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Registration number: 13036385

Jonathan Martin Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Jonathan Martin Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Jonathan Martin Homes Limited

(Registration number: 13036385)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

999

2,025

Current assets

 

Stocks

5

900,000

783,905

Debtors

6

1,772

9,835

Cash at bank and in hand

 

3,177

2,369

 

904,949

796,109

Creditors: Amounts falling due within one year

7

(1,003,929)

(502,952)

Net current (liabilities)/assets

 

(98,980)

293,157

Total assets less current liabilities

 

(97,981)

295,182

Creditors: Amounts falling due after more than one year

7

(19,600)

(384,000)

Net liabilities

 

(117,581)

(88,818)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(117,681)

(88,918)

Shareholders' deficit

 

(117,581)

(88,818)

 

Jonathan Martin Homes Limited

(Registration number: 13036385)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the director on 31 January 2025
 

Mr J Jeanes
Director

   
     
 

Jonathan Martin Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
Mortimer Villa Mortimer Road
Clifton
Bristol
BS8 4EX
England

These financial statements were authorised for issue by the director on 31 January 2025.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company has suffered a loss during the year and has a deficit in reserves. However, the remaining director is confident that the business, with his financial support, has adequate resources to continue in operational existence for the foreseeable future and accordingly the company has prepared its financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rent in the ordinary course of the company’s activities and is recognised on a straight line basis over the lease term. Turnover is shown net of value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the Balance Sheet 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.

 

Jonathan Martin Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and
those overheads that have been incurred in bringing the stocks to their present location and
condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the
carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is
recognised immediately in profit or loss.

Finance costs that are directly attributable to the acquisition and construction of the land and
properties have been included as part of the work in progress.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Jonathan Martin Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 profit and loss account 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.

Interest incurred on the borrowings directly attributable to the property development are capitalised. Upon the completion of the development, the interest ceases to be capitlaised and is expensed.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 2).

 

Jonathan Martin Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

2,873

2,873

Disposals

(874)

(874)

At 30 April 2024

1,999

1,999

Depreciation

At 1 May 2023

848

848

Charge for the year

400

400

Eliminated on disposal

(248)

(248)

At 30 April 2024

1,000

1,000

Carrying amount

At 30 April 2024

999

999

At 30 April 2023

2,025

2,025

5

Stocks

2024
£

2023
£

Work in progress

-

783,905

Finished goods and goods for resale

900,000

-

900,000

783,905


Interest in cost of stock
Included in finished goods and goods for resale (2023 - work in progress) is interest costs of £31,496 (2023 - £13,030).

6

Debtors

2024
£

2023
£

Other debtors

1,772

9,835

1,772

9,835

 

Jonathan Martin Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

4,133

228

Amounts due to related parties

9

997,392

500,496

Accruals

 

2,404

2,228

 

1,003,929

502,952

Due after one year

 

Loans and borrowings

8

19,600

384,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

354,000

Other borrowings

19,600

30,000

19,600

384,000

The bank borrowings are secured by a fixed and floating charge over the company's assets.

9

Related party transactions

Other transactions with the director

During the year the director provided the company with a loan which is interest free and repayable on demand. The amount due to the director at 30 April 2024 was £997,392 (2023 - £500,496).