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REGISTERED NUMBER: 03481703 (England and Wales)











REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

JUSTCREST LIMITED

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


JUSTCREST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D E Harding
I D Simpson
R J Scott-Lee





REGISTERED OFFICE: One Station Square
Bracknell
Berkshire
RG12 1QB





REGISTERED NUMBER: 03481703 (England and Wales)





ACCOUNTANTS: Haines Watts
Advantage
87 Castle Street
Reading
Berkshire
RG1 7SN

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a property investment and rental company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D E Harding
I D Simpson
R J Scott-Lee

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





R J Scott-Lee - Director


19 August 2024

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
JUSTCREST LIMITED



In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Justcrest Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Justcrest Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Justcrest Limited and state those matters that we have agreed to state to the Board of Directors of Justcrest Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Justcrest Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Justcrest Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Justcrest Limited. You consider that Justcrest Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Justcrest Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
Advantage
87 Castle Street
Reading
Berkshire
RG1 7SN


19 August 2024

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £

TURNOVER 72,735 71,430

Cost of sales 6,353 13,000
GROSS PROFIT 66,382 58,430

Administrative expenses 11,257 16,158
OPERATING PROFIT 55,125 42,272

Interest receivable and similar income 124 22
PROFIT BEFORE TAXATION 55,249 42,294

Tax on profit 12,680 22,324
PROFIT FOR THE FINANCIAL YEAR 42,569 19,970

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment property 4 1,195,000 1,195,000

CURRENT ASSETS
Debtors 5 6,573 30,413
Cash at bank 6 75,682 96,334
82,255 126,747
CREDITORS
Amounts falling due within one year 7 196,503 193,564
NET CURRENT LIABILITIES (114,248 ) (66,817 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,080,752

1,128,183

PROVISIONS FOR LIABILITIES 8 59,534 59,534
NET ASSETS 1,021,218 1,068,649

CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 482,830 482,830
Retained earnings 538,386 585,817
SHAREHOLDERS' FUNDS 1,021,218 1,068,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

BALANCE SHEET - continued
31 DECEMBER 2023


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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





R J Scott-Lee - Director


JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Justcrest 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
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

. The amount of revenue can be measured reliably;
. It is probable that the Company will receive the consideration due under the contract;
. The stage of completion of the contract at the end of the reporting period can be measured
reliably; and
. The costs incurred and the costs to complete the contract can be measured reliably.

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.






JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued


Creditors
Short term creditors are measured at the transaction price. 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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance sheet date, except that:

. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
. Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,195,000
NET BOOK VALUE
At 31 December 2023 1,195,000
At 31 December 2022 1,195,000

The investment property was valued by Lambert Smith Hampton and Hicks Baker on an open market value for existing use back in 2017. The directors consider there has not been any significant change in the valuation since then.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 3,059 557
Other debtors 3,514 29,856
6,573 30,413

6. CASH AT BANK
2023 2022
£ £
Cash at bank 75,682 96,334

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 782 1,565
Amounts owed to group undertakings 165,801 165,801
Taxation and social security 12,680 8,966
Other creditors 17,240 17,232
196,503 193,564

8. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 59,534 59,534

JUSTCREST LIMITED (REGISTERED NUMBER: 03481703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 January 2023 59,534
Balance at 31 December 2023 59,534

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary £1 2 2

10. RESERVES

Revaluation reserve

The revaluation reserve represents the cumulative excess of the fair value of investment properties over their historical cost.

Profit & loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

11. RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemptions under paragraph 33.1A of FRS 102 Section 1A, not to disclose transactions with other wholly owned group members.

During the year, the Company was charged management charges by The Chancellors Group of Estate Agents Limited totalling £7,824 (2022 - £9,389). At 31 December 2023, the Company owed £782 (2022 - £1,565). In addition, the Company recharged The Chancellors Group of Estate Agents Limited £3,610 (2022 - Nil). The balance due to The Chancellors Group of Estate Agents Limited at the end of the year was £2,503 (2022 - Nil).

The companies are related through common control and ownership.

12. CONTROLLING PARTY

The Company is a wholly owned subsidiary of Chancellors Holdings Limited, which is itself a wholly owned subsidiary of Justcrest Holdings Limited. Both of these companies are incorporated in England, and their accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

By virtue of their shareholdings in the ultimate parent company, the Company is under the control of Mr I Simpson, Mr D Harding and Mr R J Scott-Lee.