Company No: 08659390 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	26,109		646
		26,109		646
Current assets
Stocks	4	4,367,611		3,561,122
Debtors	5	7,009		5,502
Investments	6	470,000		470,000
Cash at bank and in hand		3,175,473		5,481
		8,020,093		4,042,105
Creditors: amounts falling due within one year	7	( 2,166,034)		( 1,018,640)
Net current assets		5,854,059		3,023,465
Total assets less current liabilities		5,880,168		3,024,111
Creditors: amounts falling due after more than one year	8	( 4,621,259)		( 2,330,347)
Provision for liabilities		( 6,400)		0
Net assets		1,252,509		693,764
Capital and reserves
Called-up share capital	9	1		1
Profit and loss account		1,252,508		693,763
Total shareholders' funds		1,252,509		693,764

For the financial year ending 31 August 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Joyce Property Development Limited (registered number: 08659390) were approved and authorised for issue by the Board of Directors on 07 April 2025. They were signed on its behalf by:

Mr J S Joyce Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Joyce Property Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is The Old Rectory, Buckerell, EX14 3EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover represents amounts chargeable in respect of the sale of properties during the year. Turnover and profits are recognised on legal completion.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads. Provision is made for obsolete, slow-moving or defective items where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 September 2023	8,300		2,044		10,344
Additions	27,426		0		27,426
Disposals	( 8,300)		( 266)		( 8,566)
At 31 August 2024	27,426		1,778		29,204
Accumulated depreciation
At 01 September 2023	8,300		1,398		9,698
Charge for the financial year	1,714		249		1,963
Disposals	( 8,300)		( 266)		( 8,566)
At 31 August 2024	1,714		1,381		3,095
Net book value
At 31 August 2024	25,712		397		26,109
At 31 August 2023	0		646		646

4. Stocks

	2024		2023
	£		£
Work in progress	4,367,611		3,561,122

5. Debtors

	2024		2023
	£		£
Other debtors	7,009		5,502

6. Current asset investments

	2024		2023
	£		£
Other investments – at cost less impairment	470,000		470,000

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	3,924		0
Amounts owed to directors	1,000,000		1,000,000
Accruals	993,400		12,338
Taxation and social security	168,710		6,302
	2,166,034		1,018,640

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other creditors	4,621,259		2,330,347

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
49 Ordinary shares of £ 0.01 each (2023: 100 shares of £ 0.01 each)	0.49		1.00
11 Ordinary A shares of £ 0.01 each (2023: nil shares)	0.11		0
10 Ordinary B shares of £ 0.01 each (2023: nil shares)	0.10		0
30 Ordinary C shares of £ 0.01 each (2023: nil shares)	0.30		0
	1.00		1.00

During the year 80 Ordinary shares having an aggregate nominal value of £0.80 have been redesignated as 11 Ordinary A, 10 Ordinary B and 30 Ordinary C shares of of £0.01 in the capital of the Company.

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts due to the director	2,271,259		2,330,347

One of the directors has a loan account with the company. No interest is payable on the balance

One of the directors is the sole holder of the preference shares. During the current and prior year, all preference share dividends have been waived.