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COMPANY REGISTRATION NUMBER: 10133112
Johal Holdco Ltd
Filleted Unaudited Financial Statements
28 September 2024
Johal Holdco Ltd
Statement of Financial Position
28 September 2024
28 Sep 24
30 Sep 23
Note
£
£
Fixed assets
Tangible assets
6
13,159,931
9,241,045
Investments
7
8,000
8,000
---------------
---------------
13,167,931
9,249,045
Current assets
Debtors
8
151,728
180,082
Cash at bank and in hand
3,512,535
7,181,857
---------------
---------------
3,664,263
7,361,939
Creditors: amounts falling due within one year
9
3,206,935
3,317,509
---------------
---------------
Net current assets
457,328
4,044,430
---------------
---------------
Total assets less current liabilities
13,625,259
13,293,475
Provisions
Taxation including deferred tax
99,204
99,204
---------------
---------------
Net assets
13,526,055
13,194,271
---------------
---------------
Johal Holdco Ltd
Statement of Financial Position (continued)
28 September 2024
28 Sep 24
30 Sep 23
Note
£
£
Capital and reserves
Called up share capital
11
210
210
Profit and loss account
13,525,845
13,194,061
---------------
---------------
Shareholders funds
13,526,055
13,194,271
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 28 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2025 , and are signed on behalf of the board by:
Mr Surbjit Singh Johal
Director
Company registration number: 10133112
Johal Holdco Ltd
Notes to the Financial Statements
Period ended 28 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cannock Road, Wolverhampton, West Midlands, WV1 1PN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Rental income is recognised on a receivable basis in accordance with lease terms. Income is recognised when due, not when received, and reflects any requirements under related loan agreements or covenants.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Net profit and balance sheet reserves disclosure made for the associate. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Tax on profit
Major components of tax expense
Period from
Period from
1 Oct 23 to
2 Oct 22 to
28 Sep 24
30 Sep 23
£
£
Current tax:
UK current tax expense
184,365
108,788
Adjustments in respect of prior periods
40
-----------
-----------
Total current tax
184,365
108,828
-----------
-----------
Deferred tax:
Origination and reversal of timing differences
5
-----------
-----------
Tax on profit
184,365
108,833
-----------
-----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22.02 %).
Period from
Period from
1 Oct 23 to
2 Oct 22 to
28 Sep 24
30 Sep 23
£
£
Profit on ordinary activities before taxation
736,681
5,493,391
-----------
---------------
Profit on ordinary activities by rate of tax
184,170
1,209,452
Adjustment to tax charge in respect of prior periods
40
Effect of expenses not deductible for tax purposes
195
( 1,100,660)
Effect of capital allowances and depreciation
( 4)
Deferred tax movement
5
-----------
---------------
Tax on profit
184,365
108,833
-----------
---------------
5. Dividends
28 Sep 24
30 Sep 23
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
220,532
-----------
-----
6. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2023
8,212,750
1,025,000
7,427
9,245,177
Additions
3,919,380
3,919,380
---------------
---------------
--------
---------------
At 28 September 2024
12,132,130
1,025,000
7,427
13,164,557
---------------
---------------
--------
---------------
Depreciation
At 1 October 2023
4,132
4,132
Charge for the period
494
494
---------------
---------------
--------
---------------
At 28 September 2024
4,626
4,626
---------------
---------------
--------
---------------
Carrying amount
At 28 September 2024
12,132,130
1,025,000
2,801
13,159,931
---------------
---------------
--------
---------------
At 30 September 2023
8,212,750
1,025,000
3,295
9,241,045
---------------
---------------
--------
---------------
Revaluation: During May 2025 a revaluation for a block of 4 Leasehold residential properties was carried out by Stuart J Langley (FNAEA) of Miller Evans. These properties were held in the accounts at a historic cost of £960,390 and were revalued to £1,025,000. On disposal of these 4 properties there will be no capital gains as it is covered by indexation. During May 2025 a revaluation for another 9 residential properties was carried out by Stuart J Langley (FNAEA) of Miller Evans. These properties were held in the accounts at a historic cost of £2,036,000 and were revalued to £2,205,000. On disposal of these 9 properties there will be capital gains of £169,000. Another property comprising of seven units with historical cost of £2,372,680 was also revalued in June 2025 by Neil Hazlehurst of First City to £2,300,000. On disposal of this property there will be no capital gains. A property with historical cost of £1,519,772 was revalued by Neil Hazlehurst of First City to £1,600,000. On disposal of this property there will be capital gains of £80,229. The last three properties acquired were valued by directors at the same price as their purchase price, as directors believe it is their current market value. The directors have confirmed that for all of the revalued properties above, there was no change in the market value from the period end date. The directors currently have no intentions to sell the company's properties. However, if all company properties are sold then deferred tax of £99,069 (2023 - £99,069) has been provided on net gains.
