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REGISTERED NUMBER: 02670477 (England and Wales)










J.H. WATSON PROPERTY INVESTMENT
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024






J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 6


J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 340 564
Investments 5 271,350 100
Investment property 6 2,104,083 1,935,349
2,375,773 1,936,013

CURRENT ASSETS
Debtors 7 19,153 34,388
Cash at bank 288,567 515,962
307,720 550,350
CREDITORS
Amounts falling due within one year 8 71,698 95,939
NET CURRENT ASSETS 236,022 454,411
TOTAL ASSETS LESS CURRENT LIABILITIES 2,611,795 2,390,424

PROVISIONS FOR LIABILITIES 64,127 30,295
NET ASSETS 2,547,668 2,360,129

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable 10 271,128 223,856
Retained earnings 2,276,440 2,136,173
SHAREHOLDERS' FUNDS 2,547,668 2,360,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 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.

J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

BALANCE SHEET - continued
30TH APRIL 2024


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

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 10th September 2024 and were signed on its behalf by:




J H Watson - Director



E L Watson - Director


J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024


1. STATUTORY INFORMATION

J.H. Watson Property Investment Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are when the outcome of a transaction can be estimated reliably, turnover from the amounts invoiced for freehold ground rents is recognised by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery etc.- 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Investments in stocks
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investments in the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

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 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.

J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally 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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2023
and 30th April 2024 25,898
DEPRECIATION
At 1st May 2023 25,334
Charge for year 224
At 30th April 2024 25,558
NET BOOK VALUE
At 30th April 2024 340
At 30th April 2023 564

J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1st May 2023 100 - 100
Additions - 474,827 474,827
Disposals - (201,061 ) (201,061 )
Revaluations - (2,516 ) (2,516 )
At 30th April 2024 100 271,250 271,350
NET BOOK VALUE
At 30th April 2024 100 271,250 271,350
At 30th April 2023 100 - 100

Cost or valuation at 30th April 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2024 - (2,516 ) (2,516 )
Cost 100 273,766 273,866
100 271,250 271,350

The company's investments at the Balance Sheet date in the share capital of companies include the following:

J H Watson Residential Property Investment Ltd
Registered office: Glendevon House, 4 Hawthorn Park, Leeds, United Kingdom, LS14 1PQ
Nature of business: Letting and operating of own or leased real estate
%
Class of shares: holding
Ordinary 100.00

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2023 1,935,349
Additions 93,474
Disposals (3,563 )
Movement in fair value 78,823
At 30th April 2024 2,104,083
NET BOOK VALUE
At 30th April 2024 2,104,083
At 30th April 2023 1,935,349

The historic cost equivalent of investment properties included at fair value is £1,921,047 (2023: £1,830,770). The directors believe that the valuation of investment properties at the reporting date correctly reflects their fair value.

J.H. WATSON PROPERTY INVESTMENT
LIMITED (REGISTERED NUMBER: 02670477)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,856 30,749
Other debtors 12,297 3,639
19,153 34,388

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 308 3,094
Taxation and social security 38,405 60,261
Other creditors 32,985 32,584
71,698 95,939

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Non-distributable
£   
At 1st May 2023 223,856
Property revaluation 78,367
Deferred tax transfer (31,095 )

At 30th April 2024 271,128