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Registration number: 12735181

Jubilee Lodge Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Jubilee Lodge Development Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Jubilee Lodge Development Limited

Company Information

Directors

Mr James Booth

Mr Derek Booth

Registered office

17B Blenheim Square
West Raynham Business Park
Fakenham
Norfolk
NR21 7PA

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Jubilee Lodge Development Limited

(Registration number: 12735181)
Statement of financial position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

885,301

580,377

Current assets

 

Debtors

5

37,291

147,032

Creditors: Amounts falling due within one year

6

(83,806)

(11,611)

Net current (liabilities)/assets

 

(46,515)

135,421

Total assets less current liabilities

 

838,786

715,798

Creditors: Amounts falling due after more than one year

6

(839,266)

(715,798)

Net liabilities

 

(480)

-

Capital and reserves

 

Retained earnings

(480)

-

Shareholders' deficit

 

(480)

-

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr James Booth
Director

 

Jubilee Lodge Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17B Blenheim Square
West Raynham Business Park
Fakenham
Norfolk
NR21 7PA

These financial statements were authorised for issue by the Board on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Jubilee Lodge Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2022

580,377

580,377

Additions

304,924

304,924

At 31 July 2023

885,301

885,301

Depreciation

Carrying amount

At 31 July 2023

885,301

885,301

At 31 July 2022

580,377

580,377

Included within the net book value of land and buildings above is £885,301 (2022 - £580,377) in respect of freehold land and buildings.
 

 

Jubilee Lodge Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

-

147,032

Other debtors

 

37,291

-

   

37,291

147,032

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts due to related parties

9

83,326

11,611

Accruals

 

480

-

 

83,806

11,611

Due after one year

 

Loans and borrowings

8

839,266

715,798

Creditors include a loan of £839,266 (2022 - £715,798).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

839,266

715,798

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Jubilee Lodge Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

839,266

715,798

Included in the loans and borrowings are the following amounts due after more than five years:

9

Related party transactions

Other related parties includes an amount of £71,715 owed to J and D Restoration Limited, a company which has the same shareholders and directors.