J P Morgan Trust Investment Company - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00927373 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

THE J P MORGAN TRUST INVESTMENT

COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M V Morgan

Mrs J E Morgan

Mr C J Meyer

Mr S P Morgan

SECRETARY:

Mr S P Morgan

REGISTERED OFFICE:

58 Queen Anne Street

London

W1G 8HW

REGISTERED NUMBER:

00927373 (England and Wales)

ACCOUNTANTS:

Harford Michaels Kaye Limited

Chartered Certified Accountants

2 Dancastle Court

14 Arcadia Avenue

London

N3 2JU

FIXED ASSETS

Tangible assets

4

891

1,188

Investments

5

100

100

Investment properties

6

1,419,559

1,135,200

1,420,550

1,136,488

CURRENT ASSETS

Debtors

7

80,607

28,479

Cash at bank

365,305

751,071

445,912

779,550

CREDITORS

Amounts falling due within one year

8

(107,068

)

(158,765

)

NET CURRENT ASSETS

338,844

620,785

TOTAL ASSETS LESS CURRENT LIABILITIES

1,759,394

1,757,273

PROVISIONS FOR LIABILITIES

9

(49,269

)

(51,046

)

NET ASSETS

1,710,125

1,706,227

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

10

1,709,125

1,705,227

SHAREHOLDERS' FUNDS

1,710,125

1,706,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 22 June 2019 and were signed on its behalf by:

Mr S P Morgan - Director

1.	STATUTORY INFORMATION

The J P Morgan Trust Investment Company Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention as modified for the revaluation or certain assets.

Preparation of consolidated financial statements

The Financial Statements present information about the company as an individual undertaking and not about its

group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore

taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 not to prepare Group

Accounts.

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.

Changes in accounting policies

During the year there have been no changes in accounting policies.

Turnover

Turnover represents rents receivable for the year.

Tangible fixed assets

Tangible Fixed Assets are stated at cost or valuation less depreciation. Depreciation is provided at rates

calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful

life, as follows:

Plant & machinery - 25% Reducing balance

Fixtures, fittings & Equipment - 25% Reducing balance

At the end of each financial year, the directors assess the carrying values of the assets having regard to their

condition, obsolescence and whether they are still in use, and where necessary the asset values are impaired.

Investments in subsidiaries

Investment in subsidiary undertakings are recognised at cost less any impairment in the value of the investment.

Investment properties

Investment properties are reflected in the financial statements at their most recent valuations in accordance with

the requirements of FRS102. Any aggregate surplus or deficit arising from the changes in fair values are

recognised in the profit and loss account.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets or

liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third

parties and loans to/from related parties.

Debt instruments like bank loans are initially measured at present value of future payments and subsequently at

amortised cost using the effective interest method. Debt instruments which are payable or receivable within one

year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount

of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed 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 the profit & loss account.

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.

Investments

Fixed assets investments are stated at cost less provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 October 2017

and 30 September 2018

8,295

37,794

46,089

DEPRECIATION

At 1 October 2017

8,279

36,622

44,901

Charge for year

4

293

297

At 30 September 2018

8,283

36,915

45,198

NET BOOK VALUE

At 30 September 2018

12

879

891

At 30 September 2017

16

1,172

1,188

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2017

and 30 September 2018

100

NET BOOK VALUE

At 30 September 2018

100

At 30 September 2017

100

6.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 October 2017

1,135,200

Additions

284,359

At 30 September 2018

1,419,559

NET BOOK VALUE

At 30 September 2018

1,419,559

At 30 September 2017

1,135,200

If the investment properties had not been revalued, they would have been included at the following historic cost:

2018

2017

Historic cost

908,347

623,988

The investment properties were valued on an open market value basis on 30 September 2018 by the directors of

the company.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

80,607

28,479

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

21,776

74,441

Other creditors

85,292

84,324

107,068

158,765

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

49,269

51,046

Deferred

tax

£

Balance at 1 October 2017

51,046

Credit to Income Statement during year

(1,777

)

Balance at 30 September 2018

49,269

10.

RESERVES

£462,057 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 £1,247,068.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date:

1) A director owed the company the sum of £254 (2017 - £15,000). £15,000 of the loan was repaid during the

year. The balance outstanding at the year end was repaid on 12 June 2019. The loan was unsecured, repayable on

demand and subject to interest at the rate of 2.5%. The interest charged during the year was £254 (2017 - £Nil).

2) Another director owed the company the sum of £24,159 (2017 - £1,047). £22,882 of additional loans were

provided during the year. This loan has not yet been repaid and is unsecured, repayable on demand and subject to

interest at the rate of 2.5%. The interest charged during the year was £230 (2017 - £Nil).

3) Another director owed the company the sum of £34,975 (2017 - £Nil). Loans of £34,392 were provided during

the year. This loan has not yet been repaid and is unsecured, repayable on demand and subject to interest at the

rate of 2.5%. The interest charged during the year was £583 (2017 - £Nil).

12.	RELATED PARTY DISCLOSURES

During the year, consultancy fees totalling £7,364 (2017 - £6,572) were paid to a director of the company.

As at the balance sheet date, the company owed the sum of £74,560 (2017 - £73,112) to its subsidiary.