J & D Properties Limited - Period Ending 2021-03-31

J & D Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

J & D Properties Limited

Company Information

Directors

Mr John Howard Perry Mr Nicholas John Perry Mr Simon Christopher Perry Mr David John Graves

Company secretary

Mr John Howard Perry

Registered office

Sheerdrop Penshurst Road Bidborough Tunbridge Wells Kent TN3 0XJ

Accountants

Charter Tax Consulting Ltd 11 St. James's Place London SW1A 1NP

J & D Properties Limited

(Registration number: 03565099)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Current assets
Stocks	4	1,190,210	1,116,330
Debtors	5	44,302	46,488
Cash at bank and in hand		24,990	6,018
		1,259,502	1,168,836
Creditors: Amounts falling due within one year	6	(363,635)	(520,953)
Total assets less current liabilities		895,867	647,883
Creditors: Amounts falling due after more than one year	6	(261,302)	-
Net assets		634,565	647,883
Capital and reserves
Called up share capital		626,698	626,698
Profit and loss account		7,867	21,185
Shareholders' funds		634,565	647,883

For the financial year ending 31 March 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

J & D Properties Limited

(Registration number: 03565099)
Balance Sheet as at 31 March 2021

Approved and authorised by the Board on 20 December 2021 and signed on its behalf by:
 

Mr John Howard Perry

Company secretary and director

Mr David John Graves

Director

J & D Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

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

The address of its registered office is:
Sheerdrop
Penshurst Road
Bidborough
Tunbridge Wells
Kent
TN3 0XJ

These financial statements were authorised for issue by the Board on 20 December 2021.

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 land and property in the ordinary course of the company’s activities. Turnover is shown net of value added
tax, returns, rebates and discounts.
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

The tax expense for the period comprises current 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.

Stocks

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less estimated costs of completion and selling costs. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.

J & D Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4

Stocks

	2021 £	2020 £
Work in progress	1,190,210	1,116,330

5

Debtors

	2021 £	2020 £
Four Winds Farm	642	-
VAT Control account	771	3,600
Accrued income - Panfile Ltd	42,889	42,888
Total current trade and other debtors	44,302	46,488

J & D Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	13	-
Panfile Limited	260,308	410,308
Four Winds Farm	-	17,199
Panfile Ltd - Interest	99,812	90,441
Accruals	3,502	3,005
	363,635	520,953
Due after one year
Loans and borrowings	261,302	-

The Royal Bank of Scotland has both fixed and floating charges over the Company's assets up to the value secured at the time. The directors have also personally granted £160,000 of security to The Royal Bank of Scotland for the existing loan facility. The Royal Bank of Scotland also has a third party charge of debt over £26,595 due from Panfile Ltd. As at 31 March 2021 there was a liability of £261,302 with The Royal Bank of Scotland.

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	261,302	-

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	261,302	-

J & D Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

8	Related party transactions

Summary of transactions with other related parties

J H Perry, N J Perry and S C Perry, directors of this company are also partners in Four Winds Farm. Amounts owing to the company were £Nil (2020 - £17,199) in relation to land purchased from the partnership and land related expenses. Amounts due to the company were £642 (2020 - £Nil), in relation to expenses paid on behalf of the partnership.

J H Perry, N J Perry, S C Perry and D J Graves, directors of this company are also directors in Panfile Limited. Panfile incurred costs on behalf of J&D Properties, at the year-end a creditor balance of £260,308 (2020 - £410,308) including the outstanding promissory note creditor, this is payable on demand. Interest is accruing on this loan at market rate and at the year-end, interest of £99,812 (2020 - £90,441) has accrued. In addition, money has been loaned from J & D Properties Limited to Panfile Limited. Interest on this loan accrued at market rate and at the year-end the amount due to J & D Properties Limited was £42,889 (2020 - £42,889).