| Jamson (Developments) Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 5 years |
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Investment property |
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Investment property is property held either to earn rental income or for capital appreciation or both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is initially measured at cost and subsequently at fair value with any change recognised in the statement of comprehensive income. Deferred tax is provided on gains arising on revaluations at the rate expected to apply when the property is sold. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Determination of fair value |
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Investment property |
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The company's investment properties are residential dwellings used for shoert term assured tenancies or used for furnished holiday letting. The properties are valued annually by the directors using their knowledge and experience in the residential property market in consultation with a professional valuer engaged by the company for this purpose.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably. |
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| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 April 2024 |
141,039 |
|
125,511 |
|
266,550 |
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Additions |
54,874 |
|
28,088 |
|
82,962 |
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At 31 March 2025 |
195,913 |
|
153,599 |
|
349,512 |
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Depreciation |
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At 1 April 2024 |
41,908 |
|
45,847 |
|
87,755 |
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Charge for the year |
36,164 |
|
38,397 |
|
74,561 |
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At 31 March 2025 |
78,072 |
|
84,244 |
|
162,316 |
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Net book value |
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At 31 March 2025 |
117,841 |
|
69,355 |
|
187,196 |
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At 31 March 2024 |
99,131 |
|
79,664 |
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178,795 |
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| 5 |
Investment property |
2025 |
|
2024 |
| £ |
£ |
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Fair value |
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At 1 April 2024 |
2,247,983 |
|
1,405,000 |
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Change in fair value |
- |
|
842,983 |
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At 31 March 2025 |
2,247,983 |
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2,247,983 |
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Historical cost |
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At 1 April 2024 |
1,184,398 |
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1,184,398 |
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At 31 March 2025 |
1,184,398 |
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1,184,398 |
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Investment property comprises residential properties let either on short term assured tenancies for an initial period of six months or for furnished holiday letting. Short term assured tenancies are either rolled over into tenancies at will on the same terms or are re-negotiated with the tenants. The properties are measured at fair value and changes in fair value are recognised in the statement of comprehensive income. Fair value is determined by the directors in consultation with an independent professional valuer. |
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| 6 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
41,392 |
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40,079 |
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Other debtors |
19,047 |
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23,902 |
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60,439 |
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63,981 |
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| 7 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans and overdrafts |
12,918 |
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12,259 |
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Obligations under finance lease and hire purchase contracts |
13,127 |
|
12,021 |
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Trade creditors |
56,032 |
|
87,003 |
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Amounts owed to Jamson Estates Limited |
|
226,552 |
|
161,552 |
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Taxation and social security costs |
373 |
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- |
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Other creditors |
475,330 |
|
443,408 |
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|
784,332 |
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716,243 |
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| 8 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans |
428,148 |
|
440,497 |
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Obligations under finance lease and hire purchase contracts |
8,169 |
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21,296 |
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436,317 |
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461,793 |
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| 9 |
Loans |
2025 |
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2024 |
| £ |
£ |
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Creditors include: |
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Instalments falling due for payment after more than five years |
384,298 |
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391,568 |
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Secured bank loans |
436,633 |
|
44,523 |
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The Swansea Building Society loan is repayable in monthly instalments of £2,918 and is secured by a first legal charge over the property known as Helyg Fawr, Tresaith Road, Aberporth, Cardigan. The interest rate on the loan is 5.95% pa. |
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| 10 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
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At 1 April 2024 |
797,689 |
|
861,504 |
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Deferred taxation arising on the revaluation of land and buildings |
- |
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(63,815) |
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At 31 March 2025 |
797,689 |
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797,689 |
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| 11 |
Related party transactions |
2025 |
|
2024 |
| £ |
£ |
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Jamson Estates Limited |
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The company's directors are also directors and shareholders of Jamson Estates Limited. |
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The company has previously received loan advances from Jamson Estates Ltd. |
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The outstanding loan is interest free and repayable on demand. |
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Amount due to the related party |
226,552 |
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161,552 |
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During the year the company provided goods and services to Jamson Estates Limited amounting to |
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45,996 |
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58,816 |
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Norman Holdings (West Wales) Limited |
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The company's directors are also directors and shareholders of Norman Holdings (West Wales) Limited. |
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The company has previously made loan advances to Norman Holdings (West Wales) Limited. |
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The outstanding loan is interest free and repayable on demand. |
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Amount due from Norman Holdings (West Wales) Limited at the year end included in other debtors was |
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10,000 |
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10,000 |
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Transactions with directors |
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The directors have previously advanced monies to the compaany to fund property acquisitions. The balance due to the directors at 31 March 2025 amounted to £368,166 (2024 - £368,166) and is included in other creditors. |
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The loans are interest free and repayable on demand. |
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| 12 |
Controlling party |
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The company is under the ultimate control of Mr I W L Morris. |
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| 13 |
Other information |
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Jamson (Developments) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Ger-Y-Nant |
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Tresaith |
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Cardigan |
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SA43 2JN |