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COMPANY REGISTRATION NUMBER: 00615420
J B HOWARD PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
J B HOWARD PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
24,892,771
24,665,243
Investments
6
1
---------------
---------------
24,892,771
24,665,244
Current assets
Debtors
7
7,230,286
6,234,790
Cash at bank and in hand
43,628
114,769
-------------
-------------
7,273,914
6,349,559
Creditors: amounts falling due within one year
8
1,050,970
692,290
-------------
-------------
Net current assets
6,222,944
5,657,269
---------------
---------------
Total assets less current liabilities
31,115,715
30,322,513
Creditors: amounts falling due after more than one year
9
8,000,000
8,000,000
Provisions
Taxation including deferred tax
4,669,776
4,669,776
---------------
---------------
Net assets
18,445,939
17,652,737
---------------
---------------
Capital and reserves
Called up share capital
10
1,952
1,952
Share premium account
11
240,355
240,355
Profit and loss account
11
18,203,632
17,410,430
---------------
---------------
Shareholders funds
18,445,939
17,652,737
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
J B HOWARD PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr F Sobhanpanah
Director
Company registration number: 00615420
J B HOWARD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Preston Street, Brighton, East Sussex, BN1 2HP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.
Going concern
The directors have confirmed that in their opinion, with the continuing support of the company's bankers, there are no known factors that will affect the company's ability to continue as a going concern for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - investment property valuations
Revenue recognition
Turnover represents amounts invoiced, net of value added tax, derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate cost of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
24,657,581
116,326
25,988
24,799,895
Additions
229,443
229,443
---------------
----------
---------
---------------
At 31 March 2024
24,887,024
116,326
25,988
25,029,338
---------------
----------
---------
---------------
Depreciation
At 1 April 2023
109,439
25,213
134,652
Charge for the year
1,721
194
1,915
---------------
----------
---------
---------------
At 31 March 2024
111,160
25,407
136,567
---------------
----------
---------
---------------
Carrying amount
At 31 March 2024
24,887,024
5,166
581
24,892,771
---------------
----------
---------
---------------
At 31 March 2023
24,657,581
6,887
775
24,665,243
---------------
----------
---------
---------------
Tangible assets held at valuation
The investment properties were valued by the directors on an open market value basis at 31 March 2024. The investment properties were last valued by a third party valuer, CBRE Limited, on 13 September 2021.
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
1
Disposals
( 1)
----
At 31 March 2024
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
----
At 31 March 2023
1
----
The company disposed of it's shareholding in CCS Holdings Ltd, a company incorporated in England & Wales, in January 2024.
7. Debtors
2024
2023
£
£
Trade debtors
60,242
49,065
Other debtors
7,170,044
6,185,725
-------------
-------------
7,230,286
6,234,790
-------------
-------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,889
31,142
Amounts owed to group undertakings and undertakings in which the company has a participating interest
457,320
Corporation tax
25,720
Social security and other taxes
4,758
Other creditors
996,603
203,828
-------------
----------
1,050,970
692,290
-------------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,000,000
8,000,000
-------------
-------------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,945
1,945
1,945
1,945
Ordinary alphabet shares of £ 1 each
7
7
7
7
-------
-------
-------
-------
1,952
1,952
1,952
1,952
-------
-------
-------
-------
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 31 March 2024 the profit and loss account balance of £18,203,632 (2023: £17,410,430) represents distributable reserves of £2,911,027 (2023: £2,117,825) and non-distributable reserves of £15,292,605 (2023: £15,292,605).
12. Related party transactions
During the year the company repaid loans totalling £720,000 to it's former wholly owned subsidiary, CCS Holdings Limited, and received additional loans from them totalling £2,101,522. A dividend was voted to the company by CCS Holdings Ltd in the year totalling £892,500. At the balance sheet date, CCS Holdings Limited were owed £946,342 by the company (2023: £457,320). The loan is interest free and repayable on demand. During the year the company provided loans totalling £1,575,812 to it's related company, Basilica Limited, and received repayments from them totalling £599,621. At the balance sheet date, Basilica Limited owed the company £6,885,614 (2023: £5,909,423).