John German Estate Agents Limited - Accounts to registrar (filleted) - small 23.2.5
John German Estate Agents Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| JOHN GERMAN ESTATE AGENTS LIMITED |
| JOHN GERMAN ESTATE AGENTS LIMITED (REGISTERED NUMBER: 08730501) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| JOHN GERMAN ESTATE AGENTS LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 March 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Magma House |
| 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| JOHN GERMAN ESTATE AGENTS LIMITED (REGISTERED NUMBER: 08730501) |
| BALANCE SHEET |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JOHN GERMAN ESTATE AGENTS LIMITED (REGISTERED NUMBER: 08730501) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| John German Estate Agents Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08730501 and its registered office address is 9A Market Place, Uttoxeter, Staffordshire, ST14 8HY. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in Sterling and amounts are rounded to the nearest £1. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Property sales services |
| Revenue from a contract to provide services is recognised on exchange of property sales contracts and when all the following conditions are satisfied: |
| (i) the amount of revenue can be reliably measured; |
| (ii) it is probable the Company will receive the consideration due under the contract; |
| (iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| (iv) the costs incurred and the costs to complete the contract can be measured reliably. |
| Property lettings services |
| Revenue from a contract to provide lettings services is recognised in the period in which the services are provided and when all the following conditions are satisfied: |
| (i) the amount of revenue can be reliably measured; |
| (ii) it is probable the Company will receive the consideration due under the contract; |
| (iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| (iv) the costs incurred and the costs to complete the contract can be measured reliably. |
| Goodwill |
| Goodwill is initially recorded at cost and is the amount paid in connection with the acquisition of two separate entities in 2014 and one in 2018. Goodwill is being amortised evenly over its estimated useful life of five years from the date of acquisition. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
| Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal proceeds, over its estimated useful economic life. Depreciation is charged at the following rates: |
| Short leasehold land & buildings | -10% straight line |
| Fixtures and fittings | -25% on reducing balance |
| Motor vehicles | -25% on reducing balance |
| Computer equipment | -33% straight line |
| JOHN GERMAN ESTATE AGENTS LIMITED (REGISTERED NUMBER: 08730501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| (i) Financial assets |
| Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest rate method. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| Tax is recognised in profit or loss except that a charge attributable to an item of income and expense is recognised as other comprehensive income or directly in equity respectively. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Leasing commitments |
| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 the profit and loss account in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| JOHN GERMAN ESTATE AGENTS LIMITED (REGISTERED NUMBER: 08730501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2023 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| AMORTISATION |
| At 1 April 2022 |
| Amortisation for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Short |
| leasehold | Fixtures |
| land & | and | Motor | Computer |
| buildings | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by John German Holdings |
| Other debtors |
| JOHN GERMAN ESTATE AGENTS LIMITED (REGISTERED NUMBER: 08730501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| J L M Morgan, director, owed the company £24,607 at 31 March 2023 (2022: £4,503 was owed to the director), the maximum amount that was owed during the year was £26,607. |
| P M Sandbach, director, owed the company £74,673 at 31 March 2023 (2022: £40,682), the maximum amount that was owed during the year £78,362. |
| Loans to directors are interest free with no fixed repayment terms and are shown within other debtors or other creditors. |
| 10. | RELATED PARTY DISCLOSURES |
| John German Holdings Limited acquired the entire share capital of the company on 31 March 2022. From this date John German Holdings Limited became the ultimate parent company. |
| The ultimate controlling party is P M Sandbach by virtue of a majority shareholding in John German Holdings Ltd. |