Jaspac Developments Limited Filleted accounts for Companies House (small and micro)

JASPAC DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01216979

Jaspac Developments Limited

Filleted Unaudited Financial Statements

31 December 2022

Jaspac Developments Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4	3,485,231	3,486,136
Investments	5	193,002	193,002
		------------	------------
		3,678,233	3,679,138

Current assets

Debtors	6	335,912	270,138
Cash at bank and in hand		34,226	28,199
		---------	---------
		370,138	298,337

Creditors: amounts falling due within one year	7	545,952		520,643
		---------		---------
Net current liabilities			175,814	222,306
			------------	------------
Total assets less current liabilities			3,502,419	3,456,832

Creditors: amounts falling due after more than one year	8		172,500	210,000

Provisions

Taxation including deferred tax	344,250	344,250
	------------	------------
Net assets	2,985,669	2,902,582
	------------	------------

Capital and reserves

Called up share capital	105	105
Share premium account	49,995	49,995
Revaluation reserve	1,467,593	1,467,593
Profit and loss account	1,467,976	1,384,889
	------------	------------
Shareholders funds	2,985,669	2,902,582
	------------	------------

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 income statement has not been delivered.

For the year ending 31 December 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 .

Jaspac Developments Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 24 August 2023 , and are signed on behalf of the board by:

Mr S Packford

Director

Company registration number: 01216979

Jaspac Developments Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 20 Broad Street, Oxford, OX1 3AS.

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 entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. deferred tax in provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing difference reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

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 & Machinery	-	20% straight line
Motor Vehicles	-	25% reducing balance

The carrying value of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

3. Employee numbers

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

4. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2022 and 31 December 2022	3,483,775	23,475	6,995	3,514,245
	------------	--------	-------	------------
Depreciation
At 1 January 2022	–	21,336	6,773	28,109
Charge for the year	–	849	56	905
	------------	--------	-------	------------
At 31 December 2022	–	22,185	6,829	29,014
	------------	--------	-------	------------
Carrying amount
At 31 December 2022	3,483,775	1,290	166	3,485,231
	------------	--------	-------	------------
At 31 December 2021	3,483,775	2,139	222	3,486,136
	------------	--------	-------	------------

Investment properties, which are all freehold, were valued on an open market value basis at 31 December 2010 by director S C Packford FRICS. No depreciation is provided in respect of these properties. In the director's opinion there has been no change in the open market value of the properties held.

5. Investments

	Other investments other than loans
	£
Cost
At 1 January 2022 and 31 December 2022	193,002
	---------
Impairment
At 1 January 2022 and 31 December 2022	–
	---------

Carrying amount
At 31 December 2022	193,002
	---------
At 31 December 2021	193,002
	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	16,652	14,374
Amounts owed by group undertakings and undertakings in which the company has a participating interest	134,453	124,025
Other debtors	184,807	131,739
	---------	---------
	335,912	270,138
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	30,000	22,500
Trade creditors	11,705	7,457
Amounts owed to group undertakings and undertakings in which the company has a participating interest	434,155	434,155
Corporation tax	20,897	9,241
Social security and other taxes	7,826	11,275
Other creditors	41,369	36,015
	---------	---------
	545,952	520,643
	---------	---------

The bank loans are secured on certain freehold properties owned by the company.

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

	2022	2021
	£	£
Bank loans and overdrafts	172,500	210,000
	---------	---------

The bank loans are secured on certain freehold properties owned by the company.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Packford	( 6,000)	( 2,000)	( 8,000)
Mr A Packford	( 6,000)	( 2,000)	( 8,000)
	--------	-------	--------
	( 12,000)	( 4,000)	( 16,000)
	--------	-------	--------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Packford	( 4,000)	( 2,000)	( 6,000)
Mr A Packford	( 4,000)	( 2,000)	( 6,000)
	-------	-------	--------
	( 8,000)	( 4,000)	( 12,000)
	-------	-------	--------

10. Related party transactions

The company was under the control of S C Packford and A J Packford throughout the current and previous year. The company had the following balances and transactions with subsidiaries and related parties during the year under review. Amount due from/ (to) related party:

	2022	2021
	£	£
Subsidiary Companies
Broad Canvas Limited	131,252	124,025
Optionset Limited	(434,155)	(434,155)

Cardworth Limited	25,634	25,634
London Office Furniture Warehouse Limited	–	(7,963)
Packford Properties	153,753	104,499
	---------	---------
	(123,516)	(187,960)