JSS Exeter (Development Land and New Homes) Limited - Period Ending 2021-04-30

JSS Exeter (Development Land and New Homes) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

JSS Exeter (Development Land and New Homes) Limited

Company Information

Directors

Sir C J P Lawson Mr J M Gibbs

Registered office

10 Southernhay West Exeter Devon EX1 1JG

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

JSS Exeter (Development Land and New Homes) Limited

Balance Sheet

30 April 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	530	133
Current assets
Debtors	5	90,240	80,073
Cash at bank and in hand		324,116	165,462
		414,356	245,535
Creditors: Amounts falling due within one year	6	(137,403)	(76,823)
Net current assets		276,953	168,712
Net assets		277,483	168,845
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		267,483	158,845
Total equity		277,483	168,845

JSS Exeter (Development Land and New Homes) Limited

Balance Sheet

30 April 2021

For the financial year ending 30 April 2021 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 30 October 2020 and signed on its behalf by:
 

......................................... Mr J M Gibbs Director

Company Registration Number: 07162634

JSS Exeter (Development Land and New Homes) Limited

Notes to the Financial Statements

Year Ended 30 April 2021

1	General information

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

The address of its registered office is:
10 Southernhay West
Exeter
Devon
EX1 1JG

These financial statements were authorised for issue by the Board on 30 October 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 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.

JSS Exeter (Development Land and New Homes) Limited

Notes to the Financial Statements

Year Ended 30 April 2021

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	3 years straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

JSS Exeter (Development Land and New Homes) Limited

Notes to the Financial Statements

Year Ended 30 April 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; 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.

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.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2020 - 5).

JSS Exeter (Development Land and New Homes) Limited

Notes to the Financial Statements

Year Ended 30 April 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2020	14,886	14,886
Additions	795	795
At 30 April 2021	15,681	15,681
Depreciation
At 1 May 2020	14,753	14,753
Charge for the year	398	398
At 30 April 2021	15,151	15,151
Carrying amount
At 30 April 2021	530	530
At 30 April 2020	133	133

5

Debtors

	2021 £	2020 £
Trade debtors	65,571	53,151
Other debtors	15,920	17,947
Prepayments	8,749	8,975
	90,240	80,073

JSS Exeter (Development Land and New Homes) Limited

Notes to the Financial Statements

Year Ended 30 April 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020  £
Due within one year
Trade creditors	12,922	2,991
Corporation tax	63,363	38,237
Social security and other taxes	30,576	22,034
Other creditors	373	351
Accrued expenses	30,169	13,210
	137,403	76,823

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
A Ordinary shares of £100 each	50	5,000	50	5,000
B Ordinary shares of £100 each	50	5,000	50	5,000
	100	10,000	100	10,000

JSS Exeter (Development Land and New Homes) Limited

Notes to the Financial Statements

Year Ended 30 April 2021

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,315 (2020 - £9,302). The company has an operating lease commitment which expires in August 2022.

9	Related party transactions

Dividends paid to directors

	2021 £	2020 £
Sir C J P Lawson
Interim dividends	52,243	45,007
Mr J M Gibbs
Interim dividends	-	-

Summary of transactions with entities with joint control or significant interest

Mulberry House Holdings Ltd (a company which owns 100% of the Ordinary B share capital of the company at the year end)
 
During the year, Mulberry House Holdings Ltd introduced funds to JSS Exeter (Development Land and New Homes) Ltd totalling £1 (2020 : £431). Dividends were paid to Mulberry House Holdings Ltd amounting to £106,602 (2020 : £130,322). At the balance sheet date the amount due from Mulberry House Holdings Ltd was £15,920 (2020 : £15,921).