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REGISTERED NUMBER: 02974496 (England and Wales)















Financial Statements for the Year Ended 31 October 2024

for

J. Richards (Developments) Limited

J. Richards (Developments) Limited (Registered number: 02974496)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J. Richards (Developments) Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: J H Lewis
J E Roberts





SECRETARY: J E Roberts





REGISTERED OFFICE: Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY





REGISTERED NUMBER: 02974496 (England and Wales)





ACCOUNTANTS: Morgan Griffiths LLP
Chartered Accountants
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY

J. Richards (Developments) Limited (Registered number: 02974496)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 700,000 700,000

CURRENT ASSETS
Debtors 6 29,700 31,700
Cash at bank 40,563 25,256
70,263 56,956
CREDITORS
Amounts falling due within one year 7 40,617 47,215
NET CURRENT ASSETS 29,646 9,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

729,646

709,741

PROVISIONS FOR LIABILITIES 99,843 99,843
NET ASSETS 629,803 609,898

CAPITAL AND RESERVES
Called up share capital 12 12
Fair value reserve 433,234 433,234
Retained earnings 196,557 176,652
SHAREHOLDERS' FUNDS 629,803 609,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

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. Richards (Developments) Limited (Registered number: 02974496)

Balance Sheet - continued
31 October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2025 and were signed on its behalf by:





J H Lewis - Director


J. Richards (Developments) Limited (Registered number: 02974496)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

J. Richards (Developments) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable from investment property.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply to them when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

J. Richards (Developments) Limited (Registered number: 02974496)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 700,000
NET BOOK VALUE
At 31 October 2024 700,000
At 31 October 2023 700,000

Fair value at 31 October 2024 is represented by:
£   
Valuation in 1998 208,077
Valuation in 2015 275,000
Valuation in 2023 50,000
Cost 166,923
700,000

The freehold property was valued by the directors. Deferred tax relating to the potential capital gains tax liability on the revalued asset amounts to £99,843 (2023 £99,843).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 29,700 31,700

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 2,100 4,428
Taxation and social security 22,981 22,251
Other creditors 15,536 20,536
40,617 47,215