REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
FOR |
J W DEVELOPING SOLUTIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
FOR |
J W DEVELOPING SOLUTIONS LIMITED |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
J W DEVELOPING SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
19-21 Middle Row |
Stevenage |
Hertfordshire |
SG1 3AW |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
BALANCE SHEET |
30 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
BALANCE SHEET - continued |
30 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
1. | STATUTORY INFORMATION |
J W Developing Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31st March 2024 have been prepared using the going concern basis of accounting. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Investment Property |
The fair value of investment property has been valued by the directors in line with the accounting policy for investment property.. |
Revenue recognition |
Consultancy Services |
Revenue is recognised on the date consultancy services are provided to the customer. |
Sales Commission |
Commission received on property sales is recognised on legal completion of the related property sale. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Computer equipment | - |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
The company's properties are held for investment purposes. Investment properties are shown at their most recent fair values. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on such gains at the tax rate expected to apply when properties are sold. |
Under FRS 102 valuations as above are made under the fair value provisions of the Companies Act 2006 (CA 2006) and consequently the non-depreciation of investment properties is not a departure from the provisions of CA 2006. |
The directors determine fair value by reference to online sales websites, knowledge of the local property market and the rate of return on investment. |
Rents receivable from investment properties are credited to profit and loss account on a receivable basis. |
Investment properties are first recognised in the financial statements once an irrevocable purchase contract has been entered into. A sale of an investment property is recorded once an irrevocable sales contract has been entered into, provided that the sale has been completed by the date the financial statements are approved by the Board. |
Investment properties are treated as fixed asset investments until the date of sale. |
Financial instruments |
The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. |
Trade and other receivables and payables |
Trade and other receivables and payables are measured at amortised cost which approximates to fair value given the short term nature of these assets and liabilities. |
Trade receivables are valued at original invoice amount less an allowance for potentially un-collectable debts. Provision is made where there is objective evidence to suggest that the company will not be in a position to collect receivables as they fall due. Bad and Doubtful debts are written off in the profit and loss account on identification. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash commitments. |
Interest Bearing Borrowings |
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost using the effective interest rate method, less any impairment losses. |
Taxation |
Taxation for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 30 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 30 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Directors' loan accounts | - | 253,171 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 64,785 | 35,872 |
Other creditors |
Directors' current accounts | 2,198 | 697 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans - 1-2 years | 8,487 | 8,775 |
Other loans - 2-5 years | 30,888 | 31,215 |
Other loans more 5yrs instal | 323,876 | 329,800 |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 323,876 | 329,800 |
J W DEVELOPING SOLUTIONS LIMITED (REGISTERED NUMBER: 08378442) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2023 TO 30 MARCH 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
The company's other loans represent mortgages secured on the company's investment properties. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 30 March 2024 and the year ended 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Loans to directors are repayable on demand and interest is charged at 2.5% per annum. |