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AJ Developments (Riviera) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 13644701

 

AJ Developments (Riviera) Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

AJ Developments (Riviera) Ltd

Balance Sheet

30 September 2024

Note

2024
£

(As restated)

2023
£

Current assets

 

Stocks

5

3,409,832

6,770,735

Debtors

6

19,415

42,243

Cash at bank and in hand

 

20,074

285,513

 

3,449,321

7,098,491

Creditors: Amounts falling due within one year

7

(2,528,904)

(6,003,123)

Total assets less current liabilities

 

920,417

1,095,368

Creditors: Amounts falling due after more than one year

7

(1,100,000)

(1,100,000)

Net liabilities

 

(179,583)

(4,632)

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

(179,683)

(4,732)

Shareholders' deficit

 

(179,583)

(4,632)

For the financial year ending 30 September 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
Mr S T Janes
Director

Company Registration Number: 13644701

 

AJ Developments (Riviera) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 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:
4 Joshuas Vista
202 Sandbanks Road
Poole
Dorset
BH14 8HA

These financial statements were authorised for issue by the Board on 27 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are prepared in sterling and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. 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.

 

AJ Developments (Riviera) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Prior year adjustment

In the financial statements for the year ended 30 September 2023, an interest accrual of £247,500 was incorrectly included in the balance sheet as it was not due under the terms of one of the loans. As the interest was capitalised to stock there was no effect to the profit or loss account, but both stock and accruals were overstated by £247,500.

These accounts include a prior year adjustment to remove the above so that the comparative balance sheet is correctly restated.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

AJ Developments (Riviera) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

5

Stocks

2024
£

(As restated)

2023
£

Work in progress

3,409,832

6,770,735

6

Debtors

2024
£

2023
£

Amounts owed by group undertakings

18,005

42,143

Other debtors

1,410

100

19,415

42,243

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

8

1,948,978

5,661,262

Trade creditors

 

137,059

275,610

Amounts due to group undertakings

7,167

4,551

Other creditors

 

390,000

60,000

Accruals

 

45,700

1,700

 

2,528,904

6,003,123

Due after one year

 

Loans and borrowings

8

1,100,000

1,100,000

 

AJ Developments (Riviera) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,100,000

1,100,000

Current loans and borrowings

2024
£

2023
£

Other borrowings

1,948,978

5,661,262

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Parent and ultimate parent undertaking

The company's immediate parent is AJ Property Group Limited, incorporated in England and Wales.