AJ Developments Yarmouth (Lettings) Ltd 12855850 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the rental of investment property. Digita Accounts Production Advanced 6.30.9574.0 true true 12855850 2022-04-01 2023-03-31 12855850 2023-03-31 12855850 bus:OrdinaryShareClass1 2023-03-31 12855850 core:RetainedEarningsAccumulatedLosses 2023-03-31 12855850 core:ShareCapital 2023-03-31 12855850 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12855850 core:Non-currentFinancialInstruments 2023-03-31 12855850 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12855850 bus:SmallEntities 2022-04-01 2023-03-31 12855850 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12855850 bus:FullAccounts 2022-04-01 2023-03-31 12855850 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12855850 bus:RegisteredOffice 2022-04-01 2023-03-31 12855850 bus:Director1 2022-04-01 2023-03-31 12855850 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12855850 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12855850 countries:EnglandWales 2022-04-01 2023-03-31 12855850 2022-03-31 12855850 2021-04-01 2022-03-31 12855850 2022-03-31 12855850 bus:OrdinaryShareClass1 2022-03-31 12855850 core:RetainedEarningsAccumulatedLosses 2022-03-31 12855850 core:ShareCapital 2022-03-31 12855850 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12855850 core:Non-currentFinancialInstruments 2022-03-31 12855850 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

AJ Developments Yarmouth (Lettings) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 12855850

 

AJ Developments Yarmouth (Lettings) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

AJ Developments Yarmouth (Lettings) Ltd

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,534,945

1,534,945

Current assets

 

Cash at bank and in hand

 

39,227

14,049

Creditors: Amounts falling due within one year

5

(439,202)

(436,018)

Net current liabilities

 

(399,975)

(421,969)

Total assets less current liabilities

 

1,134,970

1,112,976

Creditors: Amounts falling due after more than one year

5

(1,144,783)

(1,138,394)

Provisions for liabilities

(64,497)

(63,967)

Net liabilities

 

(74,310)

(89,385)

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

(74,410)

(89,485)

Shareholders' deficit

 

(74,310)

(89,385)

 

AJ Developments Yarmouth (Lettings) Ltd

Balance Sheet

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.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 March 2024
 

.........................................
S T Janes
Director

Company Registration Number: 12855850

 

AJ Developments Yarmouth (Lettings) Ltd

Notes to the Unaudited Financial Statements

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:
202 Sandbanks Road
Poole
Dorset
BH14 8HA

These financial statements were authorised for issue by the director on 5 March 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The balance sheet shows an excess of liabilities over assets. However, the financial statements have been prepared on a going concern basis due to the continued suppport of the company's creditors and director.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

AJ Developments Yarmouth (Lettings) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

AJ Developments Yarmouth (Lettings) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 April 2022

1,534,945

At 31 March 2023

1,534,945

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,489

5,100

Amounts owed to group undertakings

423,884

422,273

Corporation tax

3,164

-

Accruals and deferred income

4,665

8,645

439,202

436,018

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

1,144,783

1,138,394

 

AJ Developments Yarmouth (Lettings) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

6

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

1,144,783

1,138,394

The bank borrowing relate to individual mortgages on the 9 investment properties held and are secured against the properties. They are all interest only with a term of 23 years remaining.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100