REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
J T W PROPERTIES (MIDLANDS) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
J T W PROPERTIES (MIDLANDS) LIMITED |
J T W PROPERTIES (MIDLANDS) LIMITED (REGISTERED NUMBER: 13517502) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
J T W PROPERTIES (MIDLANDS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor |
Custom House |
Waterfront East |
Brierley Hill |
West Midlands |
DY5 1XH |
BANKERS: |
47 High Street |
Dudley |
West Midlands |
DY1 1PP |
J T W PROPERTIES (MIDLANDS) LIMITED (REGISTERED NUMBER: 13517502) |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
J T W PROPERTIES (MIDLANDS) LIMITED (REGISTERED NUMBER: 13517502) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
J T W Properties (Midlands) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable from properties owned by the company and excludes VAT where applicable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised 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 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. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
J T W PROPERTIES (MIDLANDS) LIMITED (REGISTERED NUMBER: 13517502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Additions |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The company's investment properties above are shown at cost which the director believes represents fair value at 30th April 2024. |
The properties are subject to specific charges to secure the company's bank borrowing and those of group members. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 572,500 | 588,238 |
J T W PROPERTIES (MIDLANDS) LIMITED (REGISTERED NUMBER: 13517502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
The company's bank borrowing is secured on the investment properties owned by the company. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary A | £1 | 1 | - |
101 | 100 |
During the year an Ordinary A £1 share was issued to the director. The share does not carry any voting rights. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
The company is party to a cross guarantee arrangement with respect to a borrowing facility with JTW Metals Limited, a fellow subsidiary member. The facility is for £822,000 (2023 £822,000). No provision for this guarantee has been included in the financial statements as the director is of the opinion that the likelihood of crystallisation is remote. |
J T W PROPERTIES (MIDLANDS) LIMITED (REGISTERED NUMBER: 13517502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above is interest free and repayable on demand. |
13. | RELATED PARTY DISCLOSURES |
At 30th April 2024 the company owed £1,345,821 (2023 - £1,244,683) to J T W Metals Limited("Metals"). |
£75,000 rent has been charged to Metals. |
Metals is related by common shareholding and directorship. |
14. | POST BALANCE SHEET EVENTS |
Since the end of the financial year the company has authorised, the purchase of freehold properties for £1,300,000 subject to loan finance.The company has also purchased a number of properties from Mr T. J. Watton for a value of £565,000, which are not subject to finance. |
15. | ULTIMATE CONTROLLING PARTY |
During the year the entire share capital was transferred to JTM Midlands Limited. Mr. T. J. Watton owns a controlling interest in the parent company, JTM Midlands Limited, and is therefore the ultimate controlling party as at 30th April 2024 (2023 - controlling party Mr. T. J. Watton) |