Company Registration No. 03477047 (England and Wales)
PETER JAMES ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
PETER JAMES ESTATES LIMITED
COMPANY INFORMATION
Directors
PJ Butler
P Burchell
PJ Hill
J Power
Secretary
PJ Butler
Company number
03477047
Registered office
Aquila House
Waterloo Lane
Chelmsford
Essex
CM1 1BN
Accountants
Rickard Luckin Limited
Aquila House
Waterloo Lane
Chelmsford
Essex
CM1 1BN
Business address
First Floor
Irene House
Five Arches Business Estate
Sidcup
Kent
DA14 5AE
PETER JAMES ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
PETER JAMES ESTATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Goodwill
3
68,142
79,045
Tangible assets
4
178,471
206,393
246,613
285,438
Current assets
Debtors
5
209,933
351,046
Cash at bank and in hand
981,864
521,131
1,191,797
872,177
Creditors: amounts falling due within one year
6
(387,165)
(284,942)
Net current assets
804,632
587,235
Total assets less current liabilities
1,051,245
872,673
Provisions for liabilities
8
(22,500)
(17,000)
Net assets
1,028,745
855,673
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
1,027,745
854,673
Total equity
1,028,745
855,673
The directors of the company have elected not to include a copy of the profit and loss account or directors report within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PETER JAMES ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2020 and are signed on its behalf by:
PJ Butler
PJ Hill
Director
Director
Company Registration No. 03477047
PETER JAMES ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2018
1,000
719,863
720,863
Year ended 30 June 2019:
Profit and total comprehensive income for the year
-
294,810
294,810
Dividends
-
(160,000)
(160,000)
Balance at 30 June 2019
1,000
854,673
855,673
Year ended 30 June 2020:
Profit and total comprehensive income for the year
-
273,072
273,072
Dividends
-
(100,000)
(100,000)
Balance at 30 June 2020
1,000
1,027,745
1,028,745
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 4 -
1
Accounting policies
Company information
Peter James Estates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Aquila House, Waterloo Lane, Chelmsford, Essex, CM1 1BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the date these financial statements have been approved, there are various restrictions in force across
the UK due to the coronavirus pandemic. The director
s
are
taking the necessary measures to help the
company through this difficult period.
The director
s
ha
ve
assessed the future possible impact on turnover and cashflow and is confident
that the company has
sufficient
reserves
to continue with its operations throughout
t
he current
pandemic.
On this basis, the director
s
consider it appropriate to prepare the financial statements on the going concern
basis.
1.3
Turnover
Turnover represents
fees on sale of properties and letting agents fees, net of VAT.
Revenue from property sales are recognised on exchange, and revenue from lettings on a monthly basis on receipt of rents.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
4-15 years straight line
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Client monies are not recognised in the balance sheet as the funds received are not considered to be assets of the company. Therefore the balances affected are shown net of client money. Client money held at the year end was £1,
699
,
411
(201
9
: £1,
921
,
162
).
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
41
41
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
100,000
Amortisation and impairment
At 1 July 2019
20,955
Amortisation charged for the year
10,903
At 30 June 2020
31,858
Carrying amount
At 30 June 2020
68,142
At 30 June 2019
79,045
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 9 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2019
180,162
265,223
445,385
Additions
-
11,239
11,239
Disposals
-
(6,751)
(6,751)
At 30 June 2020
180,162
269,711
449,873
Depreciation and impairment
At 1 July 2019
87,982
151,010
238,992
Depreciation charged in the year
14,798
24,363
39,161
Eliminated in respect of disposals
-
(6,751)
(6,751)
At 30 June 2020
102,780
168,622
271,402
Carrying amount
At 30 June 2020
77,382
101,089
178,471
At 30 June 2019
92,180
114,213
206,393
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
49,055
160,541
Other debtors
160,878
190,505
209,933
351,046
Included within debtors is £11,250 (201
9
:
£11,250) due in more than one year.
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
40,997
43,925
Corporation tax
79,472
68,630
Other taxation and social security
245,062
150,223
Other creditors
21,634
22,164
387,165
284,942
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 10 -
7
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
8
22,500
17,000
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
22,500
17,000
2020
Movements in the year:
£
Liability at 1 July 2019
17,000
Charge to profit or loss
5,500
Liability at 30 June 2020
22,500
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
867,777
1,086,522
PETER JAMES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 11 -
11
Related party transactions
At the year end the company was owed £1,000 (201
9
: £1,000) by Stonechart Developments Ltd, a company of which
two of the directors
are directors and shareholders. The company also paid management fees to Stonechart Developments Ltd of £40,000 (201
9
: £40,000).
At the year end the
company was also owed £3,645 (2019: £1,786) by Stonechart Property Limited, a
company of which
two of the directors are
directors and shareholders
.
12
Directors' transactions
Dividends totalling £100,000 (2019
: £160,000) were paid in the year in respect of shares held by the company's directors.
At the balance sheet date the company owed £1,785 (2019: £4,770) to the directors of the company.
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false
06 November 2020
CCH Software
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PJ Hill
J Power
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