THE_ST._JULIAN'S_ESTATE_L - Accounts


Company Registration No. 00083788 (England and Wales)
THE ST. JULIAN'S ESTATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
THE ST. JULIAN'S ESTATE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE ST. JULIAN'S ESTATE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
31 March
25 March
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,850
22,051
Investment properties
4
9,330,000
11,232,286
Investments
5
1
1
9,345,851
11,254,338
Current assets
Debtors
103,668
333,032
Cash at bank and in hand
158,015
435,026
261,683
768,058
Creditors: amounts falling due within one year
(819,093)
(208,513)
Net current (liabilities)/assets
(557,410)
559,545
Total assets less current liabilities
8,788,441
11,813,883
Creditors: amounts falling due after more than one year
-
(3,127,000)
Provisions for liabilities
(277,926)
(234,743)
Net assets
8,510,515
8,452,140
Capital and reserves
Called up share capital
7
19,949
19,949
Share premium account
920,750
920,750
Capital redemption reserve
100
100
Other reserves
-
279,464
Profit and loss reserves
7,569,716
7,231,877
Total equity
8,510,515
8,452,140
THE ST. JULIAN'S ESTATE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

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 Period 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 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.

The members have not required the company to obtain an audit of its financial statements for the Period 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 by the board of directors and authorised for issue on 25 June 2019 and are signed on its behalf by:
Lord JM Joicey
RA Dickinson
Director
Director
Company Registration No. 00083788
THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information

The St. Julian's Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Ann's Wharf, 112 Quayside, Newcastle Upon Tyne, NE1 3DX.

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 amounts 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
Reporting period

The company's accounting reference date has been extended from 25 March 2019 to 31 March 2019 so the year end is the same as its holding company. The previous year's figures present the results for the year ended 25 March 2018. However, as there are only a few days difference it is considered that the results are largely comparable.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -

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:

Plant and equipment
10% 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.

1.5
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 at 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 tangible fixed assets.

1.6
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

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.

THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -

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.

1.8
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.

1.9
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, 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 payments 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. Amounts 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.

THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 6 -
1.10
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.

1.11
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.

1.12
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 Period was 4 (2018 - 4).

THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 7 -
3
Tangible fixed assets
Total
£
Cost
At 26 March 2018
550,457
Disposals
(5,270)
At 31 March 2019
545,187
Depreciation and impairment
At 26 March 2018
528,406
Depreciation charged in the Period
3,565
Eliminated in respect of disposals
(2,634)
At 31 March 2019
529,337
Carrying amount
At 31 March 2019
15,850
At 25 March 2018
22,051
4
Investment property
31 March
2019
£
Fair value
At 26 March 2018
11,232,285
Disposals
(1,986,000)
Revaluations
83,715
At 31 March 2019
9,330,000

The directors have considered the values of the property portfolio at 31 March 2019.

 

In arriving at the fair value for the investments at the previous period end of 25 March 2018, the directors sought advice from independent professional valuers with experience of similar properties in the same locations.

 

The directors have again sought advice from independent professional valuers with experience of similar properties in the same locations, in respect of two commercial properties the company owns. A desktop valuation was carried out by Fletcher King, Chartered Surveyors, who are not connected with the company. The valuation at 31 March 2019 was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The value of the company's residential properties have been reviewed by the directors and is not considered to have changed materially.

 

The Historic cost of the total property portfolio at 31 March 2019 is £4,613,816 (2018 £6,302,350).

 

The change in the fair value of investment property of £213,751 (2018 £1,074,952) is included directly in the Profit and Loss Account.

THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 8 -
5
Fixed asset investments
31 March
25 March
2019
2018
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 26 March 2018 & 31 March 2019
1
Carrying amount
At 31 March 2019
1
At 25 March 2018
1
6
Subsidiaries

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

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
The St. Julian's Management Company Limited
England and Wales
Maintaining the pumping station on Gillingham Street and Row and charging management fees to the properties.
Ordinary
100
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
19,949 Ordinary of £1 each
19,949
19,949
THE ST. JULIAN'S ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 9 -
8
Non-distributable profits reserve
31 March
25 March
2019
2018
£
£
At the beginning of the Period
4,555,002
3,854,983
Non distributable profits in the Period
(213,751)
700,019
At the end of the Period
4,341,251
4,555,002
2019-03-312018-03-26falseCCH SoftwareCCH Accounts Production 2019.100No description of principal activity25 June 2019Lord JM JoiceyLady AHFM JoiceyRA DickinsonET WhitleyCE TrollopeADH Trollope QCMrs C Ritchie000837882018-03-262019-03-31000837882019-03-31000837882018-03-2500083788core:ShareCapital2019-03-3100083788core:ShareCapital2018-03-2500083788core:SharePremium2019-03-3100083788core:SharePremium2018-03-2500083788core:CapitalRedemptionReserve2019-03-3100083788core:CapitalRedemptionReserve2018-03-2500083788core:OtherMiscellaneousReserve2018-03-2500083788core:RetainedEarningsAccumulatedLosses2019-03-3100083788core:RetainedEarningsAccumulatedLosses2018-03-2500083788bus:Director12018-03-262019-03-3100083788bus:Director32018-03-262019-03-3100083788core:PlantMachinery2018-03-262019-03-31000837882018-03-2500083788core:Subsidiary12018-03-262019-03-3100083788core:Subsidiary112018-03-262019-03-3100083788core:Subsidiary122018-03-262019-03-3100083788bus:PrivateLimitedCompanyLtd2018-03-262019-03-3100083788bus:FRS1022018-03-262019-03-3100083788bus:AuditExemptWithAccountantsReport2018-03-262019-03-3100083788bus:SmallCompaniesRegimeForAccounts2018-03-262019-03-3100083788bus:Director22018-03-262019-03-3100083788bus:Director42018-03-262019-03-3100083788bus:Director52018-03-262019-03-3100083788bus:Director62018-03-262019-03-3100083788bus:Director72018-03-262019-03-3100083788bus:FullAccounts2018-03-262019-03-31xbrli:purexbrli:sharesiso4217:GBP