Company registration number 00126663 (England and Wales)
J. GARDNER HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
J. GARDNER HOLDINGS LIMITED
COMPANY INFORMATION
Directors
G N M Taunton MRICS
S J C Gardner BSc ACA
Secretary
S J C Gardner BSc ACA
Company number
00126663
Registered office
Gladstone House
77/79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
Auditor
Azets Audit Services
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
Business address
Litttle Rakefairs Farm
Mill End Green
Gt Dunmow
Dunmow
Essex
CM6 2DW
Bankers
Barclays Bank Plc
1 Churchill Place
London
United Kingdom
E14 5HP
J. GARDNER HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
J. GARDNER HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
7
16,867,767
16,867,767
Current assets
Debtors
8
493,902
387,779
Cash at bank and in hand
1,678,204
1,214,495
2,172,106
1,602,274
Creditors: amounts falling due within one year
9
(630,714)
(488,367)
Net current assets
1,541,392
1,113,907
Total assets less current liabilities
18,409,159
17,981,674
Provisions for liabilities
10
(2,043,207)
(2,043,207)
Net assets
16,365,952
15,938,467
Capital and reserves
Called up share capital
12
181,838
181,838
Share premium account
5,962
5,962
Fair value reserve
10,922,482
10,922,482
Profit and loss reserves
5,255,670
4,828,185
Total equity
16,365,952
15,938,467
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under Section 1A of FRS 102.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
G N M Taunton MRICS
Director
Company Registration No. 00126663
J. GARDNER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
J. Gardner Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, 77/79 High Street, Egham, Surrey, United Kingdom, TW20 9HY. The principal place of business is Litttle Rakefairs Farm, Mill End Green, Gt Dunmow, Dunmow, Essex, CM6 2DW.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
After reviewing the company's forecasts and projections and taking into account the current economic conditions, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.true
1.3
Turnover
Rental Income
This comprises rental income received in the year, exclusive of service charges receivable. Service charges are credited against relevant expenditure.
Where rent-free periods are granted to tenants, the effect of the rent reduction is spread across the length of the lease.
1.4
Tangible fixed assets
Tangible fixed assets, other than investment properties, are depreciated in equal annual instalments over their anticipated useful lives at the following rate:
Fixtures and fittings
10% per annum
1.5
Investment properties
The company's properties are held for long term investment and are included in the Balance Sheet at their fair values. The fair value is reviewed annually, with reference to open market values, by the directors of the company. A professional valuation was undertaken in December 2020. Surpluses or deficits on revaluation of such properties are recognised through the Income Statement.
J. GARDNER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.7
Financial instruments
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.
Basic financial liabilities
Basic financial liabilities, including creditors 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.
1.8
Equity instruments
Share capital represents the nominal value of shares that have been issued. Retained earning include all current and prior period retained profits. The fair value reserve comprises unrealised gains and losses from the revaluation of investment properties, net of the provision for deferred tax on those gains and losses.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised in the Income Statement, at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not been 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.
Current or deferred taxation assets and liabilities are not discounted.
J. GARDNER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
As described in note 9 to the financial statements, the company's investment property is measured at fair value. The valuation was carried out by Glenny LLP (Chartered Surveyors and Property Consultants) in December 2020, who are are considered to be appropriately qualified and experienced to provide a reliable valuation. This valuation is then revisited and revised by the Directors on an annual basis.
The valuation report confirms that the surveyor used observable market prices, subject to the occupational leases.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Operating lease income
(1,202,505)
(1,123,288)
Fees payable to the company's auditor for the audit of the company's financial statements
15,700
15,250
5
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
76,333
80,250
J. GARDNER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024 and 31 December 2024
1,301
Depreciation and impairment
At 1 January 2024 and 31 December 2024
1,301
Carrying amount
At 31 December 2024
At 31 December 2023
7
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
16,867,767
Investment property comprises of estates held for use in operating leases.
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 15 December 2020 by Glenny LLP Chartered Surveyors, who are the property managers to the company, but are not otherwise connected with the company.
The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider this valuation to be appropriate at 31 December 2024.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
287,774
213,307
Other debtors
206,128
174,472
493,902
387,779
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,361
113
Corporation tax
252,810
127,097
Other taxation and social security
65,326
48,205
Other creditors
311,217
312,952
630,714
488,367
J. GARDNER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
2,043,207
2,043,207
11
Secured debts
A debenture is in place, in the form of fixed and floating charges over the company's property and assets, and there is a charge over the freehold of the Laker Estate, Kent House Lane, Beckenham.
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share Capital of £1 each
180,000
180,000
180,000
180,000
Deferred Share Capital of 5p each
36,750
36,750
1,838
1,838
216,750
216,750
181,838
181,838
Holders of the deferred shares are entitled to receive dividends rateable with holders of ordinary shares without distinction in respect of their nominal values but only after the profits of the company available to be distributed by way of dividend have been applied first in payment of a fixed non-cumulative preferential dividend of 12.5 percent per share to holders of ordinary shares. On winding up, holders of ordinary shares have priority over holders of deferred shares to receive repayment for the amount paid up on their shares, After repayment of amounts paid up on both ordinary and deferred shares, any balance is payable rateably amongst all shareholders without distinction in respect of nominal value. On a poll, every holder of ordinary shares is entitled to one vote for every share held and every holder of deferred shares is entitled to one vote for every twenty shares held.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sam Thomas
Statutory Auditor:
Azets Audit Services
14
Contingent liabilities
The directors are aware of historic legal claims. At this time it is not possible to determine the outcome of any claims.
15
Operating lease commitments
Lessor
J. GARDNER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Operating lease commitments
(Continued)
- 7 -
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
4,112,979
4,596,523