AJ Developments (Sloop) Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

AJ Developments (Sloop) Ltd

Balance Sheet

30 September 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Investment property	5	12,035,000	-
Current assets
Stocks	6	-	11,786,923
Debtors	7	1,179,336	104
Cash at bank and in hand		18,191	686,447
		1,197,527	12,473,474
Creditors: Amounts falling due within one year	8	(4,882,549)	(7,562,296)
Net current (liabilities)/assets		(3,685,022)	4,911,178
Total assets less current liabilities		8,349,978	4,911,178
Creditors: Amounts falling due after more than one year	8	(8,411,229)	(4,916,100)
Net liabilities		(61,251)	(4,922)
Capital and reserves
Called up share capital	10	100	100
Profit and loss account		(61,351)	(5,022)
Shareholders' deficit		(61,251)	(4,922)

AJ Developments (Sloop) Ltd

Balance Sheet

30 September 2024

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 29 September 2025 and signed on its behalf by:
 

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

Company Registration Number: 13631274

AJ Developments (Sloop) 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
England

These financial statements were authorised for issue by the Board on 29 September 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 are rounded to the nearest pound.

Going concern

The accounts show an excess of total liabilities over total assets. However, the accounts have been prepared on a going concern basis due to the continued support of the directors.

Revenue recognition

Other operating income represents rents received from the letting of the investment properties.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

AJ Developments (Sloop) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

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.

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	Staff numbers

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

AJ Developments (Sloop) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4	Prior year adjustment

Included in the accounts for the year ended 30 September 2023 was £4,754,845 in relation to properties under construction that had been included in investment properties. However, this was an error because all properties were going to be sold to a subsidiary and then some of these properties were going to be re-acquired. Instead all costs should have remained in working progress and therefore the original work in progress figure as at 30 September 2023 of £7,032,078 was understated and has been restated at £11,786,923.

5	Investment properties

	2024 £
At 1 October	-
Additions	12,035,000
At 30 September	12,035,000

6

Stocks

	2024 £	(As restated) 2023 £
Work in progress	-	11,786,923

7

Debtors

	2024 £	2023 £
Amounts owed by related parties	1,174,887	-
Other debtors	4,449	104
	1,179,336	104

AJ Developments (Sloop) Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	2,267,000	6,869,250
Trade creditors		1,035,386	27,213
Amounts owed to related parties		768,005	40,000
Accruals and deferred income		812,158	625,833
		4,882,549	7,562,296

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	8,411,229	4,916,100