J.K.T Properties Limited - Period Ending 2021-01-31
J.K.T Properties Limited - Period Ending 2021-01-31
Registration number:
for the
Year Ended
J.K.T Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
J.K.T Properties Limited
Company Information
Director |
B S Thorp |
Registered office |
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Bankers |
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Auditors |
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J.K.T Properties Limited
(Registration number: 04737034)
Balance Sheet as at 31 January 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Deferred tax liabilities |
(201,951) |
(171,133) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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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
J.K.T Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
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.
J.K.T Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
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.
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.
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
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.
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.
J.K.T Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Plant and machinery |
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Cost and carrying amount |
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At 1 February 2020 |
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Additions |
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At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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Charge for the year |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Investment properties |
2021 |
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At 1 February 2020 and 31 January 2021 |
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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.
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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The company holds 100% (2020: 100%) of the voting rights of the dormant company Allotments UK Limited.
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
- |
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Prepayments |
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J.K.T Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to other related parties |
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- |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
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Accrued expenses |
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Corporation tax liability |
171,296 |
105,907 |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
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.
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Parent and ultimate parent undertaking |
JKT Property Holdings Limited, incorporated in England, is the ultimate parent and is controlled by Mr B S Thorp.
Audit report |