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Registered Number: 09328428
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 November 2022

for

JADE DEVELOPMENT ENTERPRISES LIMITED

Director Hussein Zeineddine
Registered Number 09328428
Registered Office Basepoint Business Centre
Isidore Road, Bromsgrove Enterprise Park
Bromsgrove
United Kingdom
B60 3ET
Accountants Krowe Limited
Basepoint Business Centre
Isidore Road, Bromsgrove Enterprise Park
Bromsgrove
B60 3ET
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 November 2022.
Principal activities
Principal activity of the company during the financial year was the development of building projects.
Director
The director who served the company throughout the year was as follows:
Hussein Zeineddine
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Hussein Zeineddine
Director

Date approved: 26 October 2023
2
Report to the directors on the preparation of the unaudited statutory accounts of Jade Development Enterprises Limited for the year ended 30 November 2022.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Jade Development Enterprises Limited for the year ended 30 November 2022 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.

This report is made solely to the Board of Directors of Jade Development Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jade Development Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Jade Development Enterprises Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jade Development Enterprises Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Jade Development Enterprises Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jade Development Enterprises Limited. You consider that Jade Development Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Jade Development Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

30 November 2022



....................................................
Krowe Limited
Basepoint Business Centre
Isidore Road, Bromsgrove Enterprise Park
Bromsgrove
B60 3ET
26 October 2023
3
 
 
Notes
 
2022
£
  2021
£
Current assets      
Stocks 3 18,143,147    20,888,359 
Debtors 4 39,615    239,731 
Cash at bank and in hand 415,557    23,964 
18,598,319    21,152,054 
Creditors: amount falling due within one year 5 (18,530,553)   (21,644,779)
Net current assets 67,766    (492,725)
 
Total assets less current liabilities 67,766    (492,725)
Net assets 67,766    (492,725)
 

Capital and reserves
     
Called up share capital 6 100    100 
Profit and loss account 67,666    (492,825)
Shareholder's funds 67,766    (492,725)
 


For the year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 26 October 2023 and were signed by:


-------------------------------
Hussein Zeineddine
Director
4
General Information
Jade Development Enterprises Limited is a private company, limited by shares, registered in England and Wales, registration number 09328428, registration address Basepoint Business Centre, Isidore Road, Bromsgrove Enterprise Park, Bromsgrove, United Kingdom, B60 3ET.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis.  The directors have carefully reviewed the future prospects of the Company and its future cash flows including an assessment of the potential impact of the COVID-19 pandemic.  The full impact remains uncertain and as a result unquantifiable at this stage.  They have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from the signing of these financial statements. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for costs to complete and sell. Cost includes all direct costs including labour, borrowing costs and attributable overheads.  
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 
Financial instruments
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.  Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Companys cash management. 
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. 
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs.
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 1).
3.

Stocks

2022
£
  2021
£
Stocks 18,143,147    20,888,359 
18,143,147    20,888,359 

4.

Debtors: amounts falling due within one year

2022
£
  2021
£
Other Debtors 1,429    220,544 
VAT Recoverable 38,186    19,187 
39,615    239,731 

5.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 557,882    656,144 
Accrued Expenses 5,000    11,050 
Other Creditors 17,752,061    20,761,975 
Directors' Current Accounts 215,610    215,610 
18,530,553    21,644,779 

6.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

7.

Secured Creditors

The total value of liabilities included in other creditors which were secured at the year end were £13,548,543 (2021 - £14,330,805).  Security comprises a fixed and floating charge over all assets of the Company.  
8.

Transactions with directors

During the year, the Company advanced £NIL (2021 - £NIL) to the director. The advances are unsecured, interest free and repayable on demand. At the year end, the company owed the director £215,610 (2021 - £215,610). 
9.

Related party transactions

At the year end the Company owed £4,163,519 (2021 - £4,261,169 owed) to a company under common control. The amount is interest free and repayable on demand.
10.

Controlling party

The ultimate controlling party is the director, by virtue of his shareholding and directorship in the holding company. 
5