidiaries | Shares held | Proportion | Loans after | ||||||
Class | Number | held | Impairment & write offs | ||||||
The Maldon Garden Centre Ltd | Ordinary | 170 | 85% | - | |||||
Essex Restaurants Ltd | Ordinary | 100 | 100% | - | |||||
Le Bouchon Hotel Ltd | Ordinary | 120 | 80% | 428,699 | |||||
390 | 428,699 | ||||||||
All of the subsidiaries were incorporated in the UK. | |||||||||
Nature of business | |||||||||
The Maldon Garden Centre Ltd | Garden Centre and Nursery | ||||||||
Essex Restaurants Ltd | Restaurant (ceased trade in December 2021) | ||||||||
Le Bouchon Hotel Ltd | Restaurant and Hotel | ||||||||
5 | Debtors | 2023 | 2022 | ||||||
£ | £ | ||||||||
Subsidary - The Maldon Garden Centre Ltd | 34,996 | 149,545 | |||||||
Subsidary - Loan to Essex Restaurants Ltd | 32,850 | - | |||||||
Amounts owed by Benbridge Management Ltd (note 11) | 8,387 | 8,387 | |||||||
Other debtors | - | ||||||||
6 | Investments - Current | ||||||||
The Listed Shares held at a Cost of £3,450 had a market value in June 2024 of £4,725. | |||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | ||||||
£ | £ | ||||||||
Bank overdraft and loans | (Secured) | ||||||||
Trade creditors | |||||||||
Other taxes and social security costs | |||||||||
Directors' loan accounts | 6,654 | 5,647 | |||||||
Loan from Jonathan Kiernan (connected) | 45,000 | 45,000 | |||||||
Other creditors | |||||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | ||||||
£ | £ | ||||||||
Bank loans (Secured) | |||||||||
The Company agreed a Bank Loan with Nat West Bank in November 2021. The Bank Loan was in the sum of £2,500,000, secured on the Company assets. The initial loan repayments were £19,126.83 per month over a period of 180 months at an intial fixed rate of 4.53%. | |||||||||
9 | Pension commitments | ||||||||
The Company makes contributions to the Director's personal pension plans, the assets of which are held seperately from those of the Company. The pension cost charge to the profit and loss account of £600 (2022: £600) represents payments to those plans. | |||||||||
10 | Group accounts | ||||||||
The accounts present information about the parent company, J K Holdings Ltd, as an individual undertaking and not about its group. Group accounts have not been prepared as the parent and its subsidiaries are exempt from the requirement as they form a Small Group. |
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11 | Related party transactions and subsidiaries | ||||||||
J W Kiernan owns 65% of the ordinary share capital of this company and is connected with the following companies:- | |||||||||
Le Bouchon Hotel Ltd (subsidiary) | |||||||||
J K Holdings Ltd owns 80% of the controlling ordinary share capital of Le Bouchon Hotel Ltd. Loans due from Subsidiary at 31/12/23 were £1,078,699 before an Impairment adjustment of £650,000. The Subsidiary accounts showed significant Net Liabilities at 31/12/2023, but it continues to be supported by the Holding Company, | |||||||||
The Maldon Garden Centre Ltd (subsidiary) | |||||||||
J K Holdings Ltd owns 85% of the Ordinary share capital of The Maldon Garden Centre Ltd. Management charges of £300,000 (2022: £180,000) and rent £60,000 (2022: £60,000) were receivable from the Subsidiary. A dividend was also receivable from The Maldon Garden Centre Ltd of £170,000 for 2023 - (2022: £153,000). At 31/12/2023 the Subsidary owed to J K Holdings Ltd £34,996. |
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Essex Restaurants Ltd (subsidiary) | |||||||||
J K Holdings Ltd owns 100% of the controlling ordinary share capital of Essex Restaurants Ltd. J K Holdings Ltd made further loans to Essex Restaurants Ltd during the year of £32,850 to assist with the settlement of various operating liabilities incurred by the previous business, which has now ceased.This debt was repaid in 2024. |
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Benbridge Management Ltd | |||||||||
J W Kiernan owns 100% of the ordinary share capital of Benbridge Management Ltd. At 31/12/2023 Benbridge Management Ltd owed to J K Holdings Ltd £8,387 (2022: £8,387) |
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12 | Controlling party | ||||||||
13 | Registration of Charge | ||||||||
Natwest bank has secured its loan by Registered Fixed and Floating Charges over the company assets. | |||||||||
14 | Operating lease commitments | ||||||||
Total future minimum lease payments under non-cancellable operating leases are as follows:- | |||||||||
2023 | 2022 | ||||||||
£ | £ | ||||||||
Operating leases which expire:- | |||||||||
Within 1 year | 14,778 | 14,543 | |||||||
2 - 5 years | 27,670 | 23,169 | |||||||
42,448 | 37,712 | ||||||||
15 | Other information | ||||||||
J K Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: | |||||||||
Victoria House | |||||||||
88 The Causeway | |||||||||
Maldon | |||||||||
Essex | |||||||||
CM9 4LL |