Company Registration No. 10675052 (England and Wales)
JC TAYLOR RESIDENTIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
United Kingdom
PO6 3TH
JC TAYLOR RESIDENTIAL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
JC TAYLOR RESIDENTIAL LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr J Taylor
Company number
10675052
Registered office
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
United Kingdom
PO6 3TH
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
United Kingdom
PO6 3TH
JC TAYLOR RESIDENTIAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
173
216
Investment properties
4
3,124,761
3,119,587
3,124,934
3,119,803
Current assets
Cash at bank and in hand
72,884
51,171
Creditors: amounts falling due within one year
5
(124,394)
(102,773)
Net current liabilities
(51,510)
(51,602)
Total assets less current liabilities
3,073,424
3,068,201
Creditors: amounts falling due after more than one year
6
(2,254,097)
(2,248,235)
Provisions for liabilities
7
(57,000)
(51,850)
Net assets
762,327
768,116
Capital and reserves
Called up share capital
8
200
200
Share premium account
494,797
494,797
Revaluation reserve
9
243,000
248,150
Profit and loss reserves
24,330
24,969
Total equity
762,327
768,116
JC TAYLOR RESIDENTIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 3 -
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 2020 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 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.
The financial statements were approved and signed by the director and authorised for issue on 13 May 2020
Mr J Taylor
Director
Company Registration No. 10675052
The notes on pages 4 to 9 form part of these financial statements
JC TAYLOR RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
JC Taylor Residential Limited
(10675052)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Acorn Business Centre, Northarbour Road, Cosham, Portsmouth, Hampshire, United Kingdom, PO6 3TH.
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
Going concern
At the balance sheet date the company had net current liabilities. The company is dependent on the
true
support of its directors, who have confirmed they will continue to provide such support. Therefore the
directors feel it
a
ppropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
The turnover shown in the profit and loss account represents rents receivable during the period.
1.4
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:
Fixtures and fittings
20% Reducing Balance
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
.
JC TAYLOR RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.5
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as fixed assets.
1.6
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.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand 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.
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.
JC TAYLOR RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
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.
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.
JC TAYLOR RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1).
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2019 and 31 March 2020
270
Depreciation and impairment
At 1 April 2019
54
Depreciation charged in the year
43
At 31 March 2020
97
Carrying amount
At 31 March 2020
173
At 31 March 2019
216
4
Investment property
2020
£
Fair value
At 1 April 2019
3,119,587
Additions
5,174
At 31 March 2020
3,124,761
The director considered there to be no change in market value of the investment properties during the year.
JC TAYLOR RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
4
Investment property
(Continued)
- 8 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2020
2019
£
£
Cost
2,824,761
2,819,587
Accumulated depreciation
-
-
Carrying amount
2,824,761
2,819,587
5
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
11,438
3,058
Other creditors
112,956
99,715
124,394
102,773
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans
2,254,097
2,248,235
The aggregate amount of creditors for which security has been given amounted to £2,254,097 (2019 - £2,248,235).
7
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
57,000
51,850
JC TAYLOR RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100 Ordinary B shares of £1 each
100
100
200
200
9
Revaluation reserve
2020
2019
£
£
At the beginning of the year
248,150
198,350
Other movements
(5,150)
49,800
At the end of the year
243,000
248,150
2020-03-31
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CCH Software
CCH Accounts Production 2020.100
No description of principal activity
Mr J Taylor
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