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COMPANY REGISTRATION NUMBER: 11024489
James and Slater Developments Limited
Filleted Unaudited Financial Statements
31 October 2023
James and Slater Developments Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 3
James and Slater Developments Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Current assets
Debtors
5
100
100
Cash at bank and in hand
5,502
2,455
-------
-------
5,602
2,555
Creditors: amounts falling due within one year
6
( 34,742)
( 39,466)
--------
--------
Net current liabilities
( 29,140)
( 36,911)
--------
--------
Total assets less current liabilities
( 29,140)
( 36,911)
Creditors: amounts falling due after more than one year
7
( 29,688)
( 35,938)
--------
--------
Net liabilities
( 58,828)
( 72,849)
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 58,928)
( 72,949)
--------
--------
Shareholders deficit
( 58,828)
( 72,849)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr D J James
Director
Company registration number: 11024489
James and Slater Developments Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Llanwenarth Barn, Govilon, Abergavenny, NP7 9SF, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
2023
2022
£
£
Other debtors
100
100
----
----
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,250
6,250
Trade creditors
1,752
Social security and other taxes
934
1,058
Other creditors
25,806
32,158
--------
--------
34,742
39,466
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,688
35,938
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £4,688 (2022: £10,938) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
The company was under the control of Mr D J James and Mrs J James throughout the current and previous year. Mr D J James and Mrs J James are the directors and majority shareholders. No transactions took place that are required to be disclosed in accordance with FRS 102 Section 1A.