Company registration number 08214291 (England and Wales)
JACKSON TRADING (PROPERTIES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
JACKSON TRADING (PROPERTIES) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JACKSON TRADING (PROPERTIES) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
7,783,000
7,783,000
Current assets
Cash at bank and in hand
164,625
29,819
Creditors: amounts falling due within one year
4
(4,487,349)
(4,476,837)
Net current liabilities
(4,322,724)
(4,447,018)
Total assets less current liabilities
3,460,276
3,335,982
Provisions for liabilities
(638,250)
(485,070)
Net assets
2,822,026
2,850,912
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
5
2,722,026
2,750,912
Total equity
2,822,026
2,850,912
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 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
and the provisions of FRS 102 Section 1A - small entities
.
The financial statements were approved by the board of directors and authorised for issue on 23 June 2022 and are signed on its behalf by:
Mrs A. Jackson
Mr H. Walters
Director
Director
Company Registration No. 08214291
JACKSON TRADING (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Jackson Trading (Properties) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
42 - 44 Norwood High Street, London, SE27 9NR.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (COVID- 19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic. The company continues to earn rental income on its investment properties whilst, where possible, being sympathetic with the financial circumstances of its tenants.
true
With the benefit of the government support packages available to help businesses through the pandemic, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.
The company has received undertakings from fellow group companies that they will defer repayment of their loans until such time as the company is in a position to be able to repay them.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
T
he t
urnover
shown in the profit and loss account
represents
rental income.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Property rented to a group entity is accounted for as tangible fixed assets.
1.5
Cash at bank and in hand
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.
JACKSON TRADING (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
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.
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
and l
oans from
fellow group companies, 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.
1.7
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.
1.8
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.
JACKSON TRADING (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The company had no employees for the current year and the prior year. Its directors are employed by a related company.
3
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
7,783,000
The investment properties have been valued by the directors at £7,783,000.
4
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
49,511
23,652
Other creditors
4,437,838
4,453,185
4,487,349
4,476,837
5
Profit and loss reserves
The profit and loss reserve of £2,722,026 includes all current and prior period profits and losses. £2,330,496 of the profit and loss reserve is non distributable. The non distributable element of the profit and loss reserve relates to investment property revaluation gains, net of related deferred taxation.
6
Related party transactions
JACKSON TRADING (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Related party transactions
(Continued)
- 5 -
At the balance sheet date, included in other creditors is an amount of £362,000 (20
20
: £362,000) due to the shareholders. The loans are interest free, unsecured and repayable upon demand.
At the balance sheet date, included in other creditors is an amount of
£3,922,913 (2020:
£4,039,255
)
due to Jackson Trading Company PLC, a company in which the directors and shareholders have a beneficial interest. This amount is unsecured, repayable on demand and incurs an interest charge of 1% per annum.