J.K.T Properties Limited - Period Ending 2022-01-31

J.K.T Properties Limited

Contents

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

J.K.T Properties Limited

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 Staverton Court Staverton Cheltenham GL51 0UX

J.K.T Properties Limited

(Registration number: 04737034)
Balance Sheet as at 31 January 2022

	Note	2022  £	2021  £
Fixed assets
Tangible assets	4	11,876	15,349
Investment property	5	5,377,934	5,381,155
Investments	6	1	1
		5,389,811	5,396,505
Current assets
Debtors	7	610,903	128,958
Cash at bank and in hand		2,745,027	3,102,500
		3,355,930	3,231,458
Creditors: Amounts falling due within one year	8	(3,108,961)	(3,410,835)
Net current assets/(liabilities)		246,969	(179,377)
Total assets less current liabilities		5,636,780	5,217,128
Deferred tax liabilities		(264,847)	(201,951)
Net assets		5,371,933	5,015,177
Capital and reserves
Called up share capital	9	1,000	1,000
Share premium reserve		1,049,000	1,049,000
Profit and loss account		4,321,933	3,965,177
Total equity		5,371,933	5,015,177

For the financial year ended 31 January 2022 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 their 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.

Approved and authorised by the director on 28 October 2022
 

B S Thorp
Director

J.K.T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

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.

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.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

J.K.T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

J.K.T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 3).

4

Tangible assets

	Plant and machinery  £
Cost and carrying amount
At 1 February 2021	24,794
Disposals	(4,862)
At 31 January 2022	19,932
Depreciation
At 1 February 2021	9,445
Charge for the year	3,473
Eliminated on disposal	(4,862)
At 31 January 2022	8,056
Carrying amount
At 31 January 2022	11,876
At 31 January 2021	15,349

5

Investment properties

	2022 £
At 1 February 2021	5,381,155
Disposals	(3,221)
At 31 January 2022	5,377,934

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.

J.K.T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

6

Investments

	2022 £	2021 £
Investments in subsidiaries	1	1

The company holds 100% (2021: 100%) of the voting rights of the dormant company Allotments UK Limited.

7

Debtors

	Note	2022  £	2021  £
Trade debtors		119,968	42,297
Amounts owed by group undertakings	10	23,573	23,573
Other debtors		14,809	-
Prepayments		312,928	63,088
Accrued income		139,625	-
		610,903	128,958

8

Creditors

	Note	2022  £	2021  £
Due within one year
Trade creditors		155,519	9,523
Amounts owed to group undertakings	10	455,000	226,718
Amounts owed to other related parties	10	2,255,736	2,851,736
Social security and other taxes		1,054	16,541
Outstanding defined contribution pension costs		109	184
Accrued expenses		155,576	149,546
Corporation tax liability		83,967	156,587
Deferred income		2,000	-
		3,108,961	3,410,835

9

Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

J.K.T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

10

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. Other related party transactions JKT International Tableware UK Limited (a company with a director in common) During the year, sales of £Nil (2021 - £200,000) and purchases of £2,681 (2021: £5,690) were made to/from JKT International Tableware UK Limited, a company with a director in common but which was not part of the same group during the year ended 31 January 2022. At the year end, the balance owed to JKT International Tableware UK Limited was £2,251,736 (2021 - £2,851,736).

11

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.

JKT Property Holdings Limited, incorporated in England, is the ultimate parent and is controlled by Mr B S Thorp.