Company registration number 14960904 (England and Wales)
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
Notes
£
£
Current assets
Stocks
3
21,279,961
Debtors
4
32,852
Cash at bank and in hand
96,891
21,409,704
Creditors: amounts falling due within one year
5
(403,601)
Net current assets
21,006,103
Creditors: amounts falling due after more than one year
6
(18,885,052)
Net assets
2,121,051
Capital and reserves
Called up share capital
1
Capital contribution reserve
2,133,766
Profit and loss reserves
(12,716)
Total equity
2,121,051
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
M Coath
Director
Company Registration No. 14960904
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
James Taylor Homes (Brighton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, United Kingdom, AL10 0HE.
1.1
Reporting period
The company's financial year end has been extended to 31 October 2024 as this is the first year the company has traded. The financial statements cover a period of 16 months from the date of incorporation 26 June 2023. Therefore, the comparative figures presented in next years financial statements are not entirely comparable due to a difference in the length of reporting periods.
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
Going concern
The financial statements have been prepared on the going concern basis as the directors believe that the true
company has adequate resources to continue in operational existence for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
However there is a material uncertainty at the date of signature of the financial statement regarding the
company's ability to repaying senior debt finance when the loan comes due within the next year. This is
because there is uncertainty about the rate at which the development will sell and the company may not be able to complete enough sales to pay back the loan on time.
The directors believe that their relationship with the lender will likely result in a extension of the facility. If
this were not the case, the company would seek to refinance or the share holders per their joint venture
agreement would make up the cash short fall by a capital injection.
1.4
Stocks
Stocks represents property acquired for development together with work in progress on those properties. The resultant stock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs.
In considering net realisable value, it is assumed that developments will be completed and sold in the ordinary course of business and not placed on the market for immediate sale in their current state of development.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
1.7
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Effective interest rates on loan
Where loans are not interest bearing, the Directors have estimated the effective interest rate and discounted the loan in line with the requirements of FRS102 section 11. The Directors have referenced comparable active loans from banks at the time the loans were taken and used a rate they deem to be suitable for the size and conditions associated to the loans.
With the exception of the estimate described above, the directors consider that there are no other significant judgements or estimates in preparation of these financial statements.
3
Stocks
2024
£
Stocks
21,279,961
At the year end the capitalised finance costs included within stock and work in progress totalled £906,322.
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 4 -
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
32,852
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
56,286
Other creditors
347,315
403,601
6
Creditors: amounts falling due after more than one year
2024
£
Other creditors
18,885,052
Included within other creditors is a mortgage of £14,434,818 which is secured by a first legal debenture over all assets and undertakings of the company, a first legal charge over properties which have mortgages and a guarantee from James Taylor Homes Group Limited and James Taylor Group Limited (companies with common directors) to the sum of £2,400,000. James Taylor Homes Group Limited and James Taylor Group Limited have also provided a joint and several costs overrun and interest shortfall guarantee. There is also a negative pledge.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We draw attention to note 1.3 of the financial statements, which describes that there is a material uncertainty relating to going concern.
The senior statutory auditor was Alistair Campbell and the auditor was Azets Audit Services.
JAMES TAYLOR HOMES (BRIGHTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 5 -
8
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Purchases
2024
£
Entities with control, joint control or significant influence over the company
18,227,212
2024
Amounts due to related parties
£
Entities with control, joint control or significant influence over the company
4,669,858
The amounts outstanding are unsecured, interest free. £219,623 is repayable on demand and £4,450,235 is repayable within five years.
Other information
As at 31 October 2024, the company has received a guarantee for a mortgage of £2,400,000, along with a joint and several guarantee covering cost overruns and interest shortfalls from companies with common directors.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within a sub-group headed by the immediate parent company.
9
Parent company
The parent company of James Taylor Homes (Brighton) Limited is James Taylor Homes (Investment) Limited and its registered office is James Taylor House, St Albans Road East, Hatfield, Herts, United Kingdom, AL10 0HE. James Taylor Homes (Investment) Limited does not produce consolidated financial statements.