J P Morgan Trust Investment Company - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00927373 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

THE J P MORGAN TRUST INVESTMENT

COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J E Morgan

Mr C J Meyer

Mr S P Morgan

SECRETARY:

Mr S P Morgan

REGISTERED OFFICE:

The Old Rectory

Mellis Road

Thornham Parva

Eye

IP23 8ET

REGISTERED NUMBER:

00927373 (England and Wales)

ACCOUNTANTS:

Harford Michaels Kaye Limited

Chartered Certified Accountants

2 Dancastle Court

14 Arcadia Avenue

London

N3 2JU

FIXED ASSETS

Tangible assets

4

935

1,247

Investment properties

5

1,640,000

1,419,559

1,640,935

1,420,806

CURRENT ASSETS

Debtors

6

314,670

320,476

Cash at bank

35,833

147,595

350,503

468,071

CREDITORS

Amounts falling due within one year

7

(60,312

)

(46,082

)

NET CURRENT ASSETS

290,191

421,989

TOTAL ASSETS LESS CURRENT LIABILITIES

1,931,126

1,842,795

PROVISIONS FOR LIABILITIES

8

(91,192

)

(49,361

)

NET ASSETS

1,839,934

1,793,434

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

9

1,838,934

1,792,434

SHAREHOLDERS' FUNDS

1,839,934

1,793,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2023 and were signed on its behalf by:

Mr S P Morgan - Director

1.	STATUTORY INFORMATION

The J P Morgan Trust Investment Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified for the revaluation or certain assets.

Significant judgements and estimates

The preparation of financial statements requires management to make significant judgements and estimates that affect the reported amounts of assets, liabilities, income and expenses. No significant judgements or assumptions have had to be made by management in preparing these financial statements.

Changes in accounting policies

During the year there have been no changes in accounting policies.

Turnover

Turnover represents rents receivable for the year.

Tangible fixed assets

Tangible Fixed Assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant & machinery - 25% Reducing balance

Fixtures, fittings & Equipment - 25% Reducing balance

At the end of each financial year, the directors assess the carrying values of the assets having regard to their condition, obsolescence and whether they are still in use, and where necessary the asset values are impaired.

Investment properties

Investment properties are reflected in the financial statements at their most recent valuations in accordance with the requirements of FRS102. Any aggregate surplus or deficit arising from the changes in fair values are recognised in the profit and loss account.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.

Debt instruments like bank loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 the profit & loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 October 2021

and 30 September 2022

8,295

39,343

47,638

DEPRECIATION

At 1 October 2021

8,290

38,101

46,391

Charge for year

1

311

312

At 30 September 2022

8,291

38,412

46,703

NET BOOK VALUE

At 30 September 2022

4

931

935

At 30 September 2021

5

1,242

1,247

5.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 October 2021

1,419,559

Revaluations

220,441

At 30 September 2022

1,640,000

NET BOOK VALUE

At 30 September 2022

1,640,000

At 30 September 2021

1,419,559

If the investment properties had not been revalued, they would have been included at the following historic cost:

2022

2021

Historic cost

908,347

908,347

The investment properties were valued on an open market value basis on 30 September 2022 by the directors of the company.

Fair value at 30 September 2022 is represented by:

£

Valuation in 2004

13,595

Valuation in 2006

69,732

Valuation in 2006

36,000

Valuation in 2008

40,000

Valuation in 2009

201,885

Valuation in 2010

(40,000

)

Valuation in 2011

35,000

Valuation in 2012

150,000

Valuation in 2013

5,000

Valuation in 2022

220,441

Cost

908,347

1,640,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

314,670

320,476

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

20,826

31,085

Other creditors

39,486

14,997

60,312

46,082

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

91,192

49,361

Deferred

tax

£

Balance at 1 October 2021

49,361

Charge to Statement of Income and Retained Earnings during year

41,831

Balance at 30 September 2022

91,192

9.

RESERVES

£640,461 of the retained earnings are not distributable by virtue of having arisen as a result of the revaluation of the investment properties. The distributable reserves are £1,198,473.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date:

1) A director owed the company the sum of £Nil (2021 - £77,789). Loans of £7,049 were provided during the year. This loan was subject to interest at the rate of 2.5% and the interest charged during the year was £796 (2021 - £1,765). The sum of £85,634 was written off during the year, following the death of the director.

2) Another director owed the company the sum of £198,465 (2021 - £140,351). Loans of £53,711 were provided during the year. This loan was subject to interest at the rate of 2.5% and the interest charged during the year was £4,403 (2021 - £2,532).

3) Another director was owed the sum of £79 by the company (2021 - £5,016 owed to the company). The sum of £5,100 was repaid during the year. This loan was subject to interest at the rate of 2.5% and the interest charged during the year was £5 (2021 - £16).

4) A family member of a director, owed the company the sum of £22,591 (2021 - £22,779). £765 of the loan was repaid during the year. This loan was subject to interest at the rate of 2.5% and the interest charged during the year was £577 (2021 - £479).

11.	RELATED PARTY DISCLOSURES

During the year, consultancy fees totalling £10,400 (2021 - £9,600) were paid to a director of the company.