Registered number
10291183
JT Developments (Midlands) Ltd
Filleted Accounts
31 July 2024
JT Developments (Midlands) Ltd
Registered number: 10291183
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 5,000 5,000
Tangible assets 4 12,354 11,247
17,354 16,247
Current assets
Stocks 1,500 -
Debtors 5 44,964 101,469
Cash at bank and in hand 69,113 442
115,577 101,911
Creditors: amounts falling due within one year 6 (38,444) (21,630)
Net current assets 77,133 80,281
Total assets less current liabilities 94,487 96,528
Creditors: amounts falling due after more than one year 7 (76,422) (83,343)
Net assets 18,065 13,185
Capital and reserves
Called up share capital 2 2
Profit and loss account 18,063 13,183
Shareholders' funds 18,065 13,185
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Horne
Director
Approved by the board on 22 November 2024
JT Developments (Midlands) Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Office equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 5,000
At 31 July 2024 5,000
Amortisation
At 31 July 2024 -
Net book value
At 31 July 2024 5,000
At 31 July 2023 5,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 8,480 335 12,100 20,915
Additions - - 4,500 4,500
At 31 July 2024 8,480 335 16,600 25,415
Depreciation
At 1 August 2023 3,118 197 6,353 9,668
Charge for the year 804 27 2,562 3,393
At 31 July 2024 3,922 224 8,915 13,061
Net book value
At 31 July 2024 4,558 111 7,685 12,354
At 31 July 2023 5,362 138 5,747 11,247
5 Debtors 2024 2023
£ £
Trade debtors 36,814 24,400
Amounts owed by group undertakings and undertakings in which the company has a participating interest 384 55,635
Other debtors 7,766 21,434
44,964 101,469
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,188 4,168
Trade creditors 10,140 2,087
Taxation and social security costs 19,799 9,589
Other creditors 2,317 5,786
38,444 21,630
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 26,422 33,343
Other creditors 50,000 50,000
76,422 83,343
8 Other information
JT Developments (Midlands) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite I Business Development Centre
Stafford Park 4
Telford
TF3 3BA
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