7. Investments
Shares in participating interests
£
Cost
At 1 October 2023 and 28 September 2024
8,000
--------
Impairment
At 1 October 2023 and 28 September 2024
--------
Carrying amount
At 28 September 2024
8,000
--------
At 30 September 2023
8,000
--------
Investments:
The investment relates to shares held in Johal Dairies Holding Co Ltd (JDHL), a company incorporated in the United Kingdom involved in letting and trading of commercial properties, at cost. The following is a breakdown of share capital within Johal Dairies Holding Co Ltd (JDHL):
£
Ordinary share capital 20,002
Ordinary B share capital 8,000
Total shares issued 28,002
Johal Holdco Ltd (JHL) owns all of the ordinary B share capital which means that they are entitled to dividends issued in JDHL. However, JHL do not have voting rights nor do they have a position on the board of directors such that they are able to influence or control JDHL. As such it is difficult to establish a precise value of the investment held in JDHL, the balance sheet value and net profit after tax of JDHL as per the last accounts submitted is listed below.
P/E 28/09/24 P/E 30/09/23
£ £
Net profit after tax 3,086,793 3,086,043
Consolidated balance sheet 23,735,495 20,648,702
8. Debtors
28 Sep 24
30 Sep 23
£
£
Trade debtors
40,634
18,629
Other debtors
111,094
161,453
-----------
-----------
151,728
180,082
-----------
-----------
9. Creditors: amounts falling due within one year
28 Sep 24
30 Sep 23
£
£
Trade creditors
4,067
3,395
Corporation tax
220,400
38,788
Accruals and Deferred Income
112,192
57,971
Other creditors
2,870,276
3,217,355
---------------
---------------
3,206,935
3,317,509
---------------
---------------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
28 Sep 24
30 Sep 23
£
£
Included in provisions
99,204
99,204
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
28 Sep 24
30 Sep 23
£
£
Accelerated capital allowances
99,204
99,204
----------
----------
Deferred taxation relates to mainly tax on revaluation gains (see notes 5 and 14). It has been charged at 25% due to changes in future tax rates.
11. Called up share capital
Authorised share capital
28 Sep 24
30 Sep 23
No.
£
No.
£
Ordinary shares of £ 0.01 each
21,003
210
21,003
210
----------
-----
----------
-----
Issued, called up and fully paid
28 Sep 24
30 Sep 23
No.
£
No.
£
Ordinary shares of £ 0.01 each
21,003
210
21,003
210
----------
-----
----------
-----
12. Other financial commitments
Johal Holdco Ltd has development commitments in circa of £1,575k for a land purchased during the period. This development was completed in Jan 25.
13. Directors' advances, credits and guarantees
The director's loan account was not overdrawn at any point during the current or previous period.
14. Related party transactions
The shares of Johal Holdco Ltd (JHL) are owned by three directors and a family discretionary trust. It is ultimately controlled by Surbjit Singh Johal and Gurnek Singh Johal who are both directors. The directors are the key management personnel of the company and no remuneration has been drawn in either the current or prior period. JHL owns 100% of ordinary B shares in Johal Dairies Holding Company Ltd (see investments note). The following balance is outstanding from JHL to JDHL as at the period end. Intercompany loans are payable on demand and no interest is charged on the loans.
2024 2023
£ £
Other Creditor 2,844,476 3,191,555
15. Investment property revaluations
Included within the profit and loss account reserves are revaluation gains of £396,276 (2023 - £396,276) on investment properties. Revaluation movement is shown as a fair value adjustment in the profit and loss account.