AJ Developments (West Quay) Ltd 11666763 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is construction of domestic buildings. Digita Accounts Production Advanced 6.30.9574.0 true 11666763 2022-04-01 2023-03-31 11666763 2023-03-31 11666763 bus:OrdinaryShareClass1 2023-03-31 11666763 core:RetainedEarningsAccumulatedLosses 2023-03-31 11666763 core:ShareCapital 2023-03-31 11666763 core:CurrentFinancialInstruments 2023-03-31 11666763 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11666763 core:Non-currentFinancialInstruments 2023-03-31 11666763 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11666763 bus:SmallEntities 2022-04-01 2023-03-31 11666763 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11666763 bus:FullAccounts 2022-04-01 2023-03-31 11666763 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11666763 bus:RegisteredOffice 2022-04-01 2023-03-31 11666763 bus:Director2 2022-04-01 2023-03-31 11666763 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11666763 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11666763 countries:England 2022-04-01 2023-03-31 11666763 2021-04-01 2022-03-31 11666763 2022-03-31 11666763 bus:OrdinaryShareClass1 2022-03-31 11666763 core:RetainedEarningsAccumulatedLosses 2022-03-31 11666763 core:ShareCapital 2022-03-31 11666763 core:CurrentFinancialInstruments 2022-03-31 11666763 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11666763 core:Non-currentFinancialInstruments 2022-03-31 11666763 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

AJ Developments (West Quay) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 11666763

 

AJ Developments (West Quay) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

AJ Developments (West Quay) Ltd

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

814,229

1,026,716

Debtors

5

229,129

227,849

Cash at bank and in hand

 

14,801

7,960

 

1,058,159

1,262,525

Creditors: Amounts falling due within one year

6

(224,342)

(475,592)

Total assets less current liabilities

 

833,817

786,933

Creditors: Amounts falling due after more than one year

6

(773,010)

(779,027)

Net assets

 

60,807

7,906

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

60,707

7,806

Shareholders' funds

 

60,807

7,906

 

AJ Developments (West Quay) 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.

Directors' 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 directors acknowledge their 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 Board on 5 March 2024 and signed on its behalf by:
 

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

Company Registration Number: 11666763

 

AJ Developments (West Quay) 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.

The address of its registered office is:
202 Sandbanks Road
Poole
Dorset
BH14 8HA

These financial statements were authorised for issue by the Board 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.

Revenue recognition

Turnover represents amounts received in respect of rent for investment properties held by the Company and from the sale of properties that have been developed.

The Company recognises turnover when the amount of turnover 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.

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.

 

AJ Developments (West Quay) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Stocks include work in progress and completed property development projects. Cost comprises direct materials and where applicable direct labour costs and those overheads that have been incurred during the development.

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the 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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

AJ Developments (West Quay) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Stocks

2023
£

2022
£

Work in progress

814,229

1,026,716

5

Debtors

2023
£

2022
£

Trade debtors

3,789

2,704

Other debtors

225,340

225,145

229,129

227,849

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,556

5,556

Trade creditors

 

2,486

-

Amounts owed to group undertakings

 

39,240

39,240

Corporation tax

 

12,409

1,831

Other creditors

 

163,151

424,257

Accruals and deferred income

 

1,500

4,708

 

224,342

475,592

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

773,010

779,027

 

AJ Developments (West Quay) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

773,010

779,027

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

5,556

There is a mortgage taken out on four flats amounting to £738,750. This is an interest only mortgage with a term of 25 years.

The other loan is a bounce back loan repayable over 10 years of which £12,037 is repayable in more than 5 years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100