AJ Developments (Spur Hill) Limited - Period Ending 2019-09-30

AJ Developments (Spur Hill) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2019

Registration number: 10974664

AJ Developments (Spur Hill) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

AJ Developments (Spur Hill) Limited

Balance Sheet

30 September 2019

	Note	2019 £	2018 £
Current assets
Stocks	3	1,154,249	2,545,097
Debtors	4	549,669	100,359
Cash at bank and in hand		508	4,370
		1,704,426	2,649,826
Creditors: Amounts falling due within one year	5	(36,555)	(131,583)
Total assets less current liabilities		1,667,871	2,518,243
Creditors: Amounts falling due after more than one year	5	(1,574,579)	(2,519,823)
Net assets/(liabilities)		93,292	(1,580)
Capital and reserves
Called up share capital		100	100
Profit and loss account		93,192	(1,680)
Total equity		93,292	(1,580)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

AJ Developments (Spur Hill) Limited

Balance Sheet

30 September 2019

For the financial year ending 30 September 2019 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 26 June 2020 and signed on its behalf by:
 

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

Company Registration Number: 10974664

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

AJ Developments (Spur Hill) Limited

Notes to the Financial Statements

Year Ended 30 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
230 Ashley Road
Poole
BH14 9BY
England

These financial statements were authorised for issue by the Board on 26 June 2020.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Page 3

AJ Developments (Spur Hill) Limited

Notes to the Financial Statements

Year Ended 30 September 2019

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

Stocks

	2019 £	2018 £
Work in progress	1,154,249	1,310,615
Other inventories	-	1,234,482
	1,154,249	2,545,097

Page 4

AJ Developments (Spur Hill) Limited

Notes to the Financial Statements

Year Ended 30 September 2019

4

Debtors

	2019 £	2018 £
Trade debtors	66	-
Other debtors	549,603	99,718
Prepayments	-	641
	549,669	100,359

Page 5

AJ Developments (Spur Hill) Limited

Notes to the Financial Statements

Year Ended 30 September 2019

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	30 September 2018  £
Due within one year
Trade creditors		13,165	128,160
Corporation tax		21,986	-
Social security and other taxes		204	2,273
Accrued expenses		1,200	1,150
		36,555	131,583

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	6	1,574,579	2,519,823

6	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year
Bank borrowings	622,397	1,827,323
Other borrowings	952,182	692,500
	1,574,579	2,519,823

7	Parent and ultimate parent undertaking

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

 

Page 6