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Registration number: 10059465

James Oliver Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

James Oliver Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

James Oliver Holdings Limited

(Registration number: 10059465)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

99,427

126,198

Investment property

5

8,917,566

7,086,256

Investments

6

153

153

 

9,017,146

7,212,607

Current assets

 

Stocks

7

328,742

323,048

Debtors

8

917,416

1,029,136

Cash at bank and in hand

 

233,303

281,566

 

1,479,461

1,633,750

Creditors: Amounts falling due within one year

9

(889,554)

(1,218,974)

Net current assets

 

589,907

414,776

Total assets less current liabilities

 

9,607,053

7,627,383

Creditors: Amounts falling due after more than one year

9

(5,685,692)

(3,607,920)

Provisions for liabilities

(142,762)

(207,794)

Net assets

 

3,778,599

3,811,669

Capital and reserves

 

Called up share capital

1

1

Other reserves

374,784

548,192

Retained earnings

3,403,814

3,263,476

Shareholders' funds

 

3,778,599

3,811,669

 

James Oliver Holdings Limited

(Registration number: 10059465)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 January 2025
 

J E B Oliver
Director

   
     
 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
c/o Milsted Langdon LLP
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG

These financial statements were authorised for issue by the director on 17 January 2025.

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.

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

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accounted for under the accruals model.

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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

Furniture, fittings and equipment

20% reducing balance

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 3 (2023 - 3).

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

17,657

1,055

3,505

166,212

188,429

Additions

5,324

-

595

-

5,919

At 30 April 2024

22,981

1,055

4,100

166,212

194,348

Depreciation

At 1 May 2023

6,929

610

2,885

51,807

62,231

Charge for the year

3,210

111

768

28,601

32,690

At 30 April 2024

10,139

721

3,653

80,408

94,921

Carrying amount

At 30 April 2024

12,842

334

447

85,804

99,427

At 30 April 2023

10,728

445

620

114,405

126,198

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Investment properties

2024
£

At 1 May

7,086,256

Additions

2,062,520

Fair value adjustments

(231,210)

At 30 April

8,917,566

There has been no valuation of investment property by an independent valuer. The investment properties have been valued by the director.

The historical cost of the investment properties, included at fair value is £8,421,658 (2023 - £6,359,138).

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Investments in associates

53

53

153

153

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Provision

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

Associates

£

Cost

At 1 May 2023

53

Provision

Carrying amount

At 30 April 2024

53

At 30 April 2023

53

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

J O Developments Limited

Motivo House, Alvington, Yeovil, Somerset, BA20 2FG

England

Ordinary

100%

100%

Associates

OliverBall Serviced Apartments Limited

5 Selbourne Terrace, Portsmouth, PO1 5AL

Ordinary

50%

50%

England

Pompey Property Finance Limited

19 Eastern Parade, Southsea, Hampshire, PO4 9RB

Ordinary

50%

50%

England

First4Finance Limited

28 Craneswater Park, Southsea, Hampshire, PO4 0NT

Ordinary shares

50%

50%

ENGLAND

Subsidiary undertakings

J O Developments Limited

The principal activity of J O Developments Limited is Property development.

Associates

OliverBall Serviced Apartments Limited

The principal activity of OliverBall Serviced Apartments Limited is Property letting.

Pompey Property Finance Limited

The principal activity of Pompey Property Finance Limited is Property Finance.

First4Finance Limited

The principal activity of First4Finance Limited is Provision of finance.

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Stocks

2024
£

2023
£

Development stock

328,742

323,048

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

3,425

15,005

Amounts owed by related parties

11

913,991

982,131

Other debtors

 

-

32,000

 

917,416

1,029,136

9

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

10

160

151

Trade creditors

 

50,127

22,041

Amounts due to related parties

11

474,532

869,928

Social security and other taxes

 

4,411

4,772

Other creditors

 

288,833

273,438

Accruals

 

13,874

11,959

Corporation tax

57,617

36,685

 

889,554

1,218,974

Due after one year

 

Loans and borrowings

10

5,685,692

3,607,920

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

5,657,472

3,579,540

-

-

The loans and borrowings in note 9 are secured on the property held by the company.

The hire purchase contracts are secured on the assets held.

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,657,472

3,579,540

Hire purchase contracts

28,220

28,380

5,685,692

3,607,920

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

160

151

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The amount of the bank borrowings not due by instalments after five years is £5,657,472 (2023 - £3,579,540).

11

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

-

-

-

-

Loan to director

(366,666)

612,071

(114,000)

131,405

(366,666)

612,071

(114,000)

131,405

 

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Loan to director

(569,362)

202,696

(366,666)

(569,362)

202,696

(366,666)

 

The above loan is interest free and repayable on demand.

During the year the company rented property from the director. Total rent payable during the period was £66,000 (2023 - £38,500).

 

James Oliver Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Summary of transactions with other related parties

OliverBall Serviced Apartments Limited
(Associate of James Oliver Holdings Limited)
During the year the company received dividend income from OliverBall Serviced Apartments Limited totalling £12,000 (2023 - £7,000).
During the year OliverBall Serviced Apartments Limited received a loan from the company. No interest is charged on this loan and this loan is repayable on demand. At the balance sheet date the amount due to/ (from) OliverBall Serviced Apartments Limited was (£726) (2023 - £50).

Pompey Property Finance Limited
(Associate of James Oliver Holdings Limited)
During the year Pompey Property Finance Limited received a loan from the company. Interest is being charged at a commercial rate and this loan is repayable on demand. At the balance sheet date the amount due from Pompey Property Finance Limited was £75,626 (2023 - £3,082).

OMPD Limited
(A company in which J E B Oliver is a director and shareholder)
During the year the company received services from OMPD Limited at a cost of £1,106 (2023 - £19,544).
During the year OMPD Limited received a loan from the company. No interest is charged on this loan and this loan is repayable on demand. At the balance sheet date the amount due from OMPD Limited was £40,464 (2023 - (£525)).

Oliverball Property Limited (formerly Oliverball Professional Co-Living Limited)
(A company in which J E B Oliver is a director and shareholder)
During the year Oliverball Property Limited received a loan from the company. Interest is being charged at a commercial rate and this loan is repayable on demand. At the balance sheet date the amount due from Oliverball Property Limited was £70,226 (2023 - £250,000).

Oliver Morris Limited
(A company in which J E B Oliver is a director and shareholder)
During the year Oliver Morris Limited made a loan to the company. No interest is charged on this loan and is repayable on demand. At the balance sheet date the amount due to Oliver Morris Limited was £486,250 (2023 - £378,000).

First4Finance Limited
(Associate of James Oliver Holdings Limited)
During the year First4Finance Limited received a loan from the company. No interest is charged on this loan and it is repayable on demand. At the balance sheet date the amount due from First4Finance Limited was £726,949 (2023 - £729,049).

The company has taken advantage of the exemption conferred by FRS 102 s.33.1A not to disclose transactions with other wholly owned members of the group.