J. G. Harrison (LEAT) Limited Filleted accounts for Companies House (small and micro)

J.G. HARRISON (LEAT) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02533677

J. G. HARRISON (LEAT) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2021

J. G. HARRISON (LEAT) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2021

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

J. G. HARRISON (LEAT) LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		1,565,348	1,685,000

Current assets

Debtors	5	3,631	4,123
Investments	6	30,166	30,166
Cash at bank and in hand		883,922	524,060
		---------	---------
		917,719	558,349

Creditors: amounts falling due within one year	7	11,443		11,358
		---------		---------
Net current assets			906,276	546,991
			------------	------------
Total assets less current liabilities			2,471,624	2,231,991

Provisions

Taxation including deferred tax	89,984	40,825
	------------	------------
Net assets	2,381,640	2,191,166
	------------	------------

Capital and reserves

Called up share capital		300,000	300,000
Profit and loss account	8	2,081,640	1,891,166
		------------	------------
Shareholders funds		2,381,640	2,191,166
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

J. G. HARRISON (LEAT) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2021

These financial statements were approved by the board of directors and authorised for issue on 14 October 2021 , and are signed on behalf of the board by:

Mr J G Harrison

Director

Company registration number: 02533677

J. G. HARRISON (LEAT) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Watermill, High Street, Otford, Kent, TN14 5PH, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Revenue refers to the income earned from the Company's principal activity; the letting of investment property. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the statement of comprehensive income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the statement of comprehensive income.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Investment property	-	Not depreciated
Computer equipment	-	25% Reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors

Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.

Creditors

Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.

4. Tangible assets

	Freehold investment property	Long leasehold investment property	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 February 2020	1,585,000	100,000	–	1,685,000
Additions	–	–	380	380
Disposals	( 320,000)	–	–	( 320,000)
Fair value adjustments	200,000	–	–	200,000
	------------	---------	----	------------
At 31 January 2021	1,465,000	100,000	380	1,565,380
	------------	---------	----	------------
Depreciation
At 1 February 2020	–	–	–	–
Charge for the year	–	–	32	32
	------------	---------	----	------------
At 31 January 2021	–	–	32	32
	------------	---------	----	------------
Carrying amount
At 31 January 2021	1,465,000	100,000	348	1,565,348
	------------	---------	----	------------
At 31 January 2020	1,585,000	100,000	–	1,685,000
	------------	---------	----	------------

Included within the above is investment property as follows:

	£
At 1 February 2020	1,685,000
Fair value adjustments	200,000
Disposals	( 320,000)
	------------
At 31 January 2021	1,565,000
	------------

In line with the company's Investment Property accounting policy the directors, with the assistance of an experienced letting agent, have determined the fair value of the company's freehold and leasehold Investment Property at the reporting date. The fair value adjustments disclosed above have been reported through the company's profit and loss account as per FRS 102 requirements. Deferred tax has been recognised in respect of all fair value adjustments .

Tangible assets held at valuation

The historical cost of the company's freehold and leasehold Investment Property totals £474,850.

5. Debtors

	2021	2020
	£	£
Other debtors	3,631	4,123
	-------	-------

6. Investments

	2021	2020
	£	£
Other investments	30,166	30,166
	--------	--------

The above represents investments held at fair value.

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Deferred income	6,141	5,890
Other creditors	5,302	5,468
	--------	--------
	11,443	11,358
	--------	--------

8. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss account is a balance of £982,103 in connection with unrealised gains on investment property. This balance is not distributable.

9. Directors' advances, credits and guarantees

At the previous reporting date a balance of £598 was due to the Directors. During the year advances totalling £17,705 were made available to the Directors and the company received repayments from the Directors totalling £17,565. A balance of £458 was due to the Directors at the reporting date. All advances made to directors are repayable on demand and do not bear interest unless stated otherwise.