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COMPANY REGISTRATION NUMBER: 02533677
J. G. HARRISON (LEAT) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
J. G. HARRISON (LEAT) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
J. G. HARRISON (LEAT) LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
1,566,225
1,566,359
Current assets
Debtors
5
7,480
7,480
Investments
6
30,166
30,166
Cash at bank and in hand
853,405
857,397
---------
---------
891,051
895,043
Creditors: amounts falling due within one year
7
23,832
15,372
---------
---------
Net current assets
867,219
879,671
------------
------------
Total assets less current liabilities
2,433,444
2,446,030
Provisions
Taxation including deferred tax
108,135
101,350
------------
------------
Net assets
2,325,309
2,344,680
------------
------------
Capital and reserves
Called up share capital
300,000
300,000
Profit and loss account
8
2,025,309
2,044,680
------------
------------
Shareholders funds
2,325,309
2,344,680
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J. G. HARRISON (LEAT) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr J G Harrison
Director
Company registration number: 02533677
J. G. HARRISON (LEAT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Watermill, High Street, Otford, Kent, TN14 5PH, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the income earned from the Company's principal activity; the letting of investment property. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at 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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the statement of comprehensive income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% Reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
4. Tangible assets
Freehold investment property
Long leasehold investment property
Computer equipment
Total
£
£
£
£
Cost
At 1 February 2023
1,465,000
100,000
1,802
1,566,802
Additions
230
230
------------
---------
-------
------------
At 31 January 2024
1,465,000
100,000
2,032
1,567,032
------------
---------
-------
------------
Depreciation
At 1 February 2023
443
443
Charge for the year
364
364
------------
---------
-------
------------
At 31 January 2024
807
807
------------
---------
-------
------------
Carrying amount
At 31 January 2024
1,465,000
100,000
1,225
1,566,225
------------
---------
-------
------------
At 31 January 2023
1,465,000
100,000
1,359
1,566,359
------------
---------
-------
------------
In line with the company's Investment Property accounting policy the directors, with the assistance of an experienced letting agent, have determined the fair value of the company's freehold and leasehold Investment Property at the reporting date. The fair value adjustments disclosed above have been reported through the company's profit and loss account as per FRS 102 requirements. Deferred tax has been recognised in respect of all fair value adjustments.
Tangible assets held at valuation
The historical cost of the company's freehold and leasehold Investment Property totals £474,850 .
5. Debtors
2024
2023
£
£
Other debtors
7,480
7,480
-------
-------
6. Investments
2024
2023
£
£
Other investments
30,166
30,166
--------
--------
The above represents investments held at fair value.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,858
Deferred income
1,753
6,721
Other creditors
18,221
8,651
--------
--------
23,832
15,372
--------
--------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss account is a balance of £982,054 in connection with unrealised gains on investment property. This balance is not distributable.