Company registration number 10946101 (England and Wales)
JAMES TAYLOR HOMES (LINCOLNS INN FREEHOLD) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR HOMES (LINCOLNS INN FREEHOLD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JAMES TAYLOR HOMES (LINCOLNS INN FREEHOLD) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3
136,000
136,000
Cash at bank and in hand
1
1
136,001
136,001
Creditors: amounts falling due within one year
4
(136,000)
(136,000)
Net current assets
1
1
Capital and reserves
-
-
Called up share capital
1
1
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. 10946101
JAMES TAYLOR HOMES (LINCOLNS INN FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
1.1
Company information
James Taylor Homes (Lincolns Inn Freehold) 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.
1.2
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. 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.
1.3
Going concern
The truedirectors believe that the company has adequate resources to continue in operational existence for the foreseeable future including support from the group that the company is a part of.
The company therefore continues to adopt the going concern basis in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
1.4
Stocks
Stocks represents property acquired for development together with work in progress on those properties. The resultant stock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs.
In considering net realisable value, it is assumed that developments will be completed and sold in the ordinary course of business and not placed on the market for immediate sale in their current state of development.
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.
1.5
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.
1.6
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.
JAMES TAYLOR HOMES (LINCOLNS INN FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
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 judgements or estimates in the preparation of these financial statements.
3
Stocks
2023
2022
£
£
Stocks
136,000
136,000
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
136,000
136,000
5
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.
Senior Statutory Auditor:
Gary Tamkin
Statutory Auditor:
Azets Audit Services
6
Related party disclosures
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.
JAMES TAYLOR HOMES (LINCOLNS INN FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
7
Parent company
The directors regard James Taylor Homes Group Limited as the ultimate parent company. James Taylor Homes (Lincolns Inn) Limited is the immediate parent company. The registered office of the ultimate parent company is James Taylor House, St Albans Road East, Hatfield, Hertfordshire, AL10 0HE . The largest group of undertakings for which group financial statements have been drawn up is that headed by James Taylor Homes Group Limited. Copies of the group financial statements may be obtained from Companies House.