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Registered number: 13391662
JG Park Homes and Developments Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13391662
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 54,959 38,295
54,959 38,295
CURRENT ASSETS
Debtors 5 1,114 2,193
Cash at bank and in hand 19,536 45,890
20,650 48,083
Creditors: Amounts Falling Due Within One Year 6 (15,299 ) (18,473 )
NET CURRENT ASSETS (LIABILITIES) 5,351 29,610
TOTAL ASSETS LESS CURRENT LIABILITIES 60,310 67,905
NET ASSETS 60,310 67,905
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 60,210 67,805
SHAREHOLDERS' FUNDS 60,310 67,905
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jason Goodwin
Director
03/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
JG Park Homes and Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13391662 . The registered office is The Grange, Gloucester Road, Staverton, Cheltenham, GL51 0TF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.Historical cost includes expenditure that is directly attributable to bringing the
asset to the location and condition necessary for it to be capable of operating in the manner intended by
management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 25% Straight Line
Motor Vehicles 20% Straight line
The assets’ residuals values, useful lives and depreciation methods are reviewed, and adjusted prospectively if
appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
2.4. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, impairment loss is recognised in the Profit and Loss and Statement of Retained Earnings.
...CONTINUED
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2.4. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. 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.
2.7. 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.
2.8. Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 June 2023 - 3,675 45,369 49,044
Additions 21,857 - 6,000 27,857
As at 31 May 2024 21,857 3,675 51,369 76,901
Depreciation
As at 1 June 2023 - 919 9,830 10,749
Provided during the period - 919 10,274 11,193
As at 31 May 2024 - 1,838 20,104 21,942
Net Book Value
As at 31 May 2024 21,857 1,837 31,265 54,959
As at 1 June 2023 - 2,756 35,539 38,295
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 1,778
Deferred tax current asset 1,114 415
1,114 2,193
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 343 499
VAT 250 250
Other creditors 8,062 11,369
Accruals and deferred income 1,440 1,140
Director's loan account 5,204 5,215
15,299 18,473
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
At 31 May 2024, the company has amounts due to the director of £5,204 (2023: £5,215). The amounts are interest free, unsecured and have no fixed term for repayment. The amounts are included within creditors: amounts falling due within one year.
9. Controlling Party
The company's controlling party is J Goodwin by virtue of his ownership of 60% of the issued share capital in the company.
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