Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Ms L Elisseos 02/06/2016 Mr J B Woodley 02/06/2016 15 April 2024 The principal activity of the Company during the financial year was property investment. 10211746 2023-06-30 10211746 bus:Director1 2023-06-30 10211746 bus:Director2 2023-06-30 10211746 2022-06-30 10211746 core:CurrentFinancialInstruments 2023-06-30 10211746 core:CurrentFinancialInstruments 2022-06-30 10211746 core:Non-currentFinancialInstruments 2023-06-30 10211746 core:Non-currentFinancialInstruments 2022-06-30 10211746 core:ShareCapital 2023-06-30 10211746 core:ShareCapital 2022-06-30 10211746 core:RetainedEarningsAccumulatedLosses 2023-06-30 10211746 core:RetainedEarningsAccumulatedLosses 2022-06-30 10211746 core:FurnitureFittings 2022-06-30 10211746 core:FurnitureFittings 2023-06-30 10211746 core:MoreThanFiveYears 2023-06-30 10211746 core:MoreThanFiveYears 2022-06-30 10211746 bus:OrdinaryShareClass1 2023-06-30 10211746 2022-07-01 2023-06-30 10211746 bus:FilletedAccounts 2022-07-01 2023-06-30 10211746 bus:SmallEntities 2022-07-01 2023-06-30 10211746 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10211746 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10211746 bus:Director1 2022-07-01 2023-06-30 10211746 bus:Director2 2022-07-01 2023-06-30 10211746 core:FurnitureFittings core:TopRangeValue 2022-07-01 2023-06-30 10211746 2021-07-01 2022-06-30 10211746 core:FurnitureFittings 2022-07-01 2023-06-30 10211746 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 10211746 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 10211746 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10211746 (England and Wales)

J&L DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

J&L DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

J&L DEVELOPMENTS LTD

BALANCE SHEET

As at 30 June 2023
J&L DEVELOPMENTS LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,937 6,500
Investment property 4 2,571,825 2,571,825
2,576,762 2,578,325
Current assets
Debtors 5 32,202 84,152
Cash at bank and in hand 17,618 8,043
49,820 92,195
Creditors: amounts falling due within one year 6 ( 55,439) ( 90,711)
Net current (liabilities)/assets (5,619) 1,484
Total assets less current liabilities 2,571,143 2,579,809
Creditors: amounts falling due after more than one year 7 ( 2,542,334) ( 2,547,890)
Net assets 28,809 31,919
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 28,709 31,819
Total shareholders' funds 28,809 31,919

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J&L Developments Ltd (registered number: 10211746) were approved and authorised for issue by the Board of Directors on 15 April 2024. They were signed on its behalf by:

Ms L Elisseos
Director
J&L DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
J&L DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J&L Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is 97 Mannamead Road, Plymouth, PL3 4SX.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2022 13,004 13,004
Additions 2,181 2,181
At 30 June 2023 15,185 15,185
Accumulated depreciation
At 01 July 2022 6,504 6,504
Charge for the financial year 3,744 3,744
At 30 June 2023 10,248 10,248
Net book value
At 30 June 2023 4,937 4,937
At 30 June 2022 6,500 6,500

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 2,571,825
As at 30 June 2023 2,571,825

The director has assessed the fair value of the properties and believes that it is correct.

5. Debtors

2023 2022
£ £
Trade debtors 0 2,917
Prepayments 9,202 9,441
Other debtors 23,000 71,794
32,202 84,152

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,556 5,556
Amounts owed to directors 50,231 56,019
Accruals 1,750 1,600
Taxation and social security 9,143 14,959
Other creditors ( 11,241) 12,577
55,439 90,711

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 2,542,334 2,547,890

The bank loans are secured by way of fixed and floating charges over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 1,267,014 1,836,893

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100