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Registration number: 01495022

Jay C Homes Ltd

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 August 2024

 

Jay C Homes Ltd

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 14

 

Jay C Homes Ltd

Company Information

Directors

Mr J M Cox

Mr M L Cox

Company secretary

Mr J M 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
Jay C Homes Ltd
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 Jay C Homes Ltd for the year ended 31 August 2024 as set out on pages 3 to 14 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 Jay C Homes Ltd, 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 Jay C Homes Ltd and state those matters that we have agreed to state to the Board of Directors of Jay C Homes Ltd, 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 Jay C Homes Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Jay C Homes Ltd 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 Jay C Homes Ltd. You consider that Jay C Homes Ltd 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 Jay C Homes Ltd. 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

1 May 2025

 

Jay C Homes Ltd

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit/(loss) for the year

152,714

(20,446)

Fair value gains on investment properties - deferred tax reserve released

43,469

(19,620)

Fair value gains on investment properties - released on disposal

(194,692)

-

(151,223)

(19,620)

Total comprehensive income for the year

1,491

(40,066)

 

Jay C Homes Ltd

(Registration number: 01495022)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,104

1,367

Investment property

5

315,000

1,010,000

 

316,104

1,011,367

Current assets

 

Stocks

6

346,476

286,476

Debtors

7

2,001

3,862

Cash at bank and in hand

 

12,270

3,191

 

360,747

293,529

Creditors: Amounts falling due within one year

8

(364,054)

(310,851)

Net current liabilities

 

(3,307)

(17,322)

Total assets less current liabilities

 

312,797

994,045

Creditors: Amounts falling due after more than one year

8

(50,275)

(689,479)

Provisions for liabilities (deferred taxation)

(38,555)

(82,090)

Net assets

 

223,967

222,476

Capital and reserves

 

Called up share capital

100

100

Investment property fair value reserve

127,105

278,328

Profit and loss account

96,762

(55,952)

Total equity

 

223,967

222,476

 

Jay C Homes Ltd

(Registration number: 01495022)
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 1 May 2025 and signed on its behalf by:
 

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

 

Jay C Homes Ltd

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

100

278,328

(55,952)

222,476

Profit for the year

-

-

152,714

152,714

Fair value gains on investment properties

-

(151,223)

-

(151,223)

Total comprehensive income

-

(151,223)

152,714

1,491

At 31 August 2024

100

127,105

96,762

223,967

Called up share capital
£

Investment property fair value reserve
£

Profit and loss account
£

Total equity
£

At 1 September 2022

100

297,948

(35,506)

262,542

Loss for the year

-

-

(20,446)

(20,446)

Other comprehensive income

-

(19,620)

-

(19,620)

Total comprehensive income

-

(19,620)

(20,446)

(40,066)

At 31 August 2023

100

278,328

(55,952)

222,476

 

Jay C Homes Ltd

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 1 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. Turnover also includes income from building services carried out during the year excluding vat. This element of the turnover is recognised based on the services performed during the course of the year.

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.

 

Jay C Homes Ltd

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Fixtures and fittings

15% 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.

 

Jay C Homes Ltd

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.

Stocks

The value of stock is represented by the value of development properties held at the year end.

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings in the form of bank loans classified as debt are initially recognised at transaction price.

All borrowing costs are recognised in the profit and loss account for the period in which they are incurred.

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.

 

Jay C Homes Ltd

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).

 

Jay C Homes Ltd

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

4

Tangible assets

Fixtures & fittings
£

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

1,546

1,300

2,846

At 31 August 2024

1,546

1,300

2,846

Depreciation

At 1 September 2023

759

720

1,479

Charge for the year

118

145

263

At 31 August 2024

877

865

1,742

Carrying amount

At 31 August 2024

669

435

1,104

At 31 August 2023

787

580

1,367

5

Investment properties

2024
£

At 1 September

1,010,000

Disposals

(695,000)

At 31 August

315,000

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 £315,000 (2023 £1,010,000) and a carrying amount at historical cost of £149,616 (2023 £649,924).

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Development properties

346,476

286,476

 

Jay C Homes Ltd

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

7

Debtors

2024
£

2023
£

Prepayments

2,001

1,772

Other debtors

-

2,090

2,001

3,862

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans

10

5,000

4,583

Taxation and social security

 

506

-

Accruals and deferred income

 

4,315

3,560

Other creditors

 

354,233

302,708

 

364,054

310,851

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loans

10

50,275

689,479

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

-

678,646

 

Jay C Homes Ltd

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

9

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

£315,000

Deferred tax provision on value

£(38,279)

Original cost of properties

£(149,616)

Investment property fair value reserve at 31 August 2024

£127,105

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,275

689,479

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

4,583

Bank borrowings

The carrying amount at year end is £55,275 (2023 - £694,062).

The bank loans are secured by a charge held by the Bank over investment properties owned by the company.

Within bank loans at the 31st August 2024 is a business bounce back loan from the companys bankers in the sum of £10,417 (2023 £15,417). This bank loan is unsecured.

 

Jay C Homes Ltd

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

11

Related party transactions

Other transactions with directors

Included in creditors at 31st August 2024 is a loan amount of £242,999 (2023 £211,868) which is owed by the company to Cox Developments (Ipswich) 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 both directors of Jay C Homes Limited are also directors and shareholders.

During the 2024 year Jay C Homes Limited received advances totalling £31,131 from Cox Developments (Ipswich) Limited.

Included in creditors at 31st August 2024 is a loan amount of £86,169 (2023 £81,169) which is owed by the company to Cox & Cox Property Ltd. This is a property development company registered in England and is a company in which Mr J Cox is also a director and shareholder.

During the 2024 year Jay C Homes Limited received advances totalling £5,000 from Cox & Cox Property Ltd.

The above loans are interest free and are repayable on demand.

At the 31st August 2024 creditors includes the sum of £1,629 (2023 £1,510) owed by 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.