REGISTERED NUMBER: |
JRT HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
REGISTERED NUMBER: |
JRT HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
JRT HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
MHA House |
Charter Court |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
BALANCE SHEET |
27 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
BALANCE SHEET - continued |
27 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
JRT Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has net assets at the balance sheet date. However the company has net current liabilities as at 27 September 2023. |
At the date of signing the financial statements, the directors have made appropriate enquiries and examined those areas which could give rise to financial exposure, including the current economic uncertainty, in assessing the appropriateness of the going concern basis in preparing the financial statements. The financial statements are prepared on going concern basis. |
However the company is reliant on the support of its directors to continue to provide funding to the company and not to call for repayment of Directors' current account balances if it would adversely affect the ability of the company to continue as a going concern for the foreseeable future. |
In the event this support was not to continue, this would give rise to a material uncertainty as to the ability of the company to continue in operational existence for the foreseeable future. Accordingly, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, to provide for future liabilities that might arise and to reclassify fixed assets (leasehold land and buildings) and long-term liabilities (bank loans and other loans) as current assets and liabilities. |
. |
Significant judgements and 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 only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
Turnover and revenue recognition |
Turnover relates to rental income and is recognised evenly over the period to which it relates. |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets - investment property |
The company's leasehold land and buildings are treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the change recognised in the income statement. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate fair value non-distributable reserve. |
Financial instruments |
Basic financial assets, which include cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities, including bank loans and other loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Long | Improvements |
leasehold | to |
property | property | Totals |
£ | £ | £ |
COST |
At 28 September 2022 |
and 27 September 2023 |
NET BOOK VALUE |
At 27 September 2023 |
At 27 September 2022 |
The company's long leasehold property was valued by the directors as at 27 September 2023 at open market value, with reference to a valuation undertaken by Lambert Smith Hampton, independent qualified chartered surveyors in January 2022. |
If the revalued assets were stated on the historical cost basis, the amounts would be as follows : |
2023 | 2022 |
£ | £ |
At cost | 1,505,347 | 1,505,347 |
Valuation | 344,653 | 344,653 |
Net book value | 1,850,000 | 1,850,000 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Other creditors |
Directors' current accounts | 712,584 | 667,585 |
Accruals and deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more than 5 years |
Other loans - 1-2 years | 12,830 | 12,830 |
Other loans - 2-5 years | 38,490 | 38,490 |
Other loans more than 5 years | 18,009 | 34,003 |
JRT HOLDINGS LIMITED (REGISTERED NUMBER: 06383115) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 SEPTEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 814,012 | 819,707 |
Other loans more than 5 years | 18,009 | 34,003 |
832,021 | 853,710 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Other loans |
The bank loans are secured by a first legal mortgage and other loans are secured by a second legal charge over the land at Ewenny Industrial Estate, Waterton, Bridgend included in the company's balance sheet in long leasehold property. |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 28 September 2022 |
and 27 September 2023 |
9. | TRANSACTIONS WITH DIRECTORS |
An aggregate balance of £712,584 (2022 - £667,585) was owing to the directors. No interest has been charged on the directors' current accounts during the current or prior year. |
As per note 2 of the financial statements the company is reliant on the ongoing support of its directors. |
The balances in Directors' current accounts creditors, are repayable on the basis that these amounts loaned to the company by the directors, would not be called for payment if it would adversely affect the ability of the company to continue trading as a going concern for the foreseeable future. Further details provided in note 2 to the financial statements. |