J.K.T Properties Limited - Period Ending 2020-01-31

Registration number: 04737034

J.K.T Properties Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2020

Contents

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

Company Information

Director

B S Thorp

Registered office

Terrace Road Pinvin Pershore WR10 2DJ

Bankers

Royal Bank of Scotland PLC Worcester South West RCSC Almondsbury BS99 5BD

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

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(Registration number: 04737034)
Balance Sheet as at 31 January 2020

	Note	2020  £	2019  £
Fixed assets
Tangible assets	4	2,255	-
Investment property	5	5,381,155	5,535,467
Investments	6	1	1
		5,383,411	5,535,468
Current assets
Debtors	7	98,185	426,481
Cash at bank and in hand		987,748	513,969
		1,085,933	940,450
Creditors: Amounts falling due within one year	8	(1,491,305)	(1,940,295)
Net current liabilities		(405,372)	(999,845)
Total assets less current liabilities		4,978,039	4,535,623
Deferred tax liabilities	9	(171,133)	(384,559)
Net assets		4,806,906	4,151,064
Capital and reserves
Called up share capital	10	1,000	1,000
Share premium reserve		1,049,000	1,049,000
Profit and loss account		3,756,906	3,101,064
Total equity		4,806,906	4,151,064

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.

Approved and authorised by the director on 30 March 2021
 

.........................................

B S Thorp
Director

The notes on pages 3 to 7 form an integral part of these financial statements.
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Notes to the Financial Statements for the Year Ended 31 January 2020

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:
Terrace Road
Pinvin
Pershore
WR10 2DJ

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Turnover
Turnover represents the fair value of rents and other charges receivable, excluding value added tax.

Going concern

In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009' the directors of all companies are required to provide disclosure regarding the adoption of the going concern basis of accounting.

The board have considered the going concern assertion. The company's principle activity is the purchase, development and sale of properties together with lettings services, which have continued throughout the year. The impact of COVID-19 has therefore been limited. The company is financially strong with cash reserves to cover over 12 months of costs, and rental agreements are ongoing.

The Director therefore has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and has continued to adopt the going concern basis in preparing the financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Properties held at fair value
Professional valuations are undertaken periodically for bank lending purposes the last being carried out in September 2015. In the interim the Director assesses the fair value of investment property to consider whether there has been any material change.
 

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Notes to the Financial Statements for the Year Ended 31 January 2020

Tangible assets

Plant and machinery is initially recognised at cost and is depreciated over its estimated useful life.

Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is carried at fair value, which is reviewed annually. Any surplus or deficit arising from changes in fair value is recognised in profit or loss.

Tax

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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Properties held at fair value
Professional valuations are undertaken periodically for bank lending purposes the last being carried out in September 2015. In the interim the Director assesses the fair value of investment property to consider whether there has been any material change.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	2020  No.	2019  No.
Average number of employees	3	3

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Notes to the Financial Statements for the Year Ended 31 January 2020

4

Tangible assets

	Plant and machinery  £
Cost
At 1 February 2019 and 31 January 2019	4,862
Additions	3,365
Depreciation
At 1 February 2019 and 31 January 2019	4,862
Charge for the year	1,110
Carrying amount
At 31 January 2020	2,255
At 31 January 2019	-

5

Investment properties

	2020 £
At 1 February 2018	5,535,467
Additions	43,220
Disposals	(197,532)
At 31 January 2019	5,381,155

The directors review annually the carrying value of the company's investment properties. The last external valuation was carried out in September 2015 and adopted in the financial statements as at 31 January 2016. In the Director's opinion there has been no material change in the fair value of the properties since that date.

6

Investments

	2020 £	2019 £
Investments in subsidiaries	1	1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019

Subsidiary undertakings
Allotments UK Limited		Ordinary	100%	100%
	United Kingdom

The principal activity of Allotments UK Limited is Dormant

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Notes to the Financial Statements for the Year Ended 31 January 2020

7

Debtors

	Note	2020  £	2019  £
Trade debtors		41,403	136,764
Amounts owed by related parties	11	23,573	170,304
Other debtors		7,590	2,608
Prepayments		25,619	-
Gross amount due from customers for contract work		-	116,805
		98,185	426,481

8

Creditors

Creditors: amounts falling due within one year

	Note	2020  £	2019  £
Due within one year
Trade creditors		136,924	1,101
Amounts due to related parties	11	878,018	1,111,650
Social security and other taxes		216,179	319,602
Accrued expenses		154,277	150,578
Corporation tax liability		105,907	357,364
		1,491,305	1,940,295

9

Deferred tax

Deferred tax assets and liabilities

2020	Liability £
Deferred tax - investment property valuation gains	171,133

2019	Liability £
Deferred tax - investment property valuation gains	384,559

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Notes to the Financial Statements for the Year Ended 31 January 2020

10

Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

11

Related party transactions

The company has taken advantage of the exemption allowed relating to subsidiaries where 100% of the voting rights are controlled within the group not to disclose transactions between the company and fellow group undertakings.

12

Parent and ultimate parent undertaking

The immediate parent company is JKT Holdings Limited, a company registered in England. JKT Holdings Limited owns 100% of the company's issued share capital. The group's consolidated accounts are obtainable from the parent company's registered office address.

Following a reorganisation at the year end JKT Properties Holdings Limited, a company registered in England, acquired 100% of the share capital of JKT Holdings Limited. JKT Properties Holdings Limited is the ultimate parent and is controlled by Mr B S Thorp.

 

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 March 2021 was Scott Lawrence, who signed for and on behalf of Hazlewoods LLP.

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