Company Registration No. 06162838 (England and Wales)
LILIAN JAMES LIMITED
Unaudited Financial Statements
For The Year Ended 31 October 2023
Pages For Filing With Registrar
LILIAN JAMES LIMITED
Company Information
Directors
G.G. Coleman
N.L. Coleman-Dale
(Appointed 14 August 2023)
S.J. Coleman
(Appointed 14 August 2023)
Secretary
K.L. Coleman
Company number
06162838
Registered office
Great Ropers House Warley Road,
Great Warley,
Brentwood,
Essex,
CM13 3HR
Accountants
Nicholas Hall,
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
LILIAN JAMES LIMITED
Contents
Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes To The Financial Statements
4 - 9
LILIAN JAMES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Lilian James Limited For The Year Ended 31 October 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lilian James Limited for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Lilian James Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lilian James Limited and state those matters that we have agreed to state to the Board of Directors of Lilian James Limited, as a body, in this report in accordance with technical guidelines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lilian James Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Lilian James 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 Lilian James Limited. You consider that Lilian James 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 Lilian James 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.
Nicholas Hall
____________________________
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
27 November 2024
LILIAN JAMES LIMITED
Balance Sheet
As At 31 October 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment Properties
6
11,601,502
11,601,502
Current assets
Debtors
7
3,516
3,254
Cash At Bank And In Hand
29,812
28,390
33,328
31,644
Creditors: amounts falling due within one year
8
(765,649)
(339,913)
Net current liabilities
(732,321)
(308,269)
Total assets less current liabilities
10,869,181
11,293,233
Creditors: amounts falling due after more than one year
9
(4,527,835)
(5,690,454)
Provisions for liabilities
10
(623,483)
(623,053)
Net assets
5,717,863
4,979,726
Capital and reserves
Called Up Share Capital
11
100
100
Revaluation Reserve
3,295,102
3,295,102
Profit And Loss Reserves
2,422,661
1,684,524
Total equity
5,717,863
4,979,726
In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of filleted financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
LILIAN JAMES LIMITED
Balance Sheet (Continued)
As At 31 October 2023
31 October 2023
- 3 -
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
G.G. Coleman
______________________
G.G. Coleman
Director
Company Registration No. 06162838
LILIAN JAMES LIMITED
Notes To The Financial Statements
For The Year Ended 31 October 2023
- 4 -
1
Accounting policies
Company information
Lilian James Limited is a private company limited by shares incorporated in England and Wales. The registered office is Great Ropers House Warley Road, Great Warley, Brentwood, Essex, CM13 3HR
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, Fittings & Equipment
- 15% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LILIAN JAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including Creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LILIAN JAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2023
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 2).
3
Directors' remuneration and dividends
2023
2022
£
£
Remuneration Paid To Directors
Dividends Paid To Directors
300,000
300,000
4
Dividends
2023
2022
£
£
Interim Paid
300,000
300,000
LILIAN JAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2023
- 7 -
5
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 November 2022 And 31 October 2023
625,212
Depreciation and impairment
At 1 November 2022 And 31 October 2023
625,212
Carrying amount
At 31 October 2023
At 31 October 2022
6
Investment property
2023
£
Fair value
At 1 November 2022 And 31 October 2023
11,601,502
Investment property comprises:
Consolidated House (Consolidated House, Farringdon Avenue, Harold Hill, Essex, RM3 8SP) acquired by the company in June 2007.
28 & 29 Wash Road (28 & 29 Wash Road, Hutton, Brentwood, Essex, CM13 1TB) acquired by the company in August 2021.
An independent valuation of Consolidated House was carried on 14 January 2020 by Mr P. Smart, a registered valuer and member of the Valuation Professional Group of RICS, for and on behalf of Matthews & Goodman LLP, of 33 Robert Adam Street, London, W1U 3HR.
In the professional opinion of the above named valuer, the Market Value of Consolidated House as at the date of the above valuation was £9,500,000.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other Debtors
3,516
3,254
LILIAN JAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank Loans And Overdrafts
80,799
89,909
Trade Creditors
3,998
Taxation And Social Security
314,118
139,075
Other Creditors
366,734
110,929
765,649
339,913
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank Loans And Overdrafts
1,687,261
1,767,485
Other Creditors
2,840,574
3,922,969
4,527,835
5,690,454
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated Capital Allowances
(44)
(474)
Investment Property
623,527
623,527
623,483
623,053
2023
Movements in the year:
£
Liability At 1 November 2022
623,053
Charge To Profit Or Loss
430
Liability At 31 October 2023
623,483
LILIAN JAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2023
- 9 -
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
12
Related party transactions
Included within Other Creditors is a directors' loan account balance totalling £364 (2022: £852) owed to G.G. Coleman as at 31 October 2023. The loan was provided interest free and is repayable on demand.
As at 31 October 2023, Great Ropers Storage Limited, a company under common control, were owed by the company £1,294,733 (2022: £997,873) in respect of an interest free loan repayable on demand..
As at 31 October 2023, Consolidated Storage Services Limited, a company under common control, were owed by the company £1,134,464 (2022: £2,925,095) in respect of an interest free loan repayable on demand.
As at 31 October 2023, Lilian James FZCO, an overseas entity under common control, were owed by the company £595,306 (2022: £Nil) in respect of an interest free loan repayable on demand.
During the year ended 31 October 2023, £1,930,000 of Management Charges were invoiced by Lilian James FZCO, a company under common control.