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COMPANY REGISTRATION NUMBER: 07577268
J G Developments Ltd
Filleted Unaudited Financial Statements
31 March 2024
J G Developments Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
6
1,112
1,475
Investments
7
1,225,000
1,225,000
-------------
-------------
1,226,112
1,226,475
Current Assets
Stocks
760
74,291
Debtors
8
79,000
81,161
Cash at bank and in hand
1,342
1,299
---------
----------
81,102
156,751
Creditors: amounts falling due within one year
9
231,230
300,603
----------
----------
Net Current Liabilities
150,128
143,852
-------------
-------------
Total Assets Less Current Liabilities
1,075,984
1,082,623
Creditors: amounts falling due after more than one year
10
792,752
804,591
Provisions
Taxation including deferred tax
39,755
30,283
-------------
-------------
Net Assets
243,477
247,749
-------------
-------------
Capital and Reserves
Called up share capital
12
200
200
Share premium account
103,935
103,935
Profit and loss account
139,342
143,614
----------
----------
Shareholders Funds
243,477
247,749
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
J G Developments Ltd
Statement of Financial Position (continued)
31 March 2024
For the year ending 31st March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr J Gaughan
Director
Company registration number: 07577268
J G Developments Ltd
Notes to the Financial Statements
Year ended 31st March 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 87A King Street, Dawley, Telford, Shropshire, TF4 2AH.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period and is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor Vehicles
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair values at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tax on Profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,305
416
Adjustments in respect of prior periods
( 7,891)
-------
-------
Total current tax
1,305
( 7,475)
-------
-------
Deferred tax:
Origination and reversal of timing differences
9,472
16,653
---------
---------
Tax on profit
10,777
9,178
---------
---------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st April 2023 and 31st March 2024
9,381
1,990
2,800
14,171
-------
-------
-------
---------
Depreciation
At 1st April 2023
9,300
597
2,799
12,696
Charge for the year
64
299
363
-------
-------
-------
---------
At 31st March 2024
9,364
896
2,799
13,059
-------
-------
-------
---------
Carrying amount
At 31st March 2024
17
1,094
1
1,112
-------
-------
-------
---------
At 31st March 2023
81
1,393
1
1,475
-------
-------
-------
---------
7. Investments
Other investments other than loans
£
Cost
At 1st April 2023 and 31st March 2024
1,225,000
-------------
Impairment
At 1st April 2023 and 31st March 2024
-------------
Carrying amount
At 31st March 2024
1,225,000
-------------
At 31st March 2023
1,225,000
-------------
On 31st March 2024 the investment properties were revalued by Mr J Gaughan , a director of the company, on an open market value basis in the sum of £1,225,000 (2023 - £1,225,000).
8. Debtors
2024
2023
£
£
Trade debtors
35,130
35,177
Other debtors
43,870
45,984
---------
---------
79,000
81,161
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,338
9,362
Trade creditors
6,413
10,504
Corporation tax
1,752
416
Social security and other taxes
6,055
2,730
Other creditors
205,672
277,591
----------
----------
231,230
300,603
----------
----------
The bank loans and overdraft are secured against the Investment properties.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
792,752
804,591
----------
----------
The bank loans and overdraft are secured against the Investment properties.
Included within creditors: amounts falling due after more than one year is an amount of £480,604 (2023: £489,781) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
39,755
30,283
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
278
280
Revaluation of tangible assets
39,477
30,003
---------
---------
39,755
30,283
---------
---------
12. Called Up Share Capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
13. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Gaughan
( 192,128)
( 44,435)
40,924
( 195,639)
Mr A Gaughan
----------
---------
---------
----------
( 192,128)
( 44,435)
40,924
( 195,639)
----------
---------
---------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Gaughan
( 211,137)
( 57,716)
76,725
( 192,128)
Mr A Gaughan
( 4,253)
4,253
----------
---------
---------
----------
( 215,390)
( 57,716)
80,978
( 192,128)
----------
---------
---------
----------
The non-interest bearing loans are repayable on demand.
14. Related Party Transactions
Included within other debtors is a loan of £21,663 (2023 - £23,433 to a company under common control by the directors. The non-interest bearing loan is repayable on demand. Included within other debtors is a loan of £21,654 (2023 - £21,779) to a company 33% owned by the director. The non-interest bearing loan is repayable on demand.