2 2 Cox Developments (Ipswich) Limited 00861841 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of property developers Digita Accounts Production Advanced 6.30.9574.0 true 00861841 2023-09-01 2024-08-31 00861841 2024-08-31 00861841 core:RetainedEarningsAccumulatedLosses 2024-08-31 00861841 core:RevaluationReserve 2024-08-31 00861841 core:ShareCapital 2024-08-31 00861841 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 00861841 core:FurnitureFittingsToolsEquipment 2024-08-31 00861841 core:MotorVehicles 2024-08-31 00861841 bus:SmallEntities 2023-09-01 2024-08-31 00861841 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 00861841 bus:FilletedAccounts 2023-09-01 2024-08-31 00861841 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 00861841 bus:RegisteredOffice 2023-09-01 2024-08-31 00861841 bus:CompanySecretary1 2023-09-01 2024-08-31 00861841 bus:Director2 2023-09-01 2024-08-31 00861841 bus:Director3 2023-09-01 2024-08-31 00861841 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 00861841 bus:OrdinaryShareClass3 2023-09-01 2024-08-31 00861841 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 00861841 bus:Agent1 2023-09-01 2024-08-31 00861841 core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 00861841 core:RevaluationReserve 2023-09-01 2024-08-31 00861841 core:ShareCapital 2023-09-01 2024-08-31 00861841 core:CommercialMotorVehicles 2023-09-01 2024-08-31 00861841 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 00861841 core:MotorVehicles 2023-09-01 2024-08-31 00861841 countries:EnglandWales 2023-09-01 2024-08-31 00861841 2023-08-31 00861841 core:RetainedEarningsAccumulatedLosses 2023-08-31 00861841 core:RevaluationReserve 2023-08-31 00861841 core:ShareCapital 2023-08-31 00861841 core:FurnitureFittingsToolsEquipment 2023-08-31 00861841 core:MotorVehicles 2023-08-31 00861841 2022-09-01 2023-08-31 00861841 2023-08-31 00861841 core:RetainedEarningsAccumulatedLosses 2023-08-31 00861841 core:RevaluationReserve 2023-08-31 00861841 core:ShareCapital 2023-08-31 00861841 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 00861841 core:FurnitureFittingsToolsEquipment 2023-08-31 00861841 core:MotorVehicles 2023-08-31 00861841 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 00861841 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 00861841 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 00861841 core:RevaluationReserve 2022-09-01 2023-08-31 00861841 core:ShareCapital 2022-09-01 2023-08-31 00861841 2022-08-31 00861841 core:RetainedEarningsAccumulatedLosses 2022-08-31 00861841 core:RevaluationReserve 2022-08-31 00861841 core:ShareCapital 2022-08-31 xbrli:pure iso4217:GBP

Registration number: 00861841

Cox Developments (Ipswich) Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 August 2024

 

Cox Developments (Ipswich) Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 13

 

Cox Developments (Ipswich) Limited

Company Information

Directors

Mr J M Cox

Mr M L Cox

Company secretary

Miss G Cox

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified AccountantsUnit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

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.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

2 May 2025

 

Cox Developments (Ipswich) Limited

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

14,114

17,778

Fair value gains on investment properties

(120,870)

(23,213)

Total comprehensive income for the year

(106,756)

(5,435)

 

Cox Developments (Ipswich) Limited

(Registration number: 00861841)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,136

6,595

Investment property

5

644,640

805,800

 

649,776

812,395

Current assets

 

Debtors

6

250,099

212,986

Cash at bank and in hand

 

10,441

38,558

 

260,540

251,544

Creditors: Amounts falling due within one year

7

(51,181)

(51,277)

Net current assets

 

209,359

200,267

Total assets less current liabilities

 

859,135

1,012,662

Provisions for liabilities (deferred taxation)

(57,409)

(97,974)

Net assets

 

801,726

914,688

Capital and reserves

 

Called up share capital

3,200

3,200

Investment property fair value reserve

343,322

464,192

Profit and loss account

455,204

447,296

Total equity

 

801,726

914,688

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

.........................................
Mr J M Cox
Director

 

Cox Developments (Ipswich) Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Called up share capital
£

Investment property fair value reserve
£

Profit and loss account
£

Total equity
£

At 1 September 2023

3,200

464,192

447,296

914,688

Profit for the year

-

-

14,114

14,114

Fair value gains/(losses) on investment properties

-

(161,160)

-

(161,160)

Investment property - property deferred tax

-

40,290

-

40,290

Total comprehensive income

-

(120,870)

14,114

(106,756)

Dividends

-

-

(6,206)

(6,206)

At 31 August 2024

3,200

343,322

455,204

801,726

Called up share capital
£

Investment property fair value reserve
£

Profit and loss account
£

Total equity
£

At 1 September 2022

3,200

487,405

435,468

926,073

Profit for the year

-

-

17,778

17,778

Investment property - property deferred tax

-

(23,213)

-

(23,213)

Total comprehensive income

-

(23,213)

17,778

(5,435)

Dividends

-

-

(5,950)

(5,950)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
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 Board on 2 May 2025.

2

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:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss under an investment property fair value reserve.

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

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Cox Developments (Ipswich) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

5,487

50,249

55,736

At 31 August 2024

5,487

50,249

55,736

Depreciation

At 1 September 2023

3,577

45,564

49,141

Charge for the year

287

1,172

1,459

At 31 August 2024

3,864

46,736

50,600

Carrying amount

At 31 August 2024

1,623

3,513

5,136

At 31 August 2023

1,910

4,685

6,595

5

Investment properties

2024
£

At 1 September

805,800

Fair value adjustments

(161,160)

At 31 August

644,640

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

6

Debtors

2024
£

2023
£

Prepayments

1,238

1,097

Other debtors

248,861

211,889

250,099

212,986

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

265

393

Accruals

3,586

2,719

Other creditors

47,330

48,165

51,181

51,277

8

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:

Valuation of investment properties at 31 August 2024

£644,640

Deferred tax provision on value

£(56,429)

Original cost of properties

£(244,889)

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

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £3.22 (2023 - £3.03) per each A shares

4,406

4,150

Interim dividend of £1.92 per each C shares

1,800

1,800

6,206

5,950

10

Related party transactions

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.