Joseph Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06601040 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

JOSEPH HOMES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J V T Rajah

Mr P Dipino

REGISTERED OFFICE:

8 Waterloo Court

10 Theed Street

London

SE1 8ST

REGISTERED NUMBER:

06601040 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

5

12,521

10,137

Investments

6

600,124

751

612,645

10,888

CURRENT ASSETS

Stocks

475,661

93,712

Debtors

3,797,797

2,787,267

Cash at bank

12,579

249,575

4,286,037

3,130,554

CREDITORS

Amounts falling due within one year

8,711,718

4,944,868

NET CURRENT LIABILITIES

(4,425,681

)

(1,814,314

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,813,036

)

(1,803,426

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(3,813,037

)

(1,803,427

)

SHAREHOLDERS' FUNDS

(3,813,036

)

(1,803,426

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 28 February 2020 and were signed on its behalf by:

Mr J V T Rajah - Director

1.	STATUTORY INFORMATION

Joseph Homes Ltd 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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company

will meet its liabilities as and when due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries and associates

Investments in subsidiary undertakings are recognised at costs less provision for impairment.

Stocks

Work in progress is valued at the lower of cost, including associated costs and net realisable value.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising

from impairment are recognised in the profit and loss account.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2018

15,677

Additions

7,586

At 31 May 2019

23,263

DEPRECIATION

At 1 June 2018

5,540

Charge for year

5,202

At 31 May 2019

10,742

NET BOOK VALUE

At 31 May 2019

12,521

At 31 May 2018

10,137

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 June 2018

751

Additions

600,016

Disposals

(643

)

At 31 May 2019

600,124

NET BOOK VALUE

At 31 May 2019

600,124

At 31 May 2018

751

7.	RELATED PARTY DISCLOSURES

At the balance sheet the date, the company owed £89,698 (2018 - £79,623) to Mr J V T Rajah, a director.

At the balance sheet date, the company was owed £1,397,542 (2018 - £1,897,460) by Avani Construction Ltd,

£62,395 (2018 - £nil) by JH Millbrook Limited, £274,538 (2018 - £53,899 owed to) by JH Balham Limited,

£19,033 (2018 - £nil) by JH Parkhouse Ltd and £7,400 (2018 - £nil) by Tarchia Limited, a company

incorporated in the Isle of Man. The companies are all connected by virtue of common directors.

Also at the balance sheet date, the company was owed £123,123 (2018 - £nil) by Delft Limited and £50,400

(2018 - £nil) by its subsidiary, Special Projectz Limited. Mr J V T Rajah is a majority shareholder in Delft

Limited and a director in both companies.

During the year, the company invoiced £415,000 (2018 - £nil) to Avani Construction Ltd for an overhead

recharge.