Company registration number 13791851 (England and Wales)
JOYNES HOUSE DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JOYNES HOUSE DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
JOYNES HOUSE DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,243,379
5,292,345
Current assets
Stocks
4
2,390,240
477,998
Debtors
5
115,842
103,402
Cash at bank and in hand
326,745
332,707
2,832,827
914,107
Creditors: amounts falling due within one year
6
(5,691,187)
(87,421)
Net current (liabilities)/assets
(2,858,360)
826,686
Total assets less current liabilities
2,385,019
6,119,031
Creditors: amounts falling due after more than one year
7
(2,622,929)
(6,098,562)
Net (liabilities)/assets
(237,910)
20,469
Capital and reserves
Called up share capital
8
6,000
6,000
Profit and loss reserves
(243,910)
14,469
Total equity
(237,910)
20,469
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JOYNES HOUSE DEVELOPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
J Lynch
Director
Company registration number 13791851 (England and Wales)
JOYNES HOUSE DEVELOPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 9 December 2021
-
Period ended 31 December 2022:
Profit and total comprehensive income
-
14,469
14,469
Issue of share capital
8
6,000
-
6,000
Balance at 31 December 2022
6,000
14,469
20,469
Year ended 31 December 2023:
Loss and total comprehensive income
-
(258,379)
(258,379)
Balance at 31 December 2023
6,000
(243,910)
(237,910)
JOYNES HOUSE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Joynes House Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 St Marks Road, London, W5 3JS.
1.1
Reporting period
These financial statements cover the year ended 31 December 2023 however the comparatives as not entirely comparable as they cover the period from incorporated on the 9 December 2021 to the 31 December 2022.
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
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
JOYNES HOUSE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stock, which consists of the expenses incurred in respect of the redevelopment of the property, is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of materials and other costs related to the redevelopment of the property.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of the property over its estimated selling price less costs to complete and sell it is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Classification of financial liabilities
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.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
JOYNES HOUSE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
5,341,311
Depreciation and impairment
At 1 January 2023
48,966
Depreciation charged in the year
48,966
At 31 December 2023
97,932
Carrying amount
At 31 December 2023
5,243,379
At 31 December 2022
5,292,345
4
Stocks
2023
2022
£
£
Stocks
2,390,240
477,998
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,504
Other debtors
115,842
50,898
115,842
103,402
JOYNES HOUSE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
194,075
71,308
Taxation and social security
13,253
Other creditors
5,497,112
2,860
5,691,187
87,421
Other creditors comprise loans that are secured by way of fixed and floating charges over the development property held as stock.
Included in other creditors is a loan of £2,311,000 (2022: £2,800,000 included in creditors due after 1 year) on which compound interest of 10% per annum is charged. As at the period end the accrued interest is £51,333 (2022: £256,667). This loan and the accrued interest is repayable by 31 March 2024 or when the property is sold, if earlier.
Included in other creditors are loans from shareholders of totalling £3,094,187 (2022: £3,041,895 included in creditors due after 1 year), £1,997,725 (2022: £1,997,725) on which no interest is payable and £998,337 (2022: £998,337) on which interest is charged at the rate of 5% per annum. At the period end interest of £98,125 (2022: £45,833) has been accrued and is included in other creditors. All the shareholder loans are repayable by 22 December 2024.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
2,622,929
6,098,562
Included in other borrwings is a loan of £2,594,935 (2022: £Nil) on which interest of 5% above the Bank of England Base rate per annum is charged. As at the period end the accrued interest is £27,994. This loan and the accrued interest is repayable on demand and in any event by 1 August 2025. 100% of the net sale proceeds of any property (or part of such property) held as security must to paid to the lender as a reduction of the amount owed. This loan is secured by a debenture over the borrower’s assets and undertakings, a first legal charge over the property, a joint and several guarantee given by the directors for the sum of £1,800,000 plus fees and interest and a charge over the shares of the borrower.
The comparative figures for other borrowings compromised the following loans that are now due within 1 year.
A £2,800,000 loan on which compound interest of 10% per annum is charged. As at the period end the accrued interest included in other creditors was £256,667. This loan and the accrued interest is repayable by 31 March 2024 or when the property is sold, if earlier.
Loans from shareholders of totalling £3,041,895.£1,997,725, on which no interest is payable and £998,337 on which interest is charged at the rate of 5% per annum. At the period end interest of £45,833 had been accrued and was included in other creditors. All the shareholder loans are repayable by 22 December 2024.
JOYNES HOUSE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000
6,000
6,000
6,000
9
Related party transactions
At the period end the company owed £2,094,937 (2022: £2,042,645) to companies controlled by the directors and was owed £1,663 (2022: £1,663) by companies controlled by the directors.
10
Prior period adjustment
The accounts have been restated to reflected the capitalisation of the investment property which had previously been treated as work in progress.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Fixed assets
Tangible assets
-
5,292,345
5,292,345
Current assets
Stocks
5,819,309
(5,341,311)
477,998
Debtors due within one year
103,403
(1)
103,402
Creditors due within one year
Taxation
(19,136)
5,883
(13,253)
Net assets
63,553
(43,084)
20,469
Capital and reserves
Profit and loss reserves
57,553
(43,084)
14,469
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Administrative expenses
(216,153)
(48,966)
(265,119)
Other operating income
290,632
(1)
290,631
Taxation
(16,926)
5,883
(11,043)
Profit for the financial period
57,553
(43,084)
14,469
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