| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| FOR |
| JOHN TERENCE AND CO. LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| FOR |
| JOHN TERENCE AND CO. LIMITED |
| JOHN TERENCE AND CO. LIMITED (REGISTERED NUMBER: 00978067) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Accountants' Report | 7 |
| JOHN TERENCE AND CO. LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Harben House |
| Harben Parade |
| Finchley Road |
| LONDON |
| NW3 6LH |
| JOHN TERENCE AND CO. LIMITED (REGISTERED NUMBER: 00978067) |
| BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non Distributable Fair Value | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JOHN TERENCE AND CO. LIMITED (REGISTERED NUMBER: 00978067) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| John Terence And Co. Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention and in accordance with section 1A Small Entities of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
| Turnover |
| Turnover represents gross rent receivable and is measured as the fair value of the consideration received or receivable. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investment property |
| In accordance with Section 16 of Investment Properties of FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", investment properties is measured at cost at initial recognition. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal, property transfer taxes and other transactions costs. |
| Investment properties are subsequently measured and included in the accounts at fair value at each year end. Any surplus or deficit on revaluation is recognised initially in the Statement of Comprehensive Income. All revaluation movements are transferred to a non-distributable reserve called "Non-distributable fair value reserve", unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent in which case it remains in the profit and loss account reserve. |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties. |
| Financial assets that are measured at cost and amortised cost are measured at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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. |
| JOHN TERENCE AND CO. LIMITED (REGISTERED NUMBER: 00978067) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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 period was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2024 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 February 2024 |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 31 January 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2024 |
| Disposals | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 31 January 2024 |
| JOHN TERENCE AND CO. LIMITED (REGISTERED NUMBER: 00978067) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| 5. | INVESTMENT PROPERTY - continued |
| Fair value at 30 November 2024 is represented by: |
| £ |
| Valuation in 2010 | 550,237 |
| Valuation in 2015 | 526,739 |
| Valuation in 2016 | 155,000 |
| Valuation in 2017 | 30,000 |
| Valuation in 2019 | 20,000 |
| Valuation in 2020 | 95,000 |
| Valuation in 2021 | 20,000 |
| Valuation in 2022 | 375,000 |
| Valuation in 2024 | 5,000 |
| 1,776,976 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2024 |
| £ | £ |
| Cost | 199,763 | 199,763 |
| Investment properties were valued on an open market basis on 31 January 2024 by the director John Hauptman . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2024 |
| £ | £ |
| Amounts owed by group undertakings |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2024 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 8. | PROVISIONS FOR LIABILITIES |
| 2024 | 2024 |
| £ | £ |
| Deferred tax | - | 391,612 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 |
| Transfer to Inter Co | (391,612 | ) |
| Balance at 30 November 2024 |
| JOHN TERENCE AND CO. LIMITED (REGISTERED NUMBER: 00978067) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 FEBRUARY 2024 TO 30 NOVEMBER 2024 |
| 9. | RESERVES |
| Non |
| Distributable |
| Retained | Fair |
| earnings | Value | Totals |
| £ | £ | £ |
| At 1 February 2024 | 2,091,448 |
| Profit for the period |
| Dividends | ( |
) | ( |
) |
| Retained earnings | ( |
) | ( |
) |
| At 30 November 2024 | - |
| 10. | RELATED PARTY DISCLOSURES |
| At the period end, all company's trading and assets have been transferred to the holding company John Terence Properties Limited by way of an intercompany dividend . John Terence and Co. Limited will shortly be struck off. |
| ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| JOHN TERENCE AND CO. LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Terence And Co. Limited for the period ended 30 November 2024 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of John Terence And Co. Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of John Terence And Co. Limited and state those matters that we have agreed to state to the Board of Directors of John Terence And Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Terence And Co. Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that John Terence And Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John Terence And Co. Limited. You consider that John Terence And Co. Limited is exempt from the statutory audit requirement for the period. |
| We have not been instructed to carry out an audit or a review of the financial statements of John Terence And Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Harben House |
| Harben Parade |
| Finchley Road |
| LONDON |
| NW3 6LH |