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Registration number: 07384494

Jack James Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Jack James Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Jack James Homes Limited

(Registration number: 07384494)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

135,162

155,698

Current assets

 

Stocks

6

1,354,645

1,583,279

Debtors

7

52,711

15,274

Cash at bank and in hand

 

19,524

13,292

 

1,426,880

1,611,845

Creditors: Amounts falling due within one year

8

(447,102)

(754,470)

Net current assets

 

979,778

857,375

Total assets less current liabilities

 

1,114,940

1,013,073

Creditors: Amounts falling due after more than one year

8

(726,856)

(569,235)

Provisions for liabilities

(56)

(3,435)

Net assets

 

388,028

440,403

Capital and reserves

 

Called up share capital

100

100

Retained earnings

387,928

440,303

Shareholders' funds

 

388,028

440,403

 

Jack James Homes Limited

(Registration number: 07384494)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 October 2023 and signed on its behalf by:
 

.........................................
Mr SR Harris
Director

 

Jack James Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Jack James Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Plant and Machinery

25% Straight line

Motor Vehicles

25% Straight line

Property

2% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Borrowing costs directly attributable to the acquisition and construction of the qualifying asset has been capitalised and included in stock.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Jack James Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Other operating income

2023

2022

£

£

Government grants

-

-

Rental income

-

-

Miscellaneous other income

-

2,950

-

2,950

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

137,618

81,721

2,292

221,631

Additions

-

301

-

301

At 31 March 2023

137,618

82,022

2,292

221,932

Depreciation

At 1 April 2022

-

63,641

2,292

65,933

Charge for the year

2,752

18,085

-

20,837

At 31 March 2023

2,752

81,726

2,292

86,770

Carrying amount

At 31 March 2023

134,866

296

-

135,162

At 31 March 2022

137,618

18,080

-

155,698

Included within the net book value of land and buildings above is £134,866 (2022 - £137,618) in respect of freehold land and buildings.
 

 

Jack James Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Work in progress

1,354,645

1,583,279

7

Debtors

Current

2023
£

2022
£

Other debtors

52,711

15,274

 

Jack James Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

112,185

439,392

Trade creditors

101,636

46,589

Taxation and social security

182,375

154,912

Other creditors

50,906

113,577

447,102

754,470

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

726,856

569,235

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

10,440

216,835

Hire purchase contracts

-

10,728

Other borrowings

101,745

211,829

112,185

439,392

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

726,856

569,235

Security
Loans are secured by way of a fixed and floating charge over specific properties under developement and carried in work in progress. These charges are in favour of Close Brothers Limited.

 

Jack James Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr CB Goodgame

Owed to the company

-

25,036

25,036

       
     

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr CB Goodgame

Owed to the company

49,450

-

(49,450)

-

         
       

 

Other transactions with directors

As at 31 March 2023 the company owed the directors £39,458 (2022: £0).