Company registration number 13582272 (England and Wales)
JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3
29,548,400
15,848,195
Debtors
4
5,494
896
Cash at bank and in hand
1,842,229
718,948
31,396,123
16,568,039
Creditors: amounts falling due within one year
5
(21,062,016)
(824,444)
Net current assets
10,334,107
15,743,595
Creditors: amounts falling due after more than one year
6
(8,653,985)
(13,456,314)
Net assets
1,680,122
2,287,281
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,680,121
2,287,280
Total equity
1,680,122
2,287,281

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
M Coath
Director
Company Registration No. 13582272
JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

James Taylor Homes (Verulamium) Limited is a private company limited by shares incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, United Kingdom, AL10 0HE.

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 Company has engaged in the development of a residential property project which is financed through loans provided by external parties. At the time of approving the financial statements the property is substantially complete and units are currently being marketed for sale. The challenges within the property sector relating to increased costs and rising interest rates have had a wide reaching impact and the directors monitor closely the progress of the development along with performing forecast cash flow analysis around the projected timing of sales and the terms of the loan financing. Due to these challenging circumstances and through considering a range of scenarios, the company may need to enter into additional discussions with its lenders should sales of the development extend beyond the directors forecast. The existing loan terms include a repayment date of February 2025. As a result of these circumstances, the directors acknowledge the existence of a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern.

 

Based however on existing relationships with lenders, potential to refinance and forecast future sales the directors believe it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.6
Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors consider that there are no significant judgments or estimates in the preparation of these financial statements.

3
Stocks
2023
2022
£
£
Stocks
29,548,400
15,848,195

At the year end the capitalised finance costs included within stock and work in progress totalled £936,807 (2022: £372,899).

JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
Other debtors
5,493
895
5,494
896
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
18,741,013
-
0
Trade creditors
1,839,881
665,398
Other creditors
481,122
159,046
21,062,016
824,444
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
5,399,521
Other creditors
8,653,985
8,056,793
8,653,985
13,456,314

Bank loans of £18,741,031 (2022: £5,399,521) are secured on properties held in stock and all other assets of the company. Guarantees are provided by James Taylor Group Limited

 

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

We draw attention to note 1.2 of the financial statements, which describes that there is a material uncertainty relating to going concern.
The senior statutory auditor was Gary Tamkin and the auditor was Azets Audit Services.
JAMES TAYLOR HOMES (VERULAMIUM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
8
Related party transactions
2023
2022
Amounts due to related parties
£
£
Shareholder loans
8,561,774
8,056,793
Other information

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9
Parent company

The parent company is James Taylor Homes (Investment) Limited.

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