JCJ Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05409232 (England and Wales)

JCJ Developments Limited

Financial Statements

for the Year Ended 29 April 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C J Townend

Mr J H Townend

SECRETARY:

Mrs C J Townend

REGISTERED OFFICE:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

REGISTERED NUMBER:

05409232 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

128

160

Investment property

5

510,000

510,000

510,128

510,160

CURRENT ASSETS

Stocks

254,832

252,657

Debtors

6

950

950

Cash at bank

-

1,314

255,782

254,921

CREDITORS

Amounts falling due within one year

7

339,722

330,951

NET CURRENT LIABILITIES

(83,940

)

(76,030

)

TOTAL ASSETS LESS CURRENT LIABILITIES

426,188

434,130

CREDITORS

Amounts falling due after more than one year

8

(247,577

)

(256,888

)

PROVISIONS FOR LIABILITIES

(9,508

)

(9,514

)

NET ASSETS

169,103

167,728

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

169,101

167,726

SHAREHOLDERS' FUNDS

169,103

167,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 April 2020 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.

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 1 April 2021 and were signed on its behalf by:

Mr J H Townend - Director

1.	STATUTORY INFORMATION

JCJ 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 functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover in respect of speculative property development is recognised once the sale has completed.

Turnover generated from the investment properties represents rents receivable in the ordinary course of business and is recognised on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or, if held under a finance lease, over the lease term; whichever is the shorter.

Computer equipment - 20% Reducing Balance

Fixed assets are initially recorded at cost.

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.

Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area.

Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 30 April 2019

and 29 April 2020

200

DEPRECIATION

At 30 April 2019

40

Charge for year

32

At 29 April 2020

72

NET BOOK VALUE

At 29 April 2020

128

At 29 April 2019

160

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 30 April 2019

and 29 April 2020

510,000

NET BOOK VALUE

At 29 April 2020

510,000

At 29 April 2019

510,000

In the opinion of the directors the current carrying value of the investment properties reflects the fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

950

950

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

12,806

13,510

Tax

342

21

Directors' current accounts

323,797

314,662

Accruals and deferred income

2,777

2,758

339,722

330,951

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

247,577

256,888

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

260,009

270,398

Bank borrowings are secured by way of a fixed and floating charges over the undertaking and all property and assets present and future including goodwill, bookdebts uncalled, capital buildings, fixtures, fixed plant and machinery.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Included within retained earnings is £173,521 (2019: £173,521) which is non-distributable. This relates to an accumulated increase in the fair value of investment properties, net of deferred tax.