Company registration number 00870723 (England and Wales)
FRANCIS JACKSON ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
FRANCIS JACKSON ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FRANCIS JACKSON ESTATES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties
6
10,374,000
9,650,000
Current assets
Stocks
7
1,000
1,000
Cash at bank and in hand
12,340
4,153
13,340
5,153
Creditors: amounts falling due within one year
8
(4,765,488)
(4,558,157)
Net current liabilities
(4,752,148)
(4,553,004)
Total assets less current liabilities
5,621,852
5,096,996
Provisions for liabilities
(298,914)
(236,664)
Net assets
5,322,938
4,860,332
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
1,155,086
968,336
Profit and loss reserves
4,166,852
3,890,996
Total equity
5,322,938
4,860,332
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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
Mr N R Jackson
Mr K D Johnson
Director
Director
Company Registration No. 00870723
FRANCIS JACKSON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
1
Accounting policies
Company information
Francis Jackson Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 High Street, Olney, Buckinghamshire, MK46 4BB.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income from investment properties. Rental income is recognised in the period for which the rent relates.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss in the year in which the revaluation occurs. The gain or loss on revaluation adjusted for any deferred tax movement thereon is then transferred to a non-distributable fair value reserve.
1.4
Stocks
Stock of raw materials and land are valued at the lower of cost and estimated selling price less costs to sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
FRANCIS JACKSON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 3 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FRANCIS JACKSON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuations of investment properties
At each balance sheet date, the investment properties held at fair value are assessed to determine whether there is a change in their value. The individual properties are assessed using an estimated value per square metre, which is based on known sales prices by property type in the local authority area. Management then use their knowledge and extensive experience of the local rental market to form a judgement of the the most appropriate valuation which is informed by this underlying estimate. The directors regularly employ the services of an independent professional valuer in order to provide assurance that their assessment of the fair value of these properties in the accounts is reasonable.
3
Operating profit
2025
2024
Operating profit for the year is stated after (crediting):
£
£
Revaluation of investment properties
(259,000)
(255,000)
FRANCIS JACKSON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -
4
Employees
There were no employees during the year other than the three Directors, who were not remunerated through this subsidiary company.
2025
2024
Number
Number
Total
3
3
5
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
62,250
63,750
6
Investment property
2025
£
Fair value
At 1 May 2024
9,650,000
Additions
1,785,000
Disposals
(1,320,000)
Revaluations
259,000
At 30 April 2025
10,374,000
Investment properties are shown at fair value as required by FRS102. A valuation has been conducted by the directors, who believe that £10,374,000 (2024: £9,650,000) represents the fair value of the investment properties held at the balance sheet date.
On a historical cost basis the investment properties would have been included at an original cost of £8,920,000 (2024: £8,455,000). No depreciation has been charged on the properties.
7
Stocks
2025
2024
£
£
Land
1,000
1,000
FRANCIS JACKSON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
3,000,000
Trade creditors
67
Amounts owed to group undertakings
1,674,400
4,512,835
Other creditors
91,088
45,255
4,765,488
4,558,157
9
Secured debts
The bank loan of Francis Jackson Estates Limited is £3,000,000 at 30th April 2025 (2024: £nil) and the loan of its parent company, Francis Jackson Homes Limited, is £2,689,419 at 30th April 2025 (2024: £8,420,000).
Both loans are secured by an inter-company composite guarantee and a mortgage debenture given by these companies. In addition, legal first charges are held by the bank over building developments of the parent company and some investment properties owned by Francis Jackson Estates Limited.
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Revaluations to fair value on investment properties
298,914
236,664
2025
Movements in the year:
£
Liability at 1 May 2024
236,664
Charge to profit or loss
62,250
Liability at 30 April 2025
298,914
11
Related party disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between wholly owned group companies.
FRANCIS JACKSON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
12
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Tom Lacey FCCA
Statutory Auditor:
Nunn Hayward LLP
Date of audit report:
5 August 2025
13
Ultimate controlling party
The ultimate controlling party is N.R. Jackson, a director of the company.
Ultimate parent company
Francis Jackson Homes Limited, a company incorporated in the UK (Registered Office: 6 High Street, Olney, Buckinghamshire, MK46 4BB), is deemed to be the ultimate parent undertaking and is the largest and smallest group of undertakings for which group accounts are drawn up.