Company registration number 10592637 (England and Wales)
J & D Property Developments Limited
Unaudited financial statements
For the year ended 31 May 2023
J & D Property Developments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
J & D Property Developments Limited
Balance sheet
As at 31 May 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
2
444,662
444,662
Current assets
Stocks
-
190,464
Debtors
3
4,524
6,682
Cash at bank and in hand
22,450
4,739
26,974
201,885
Creditors: amounts falling due within one year
4
(263,294)
(438,512)
Net current liabilities
(236,320)
(236,627)
Total assets less current liabilities
208,342
208,035
Creditors: amounts falling due after more than one year
5
(232,470)
(232,470)
Net liabilities
(24,128)
(24,435)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(24,130)
(24,437)
Total equity
(24,128)
(24,435)
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 year ended 31 May 2023 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 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.
J & D Property Developments Limited
Balance sheet (continued)
As at 31 May 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
Mr J R Harrison
Director
Company Registration No. 10592637
J & D Property Developments Limited
Notes to the financial statements
For the year ended 31 May 2023
- 3 -
1
Accounting policies
Company information
J & D Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Upper Fernyhill, Basford, Leek, Staffordshire, England, ST13 7ET.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, despite a poor year the company has the the full support of the directors and access to external funders. true
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.
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 despatch 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 rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
J & D Property Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 and loans from fellow group companies, 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.
1.7
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
J & D Property Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2023
- 5 -
2
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
444,662
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,524
6,682
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
263,294
438,512
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
232,470
232,470
The bank loans are secured by way of a negative pledge of the property in Leek, Staffordshire.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
232,533
232,470