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Registration number: 00927373

J.P. Morgan Trust Investment Company Limited (The)

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

J.P. Morgan Trust Investment Company Limited (The)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

J.P. Morgan Trust Investment Company Limited (The)

Company Information

Directors

Mr S P Morgan

Mr C J Meyer

Registered office

The Old Rectory Mellis Road
Thornham Parva
Eye
IP23 8ET

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

J.P. Morgan Trust Investment Company Limited (The)

(Registration number: 00927373)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

701

935

Investment properties

6

1,090,000

1,640,000

 

1,090,701

1,640,935

Current assets

 

Debtors

7

308,617

314,671

Cash at bank and in hand

 

482,294

35,833

 

790,911

350,504

Creditors: Amounts falling due within one year

8

(48,227)

(60,313)

Net current assets

 

742,684

290,191

Total assets less current liabilities

 

1,833,385

1,931,126

Provisions for liabilities

(61,291)

(91,192)

Net assets

 

1,772,094

1,839,934

Capital and reserves

 

Called up share capital

9

1,000

1,000

Profit and loss account

1,771,094

1,838,934

Shareholders' funds

 

1,772,094

1,839,934

For the financial year ending 30 September 2023 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.

 

J.P. Morgan Trust Investment Company Limited (The)

(Registration number: 00927373)
Balance Sheet as at 30 September 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mr S P Morgan
Director

 

J.P. Morgan Trust Investment Company Limited (The)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Rectory Mellis Road
Thornham Parva
Eye
IP23 8ET
England

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Significant judgements and estimates

The preparation of financial statements requires management to make significant judgements and estimates that affect the reported amounts of assets, liabilities, income and expenses. No significant judgements or assumptions have had to be made by management in preparing these financial statements.

Revenue recognition

Turnover represents rents receivable for the year. Rents are receivable monthly/quarterly in advance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

J.P. Morgan Trust Investment Company Limited (The)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% Reducing balance

Fixtures, fittings & Equipment

25% Reducing balance

Investment properties

Investment properties are reflected in the financial statements at their most recent valuations in accordance with the requirements of FRS102. Any aggregate surplus or deficit arising from the changes in fair values are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

J.P. Morgan Trust Investment Company Limited (The)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

31,713

-

Deferred taxation

Arising from origination and reversal of timing differences

(29,901)

41,830

Tax expense in the income statement

1,812

41,830

 

J.P. Morgan Trust Investment Company Limited (The)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

47,638

47,638

At 30 September 2023

47,638

47,638

Depreciation

At 1 October 2022

46,703

46,703

Charge for the year

234

234

At 30 September 2023

46,937

46,937

Carrying amount

At 30 September 2023

701

701

At 30 September 2022

935

935

6

Investment properties

2023
£

At 1 October 2022

1,640,000

Disposals

(550,000)

At 30 September 2023

1,090,000

The investment properties are stated at fair value.

There has been no revaluation of the investment properties during the year as the directors consider that their valuation has not materially changed from the previous year.

If the investment properties had not been stated at fair value, they would have been included at historical cost of £689,079 (2022 - £908,347)

7

Debtors

Current

2023
£

2022
£

Other debtors

308,617

314,671

 

308,617

314,671

 

J.P. Morgan Trust Investment Company Limited (The)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

34,403

20,826

Accruals and deferred income

6,500

30,118

Other creditors

7,324

9,369

48,227

60,313

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

10

Reserves

£339,805 of the retained earnings are not distributable by virtue of having arisen as a result of the revaluation of the investment properties. The distributable reserves are £1,431,289.

11

Related party transactions

As at the balance sheet date:

1) A director owed the company the sum of £216,159 (2022 - £198,465). Loans of £12,909 were provided during the year. This loan was subject to interest at the rate of 2.25% and the interest charged during the year was £4,785 (2022 - £4,403).

2) Another director was owed the sum of £79 by the company (2022 - £79).

3) A family member of a director, was owed £563 by the company (2022 - the family member owed the company £22,591). £23,577 was repaid during the year, resulting in £563 being owed by the company. This loan was subject to interest at the rate of 2.25% and the interest charged during the year was £423 (2022 - £577).

4) During the year consultancy fees totalling £9,800 (2022 - £10,400) were paid to a director of the company.