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Company No: 11566990 (England and Wales)

JULIAN & SONS (PROPERTY) LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

JULIAN & SONS (PROPERTY) LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

JULIAN & SONS (PROPERTY) LIMITED

BALANCE SHEET

As at 30 September 2024
JULIAN & SONS (PROPERTY) LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,897,088 3,973,633
3,897,088 3,973,633
Current assets
Debtors 4 127,823 19,476
Cash at bank and in hand 1,060 32,482
128,883 51,958
Creditors: amounts falling due within one year 5 ( 3,083,376) ( 3,275,583)
Net current liabilities (2,954,493) (3,223,625)
Total assets less current liabilities 942,595 750,008
Net assets 942,595 750,008
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 942,495 749,908
Total shareholder's funds 942,595 750,008

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Julian & Sons (Property) Limited (registered number: 11566990) were approved and authorised for issue by the Board of Directors on 07 March 2025. They were signed on its behalf by:

A Thomas
Director
JULIAN & SONS (PROPERTY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
JULIAN & SONS (PROPERTY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Julian & Sons (Property) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 42 Station Road, Par, PL24 2LZ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of assets in the ordinary course of the company’s activities.

Taxation

Current 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.

Tangible fixed 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.

Julian & sons (Property) Limited has chosen to treat investment properties as property, plant and equipment as rented to group company.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives. The Building element of Land and Buildings is depreciated as below but the land element is not depreciated:

Land and buildings 50 years straight line
Leasehold improvements depreciated over the life of the lease

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Financial instruments

The company holds the following financial instruments:

•Short term trade and other debtors and creditors; and
•Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Leasehold improve-
ments
Total
£ £ £
Cost
At 01 October 2023 4,241,863 133,556 4,375,419
Additions 0 5,369 5,369
At 30 September 2024 4,241,863 138,925 4,380,788
Accumulated depreciation
At 01 October 2023 340,628 61,158 401,786
Charge for the financial year 68,138 13,776 81,914
At 30 September 2024 408,766 74,934 483,700
Net book value
At 30 September 2024 3,833,097 63,991 3,897,088
At 30 September 2023 3,901,235 72,398 3,973,633

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 110,665 0
Other debtors 17,158 19,476
127,823 19,476

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 0 5,557
Amounts owed to Parent undertakings 3,016,518 3,192,020
Taxation and social security 63,570 75,216
Other creditors 3,288 2,790
3,083,376 3,275,583

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Ultimate controlling party

Parent Company:

Julian & Sons (Topco) Limited
42 Station Road, Par, Cornwall, United Kingdom, PL24 2LZ