James Garner (Holdings) Limited - Period Ending 2019-05-31

Registration number: 09376614

James Garner (Holdings) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2019

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD

James Garner (Holdings) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

James Garner (Holdings) Limited

(Registration number: 09376614)
Balance Sheet as at 31 May 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	279,262	279,262
Investments		25	25
Other financial assets		467,607	227,735
		746,894	507,022
Current assets
Debtors	5	365,986	379,225
Cash at bank and in hand		4,383	10,408
		370,369	389,633
Creditors: Amounts falling due within one year	6	(660)	(31,492)
Net current assets		369,709	358,141
Net assets		1,116,603	865,163
Capital and reserves
Called up share capital		125	125
Other reserves		41,014	-
Profit and loss account		1,075,464	865,038
Total equity		1,116,603	865,163

For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

James Garner (Holdings) Limited

(Registration number: 09376614)
Balance Sheet as at 31 May 2019

Approved and authorised by the director on 15 November 2019
 

 

Mr J E J Garner

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

James Garner (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD

2	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 were prepared in accordance with Financial Reporting Standard 102 Section 1a 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class	Depreciation method and rate
Freehold Property	No depreciation

Investment property

Investment properties comprise of land held either to earn rental income or for capital appreciation, or both.

Investment properties are initially measured at cost, including related transaction costs. Borrowing costs associated with direct expenditure on investment properties under development are capitalised. Interest is capitalised as from the commencement of the development work until the date of practical completion or, if earlier, the date that outgoings exceeded income.

After initial recognition, investment properties are carried at their fair values based on market value as determined at each reporting date. The difference between the fair value of investment property at the reporting date and it's carrying amount prior to re-measurement is included in the income statement as valuation surplus or deficit. Profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period.

Page 3

James Garner (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 4

James Garner (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 Recognition and measurement
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 profit or loss.

 Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
 

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 June 2018	279,262	279,262
At 31 May 2019	279,262	279,262
Depreciation
Carrying amount
At 31 May 2019	279,262	279,262
At 31 May 2018	279,262	279,262

Included within the net book value of land and buildings above is £279,262 (2018 - £279,262) in respect of freehold land and buildings.
 

4	Investments

	2019 £	2018 £
Investments in associates	25	25

Page 5

James Garner (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

Associates	£
Cost
At 1 June 2018	25
Provision
Carrying amount
At 31 May 2019	25
At 31 May 2018	25

5

Debtors

	Note	2019 £	2018 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		365,986	379,225
Total current trade and other debtors		365,986	379,225

Page 6

James Garner (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

6

Creditors

	Note	2019 £	2018 £
Due within one year
Other creditors		-	29,267
Corporation tax control		-	1,566
Accruals		660	659
		660	31,492

Control

The company is controlled by the Director.

Page 7