R & M Jackson Developments Limited Filleted accounts for Companies House (small and micro)

R & M JACKSON DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02972925

R & M Jackson Developments Limited

Filleted Unaudited Financial Statements

31 March 2022

R & M Jackson Developments Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4		14,758	27,555

Current assets

Debtors	5	112,904	106,922
Cash at bank and in hand		11,547	138,204
		--------	--------
		124,451	245,126

Prepayments and accrued income	18,865		22,524

Creditors: amounts falling due within one year	6	122,432		237,527
		--------		--------
Net current assets			20,884	30,123
			-------	-------
Total assets less current liabilities			35,642	57,678

Creditors: amounts falling due after more than one year	7		31,672	41,667

Provisions

Taxation including deferred tax	2,804	5,235
	-------	-------
Net assets	1,166	10,776
	-------	-------

Capital and reserves

Called up share capital	8	500	500
Profit and loss account		666	10,276
		------	-------
Shareholders funds		1,166	10,776
		------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

R & M Jackson Developments Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 21 December 2022 , and are signed on behalf of the board by:

R.A. Jackson

Director

Company registration number: 02972925

R & M Jackson Developments Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, incorporated in England and Wales with company number 2972925. The address of the registered office is 8 Jury Street, Warwick, CV34 4EW.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 3 ).

4. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2021	117,239	85,688	202,927
Disposals	–	( 85,688)	( 85,688)
	--------	-------	--------
At 31 March 2022	117,239	–	117,239
	--------	-------	--------
Depreciation
At 1 April 2021	97,235	78,137	175,372
Charge for the year	5,246	–	5,246
Disposals	–	( 78,137)	( 78,137)
	--------	-------	--------
At 31 March 2022	102,481	–	102,481
	--------	-------	--------
Carrying amount
At 31 March 2022	14,758	–	14,758
	--------	-------	--------
At 31 March 2021	20,004	7,551	27,555
	--------	-------	--------

5. Debtors

	2022	2021
	£	£
Trade debtors	–	81,597
Other debtors	112,904	25,325
	--------	--------
	112,904	106,922
	--------	--------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,000	8,333
Trade creditors	20,089	101,818
Social security and other taxes	88,333	74,721
Other creditors	4,010	52,655
	--------	--------
	122,432	237,527
	--------	--------

There charges held over several sites plus the deposit account.

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	31,672	41,667
	-------	-------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £1,775) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bounceback loan is repayable in monthly instalments, interest is charged at 2.5%

8. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	500	500	500	500
	----	----	----	----

9. Directors' advances, credits and guarantees

At the reporting date the directors loan account was overdrawn by £86,078 (2021: £46,953 credit). There is no fixed term for repayment and no interest is charged on debit balances. A summary of transactions is shown below: Opening balance (46,953) Net advances 142,729 Interest at 2% 302 Closing balance 96,078

10. Related party transactions

The company was under the control of R. Jackson & J. Jackson during the current and previous period.