Company registration number 07409542 (England and Wales)
SAM JARVIS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SAM JARVIS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SAM JARVIS PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,712
45,000
Investments
4
51
1
27,763
45,001
Current assets
Stocks
1,694,128
961,146
Debtors
5
461,593
639,147
Cash at bank and in hand
778,533
727,361
2,934,254
2,327,654
Creditors: amounts falling due within one year
6
(1,327,408)
(1,391,718)
Net current assets
1,606,846
935,936
Total assets less current liabilities
1,634,609
980,937
Creditors: amounts falling due after more than one year
7
(38,076)
(192,139)
Provisions for liabilities
(6,928)
Net assets
1,589,605
788,798
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,589,505
788,698
Total equity
1,589,605
788,798
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 period ended 31 March 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 period 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.
SAM JARVIS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
Mr S D Jarvis
Director
Company registration number 07409542 (England and Wales)
SAM JARVIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Sam Jarvis Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 9 Bartlets Lane, Chilmington Green, Ashford, Kent, TN23 8AB.
1.1
Reporting period
The company extended its period end from 31 October 2022 to 31 March 2023 in order to align its reporting period with those of group and related companies.
1.2
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 March 2023 are the first financial statements of Sam Jarvis Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2020. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover represents revenue earned under contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in other debtors. Payments on account in excess of the relevant amount of revenue are included in creditors.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line basis
Fixtures and fittings
33% straight line basis
Motor vehicles
25% reducing balance basis
SAM JARVIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.6
Stocks and work in progress
Land and buildings held for resale and development are stated at the lower of cost and net realisable value. Cost includes all expenditure incurred in the normal course of business in bringing the stock to its condition at the balance sheet date, less payments on account.
1.7
Financial instruments
The company has elected to apply the recognition and measurement 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
2
2
SAM JARVIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021
50,000
Additions
46,608
Disposals
(60,500)
At 31 March 2023
36,108
Depreciation and impairment
At 1 November 2021
5,000
Depreciation charged in the period
14,751
Eliminated in respect of disposals
(11,355)
At 31 March 2023
8,396
Carrying amount
At 31 March 2023
27,712
At 31 October 2021
45,000
4
Fixed asset investments
2023
2021
£
£
Shares in group undertakings and participating interests
51
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2021
1
Additions
50
At 31 March 2023
51
Carrying amount
At 31 March 2023
51
At 31 October 2021
1
SAM JARVIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
228,628
500,317
Amounts owed by group undertakings and undertakings in which the company has a participating interest
30,679
10,563
Other debtors
202,286
128,267
461,593
639,147
Trade debtors and Other debtors include £220,409 (2021 - £nil) and £187,818 (2021 - £nil), respectively, in respect of amounts due from members of close family of the directors.
6
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
4,635
4,758
Trade creditors
310,341
342,271
Amounts owed to group undertakings
316
Taxation and social security
234,473
145,083
Other creditors
777,643
899,606
1,327,408
1,391,718
Other creditors includes an amount of £186,996 (2021 - £389,584) due to the directors.
Other creditors also includes loans due to members of the close family of the directors totalling £535,000 (2021 - £335,000).
7
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans
38,076
192,139