Jaybee Developments Ltd |
Registered number: |
11890727 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
35,031 |
|
|
15,677 |
Investments |
4 |
|
|
1,079,146 |
|
|
831,715 |
|
|
|
|
1,114,177 |
|
|
847,392 |
|
Current assets |
Debtors |
5 |
|
633 |
|
|
2,674 |
Cash at bank and in hand |
|
|
9,478 |
|
|
9,717 |
|
|
|
10,111 |
|
|
12,391 |
|
Creditors: amounts falling due within one year |
6 |
|
(11,899) |
|
|
(10,511) |
|
Net current (liabilities)/assets |
|
|
|
(1,788) |
|
|
1,880 |
|
Total assets less current liabilities |
|
|
|
1,112,389 |
|
|
849,272 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(826,796) |
|
|
(798,374) |
|
Provisions for liabilities |
|
|
|
(50,649) |
|
|
(2,979) |
|
|
Net assets |
|
|
|
234,944 |
|
|
47,919 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital - £1 Ordinary Shares |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
234,844 |
|
|
47,819 |
|
Shareholders' funds |
|
|
|
234,944 |
|
|
47,919 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
Justin Bailey |
Director |
Approved by the board on 16 November 2023 |
|
Jaybee Developments Ltd |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Motor Vehicles |
25% Reducing Balance |
|
Fixtures, fittings, tools and equipment |
15% Straightline |
|
|
Investment Property |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initally recognised at cost, which includes the purchase cost, legal fees and any directly attributable expediture. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Equipment etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2022 |
2,990 |
|
16,094 |
|
19,084 |
|
Additions |
933 |
|
29,990 |
|
30,923 |
|
At 31 March 2023 |
3,923 |
|
46,084 |
|
50,007 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
1,060 |
|
2,347 |
|
3,407 |
|
Charge for the year |
635 |
|
10,934 |
|
11,569 |
|
At 31 March 2023 |
1,695 |
|
13,281 |
|
14,976 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
2,228 |
|
32,803 |
|
35,031 |
|
At 31 March 2022 |
1,930 |
|
13,747 |
|
15,677 |
|
|
4 |
Investment Property |
|
Other |
investments |
£ |
|
At Cost Or Valuation |
|
At 1 April 2022 |
831,715 |
|
Additions |
15,889 |
|
Fair Value Adjustment |
231,542 |
|
|
At 31 March 2023 |
1,079,146 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2022 |
831,715 |
|
At 31 March 2023 |
847,604 |
|
|
|
|
|
|
|
|
|
|
During the 2023 yearend the directors carried out a revaluation of the properties now held by the Company. The estimated current resale values for the properties was established by looking at similar properties for sale in and around their immediate locations. Valuation as at 31st March 2023 is £1079,146 (2022: Valuation £831,715) The combined historic cost value of the eight properties was £847,604 (2022:£831,715). The properties are not depreciated and any gain or loss under FR102 is now transferred to the profit and loss account as non distributable reserves and can no longer be transferred to the Revaluation Reserve |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
- |
|
2,129 |
|
Other debtors |
633 |
|
545 |
|
|
|
|
|
|
633 |
|
2,674 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
4,024 |
|
- |
|
Trade creditors |
40 |
|
- |
|
Taxation and social security costs |
1,431 |
|
4,475 |
|
Other creditors |
6,404 |
|
6,036 |
|
|
|
|
|
|
11,899 |
|
10,511 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Director's account due after more than 1 year |
802,686 |
|
798,374 |
|
Obligations under finance lease and hire purchase contracts |
24,110 |
|
- |
|
|
|
|
|
|
826,796 |
|
798,374 |
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
None noted |
|
|
9 |
Transactions with Directors |
|
|
During the year the directors used current accounts with the company to record amounts due to them and amounts drawn by them. The accounts show an amount owing back to the directors as at 31st March 2023 of £802,686.49 (2022: £802,374.49). The amount is repayable on demand and does not carry interest. |
|
|
10 |
Controlling party |
|
|
The company has two directors, Justin Bailey and Paula Bailey, each of whom own 50% of the company's shares. As such, they are jointly the controlling parties of the company. |
|
|
11 |
Other information |
|
|
Jaybee Developments Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
|
The Old Bank |
|
Beaufort Street |
|
Crickhowell |
|
Wales |
|
NP8 1AD |