Registration number:
Cox Developments (Ipswich) Limited
Pages for filing with the Registrar
for the Year Ended 31 August 2024
Cox Developments (Ipswich) Limited
Contents
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Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Cox Developments (Ipswich) Limited
Company Information
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Directors |
Mr J M Cox Mr M L Cox |
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Company secretary |
Miss G Cox |
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Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cox Developments (Ipswich) Limited
for the Year Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cox Developments (Ipswich) Limited for the year ended 31 August 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Cox Developments (Ipswich) Limited, as a body, in accordance with the terms of our engagement letter dated 14 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of Cox Developments (Ipswich) Limited and state those matters that we have agreed to state to the Board of Directors of Cox Developments (Ipswich) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cox Developments (Ipswich) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cox Developments (Ipswich) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cox Developments (Ipswich) Limited. You consider that Cox Developments (Ipswich) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Cox Developments (Ipswich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
Cox Developments (Ipswich) Limited
Statement of Comprehensive Income for the Year Ended 31 August 2024
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2024 |
2023 |
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Profit for the year |
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Fair value gains on investment properties |
( |
( |
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Total comprehensive income for the year |
( |
( |
Cox Developments (Ipswich) Limited
(Registration number: 00861841)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities (deferred taxation) |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Investment property fair value reserve |
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Profit and loss account |
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Total equity |
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Cox Developments (Ipswich) Limited
(Registration number: 00861841)
Balance Sheet as at 31 August 2024
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Cox Developments (Ipswich) Limited
Statement of Changes in Equity for the Year Ended 31 August 2024
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Called up share capital |
Investment property fair value reserve |
Profit and loss account |
Total equity |
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At 1 September 2023 |
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Profit for the year |
- |
- |
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Fair value gains/(losses) on investment properties |
- |
(161,160) |
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(161,160) |
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Investment property - property deferred tax |
- |
40,290 |
- |
40,290 |
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Total comprehensive income |
- |
( |
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( |
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Dividends |
- |
- |
( |
( |
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At 31 August 2024 |
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Called up share capital |
Investment property fair value reserve |
Profit and loss account |
Total equity |
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At 1 September 2022 |
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Profit for the year |
- |
- |
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Investment property - property deferred tax |
- |
( |
- |
( |
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Total comprehensive income |
- |
( |
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( |
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Dividends |
- |
- |
( |
( |
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At 31 August 2023 |
3,200 |
464,192 |
447,296 |
914,688 |
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
1 Hope House
160 Foxhall Road
Ipswich
Suffolk
IP3 8HW
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Revenue recognition
Turnover represents the proceeds received from the sale of development properties during the course of the year and is recognised based on the legal completion date for the sale of the property.
Other operating income includes the rent receivable from the letting by the company of its development properties. Rental income is recognised in the financial statements on the basis of that receivable in the accounting period.
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
15% reducing balance basis |
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Motor vehicles |
25% reducing balance basis |
Investment property
Any associated deferred tax movement is also recognised in this investment property fair value reserve.
The investment property fair value reserve forms part of the general revenue reserve but any surpluses shown here are not distributable.
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.
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Financial instruments
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 an impairment loss is recognised in the profit and loss.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Tangible assets |
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Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Investment properties |
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2024 |
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At 1 September |
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Fair value adjustments |
( |
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At 31 August |
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The investment properties were valued at the 31st August 2024 by the directors and therefore the valuation is an internal one. The basis of the valuation was on an open market basis. The investment properties have a current value of £644,640 (2023 £805,800) and a carrying amount at historical cost of £244,889 (2023 £244,889).
There has been no valuation of investment property by an independent valuer.
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Debtors |
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2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals |
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Other creditors |
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Reserves |
The profit and loss reserves of the company have been sub divided into the profit and loss reserve, which is fully distributable, and the component of the reserves relating to the investment property fair values which is not distributable.
The investment property fair value reserve at 31 August 2024 is made up as follows:
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Valuation of investment properties at 31 August 2024 |
£644,640 |
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Deferred tax provision on value |
£(56,429) |
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Original cost of properties |
£(244,889) |
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Investment property fair value reserve at 31 August 2024 |
£343,322 |
Cox Developments (Ipswich) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Dividends |
Interim dividends paid
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2024 |
2023 |
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Interim dividend of £ |
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Interim dividend of £ |
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Related party transactions |
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Other transactions with directors |
Included in debtors at 31st August 2024 is a loan amount of £242,999 (2023 £211,868) which is owed to the company by Jay C Homes Limited. Jay C Homes Limited was a former subsidiary company of Cox Developments (Ipswich) Limited and ceased as a subsidiary company on the 1st September 2003. This is a property development company registered in England and is a company in which M Cox and J Cox are also directors and sole shareholders.
The above loan is interest free and is repayable on demand.
At the 31st August 2024 creditors includes the sum of £37,133 (2023 £37,798) owed by the the company to the directors in respect of monies injected in to the company by them in previous years. The directors do not charge interest on this loan and the loan is repayable on demand.