Registration number:
J.P. Morgan Trust Investment Company Limited (The)
for the Year Ended 30 September 2024
J.P. Morgan Trust Investment Company Limited (The)
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
J.P. Morgan Trust Investment Company Limited (The)
Company Information
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Directors |
Mr S P Morgan Mr C J Meyer |
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Registered office |
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Accountants |
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J.P. Morgan Trust Investment Company Limited (The)
(Registration number: 00927373)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Profit and loss account |
1,509,832 |
1,771,094 |
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Shareholders' funds |
1,510,832 |
1,772,094 |
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
J.P. Morgan Trust Investment Company Limited (The)
(Registration number: 00927373)
Balance Sheet as at 30 September 2024
Approved and authorised by the
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J.P. Morgan Trust Investment Company Limited (The)
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
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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.
Significant judgements and estimates
The preparation of financial statements requires management to make significant judgements and estimates that affect the reported amounts of assets, liabilities, income and expenses. No significant judgements or assumptions have had to be made by management in preparing these financial statements. |
Revenue recognition
Turnover represents rents receivable for the year. Rents are receivable monthly/quarterly in advance.
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.
J.P. Morgan Trust Investment Company Limited (The)
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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:
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Asset class |
Depreciation method and rate |
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Plant & machinery |
25% Reducing balance |
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Fixtures, fittings & Equipment |
25% Reducing balance |
Investment properties
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.
Trade 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
J.P. Morgan Trust Investment Company Limited (The)
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Investment properties |
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2024 |
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At 1 October 2022 |
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At 30 September 2023 |
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The investment properties are stated at fair value.
There has been no revaluation of the investment properties during the year as the directors consider that their valuation has not materially changed from the previous year.
If the investment properties had not been stated at fair value, they would have been included at historical cost of £689,079 (2023 - £689,079)
J.P. Morgan Trust Investment Company Limited (The)
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Debtors |
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Current |
2024 |
2023 |
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Prepayments and accrued income |
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- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Reserves |
£339,805 of the retained earnings are not distributable by virtue of having arisen as a result of the revaluation of the investment properties. The distributable reserves are £1,170,027.
J.P. Morgan Trust Investment Company Limited (The)
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Related party transactions |
As at the balance sheet date:
1) A director owed the company the sum of £Nil (2023 - £216,159). Loans of £21,935 were provided during the year. This loan was subject to interest at the rate of 2.25% and the interest charged during the year was £3,798 (2023 - £4,785). The sum of £241,892 was written off during the year, following the death of the director.
2) Another director was owed the sum of £79 by the company (2023 - £79).
3) A family member of a director, was owed £563 by the company (2023 - £563).
4) During the year fees totalling £10,200 (2023 - £9,800) were paid to a director of the company, in respect of services provided.