Company Registration No. 04134632 (England and Wales)
JT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
JT HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JT HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,849,452
7,274,941
Investments
4
998
1,001
6,850,450
7,275,942
Current assets
Debtors
6
3,108,252
2,605,173
Cash at bank and in hand
76,080
69
3,184,332
2,605,242
Creditors: amounts falling due within one year
7
(199,990)
(621,466)
Net current assets
2,984,342
1,983,776
Total assets less current liabilities
9,834,792
9,259,718
Provisions for liabilities
(95,142)
(95,142)
Net assets
9,739,650
9,164,576
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
9,738,650
9,163,576
Total equity
9,739,650
9,164,576
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 12 December 2019
Mr P Truslove
Director
Company Registration No. 04134632
JT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
JT Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Napier House, Crown Technical Centre, Heathfield, East Sussex, TN21 8QZ.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services
and rental income
provided
in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
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.
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:
Leasehold improvements
25% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
JT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash at bank and in hand
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.
1.7
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.
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.
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.
1.8
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.
1.9
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.
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.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
JT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
2
Dividends
2019
2018
£
£
Dividend in specie on demerger
7,999,999
-
Interim paid
33,632
36,386
8,033,631
36,386
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
7,344,904
162,998
7,507,902
Additions
77,745
10,763
88,508
Disposals
(496,654)
(89)
(496,743)
At 31 March 2019
6,925,995
173,672
7,099,667
Depreciation and impairment
At 1 April 2018
117,736
115,225
232,961
Depreciation charged in the year
4,536
12,785
17,321
Eliminated in respect of disposals
-
(67)
(67)
At 31 March 2019
122,272
127,943
250,215
Carrying amount
At 31 March 2019
6,803,723
45,729
6,849,452
At 31 March 2018
7,227,168
47,773
7,274,941
4
Fixed asset investments
2019
2018
£
£
Investments
998
1,001
JT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2018 & 31 March 2019
1,001
Impairment
At 1 April 2018
-
Disposals
3
At 31 March 2019
3
Carrying amount
At 31 March 2019
998
At 31 March 2018
1,001
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Icoserv Limited
England
Dormant
Ordinary
100.00
0
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
1,407,056
Other debtors
3,108,252
1,198,117
3,108,252
2,605,173
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
66,896
46,503
Corporation tax
55,805
77,129
Other creditors
77,289
497,834
199,990
621,466
JT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Related party transactions
During the year, the company incurred £30,000 (2018: £nil) of charges from A&H Business Services Limited, a company controlled by the wife of P Truslove.
10
Parent company
The company is a wholly owned subsidiary of Arun Holdings Limited, a company incorporated in England and Wales and whose registered office is at Napier House, Crown Technical Centre, Heathfield East Sussex TN21 8QZ.