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

JAK BOLLAN DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09493073

JAK BOLLAN DEVELOPMENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2024

JAK BOLLAN DEVELOPMENTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

JAK BOLLAN DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		117,299	88,109

Current assets

Stocks		15,000	10,000
Debtors	6	58,591	12,902
Cash at bank and in hand		33,706	88,241
		----------	----------
		107,297	111,143

Creditors: amounts falling due within one year	7	64,639		43,847
		----------		----------
Net current assets			42,658	67,296
			----------	----------
Total assets less current liabilities			159,957	155,405

Creditors: amounts falling due after more than one year	8		55,432	35,307

Provisions

Taxation including deferred tax	13,544	16,741
	----------	----------
Net assets	90,981	103,357
	----------	----------

JAK BOLLAN DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	140	200
Share premium account	9,940	9,940
Capital redemption reserve	60	–
Profit and loss account	80,841	93,217
	---------	----------
Shareholders funds	90,981	103,357
	---------	----------

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 comprehensive income has not been delivered.

For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 7 June 2024 , and are signed on behalf of the board by:

J Bollan
Director

Company registration number: 09493073

JAK BOLLAN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. 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.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

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:

Freehold property	-	10% straight line
Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% 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 cashgenerating 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2023	10,400	6,511	120,846	1,865	139,622
Additions	–	3,481	82,650	2,667	88,798
Disposals	–	–	( 49,856)	( 167)	( 50,023)
	---------	-------	----------	-------	----------
At 31 March 2024	10,400	9,992	153,640	4,365	178,397
	---------	-------	----------	-------	----------
Depreciation
At 1 April 2023	3,987	1,549	44,910	1,067	51,513
Charge for the year	1,040	1,237	17,877	543	20,697
Disposals	–	–	( 10,989)	( 123)	( 11,112)
	---------	-------	----------	-------	----------
At 31 March 2024	5,027	2,786	51,798	1,487	61,098
	---------	-------	----------	-------	----------
Carrying amount
At 31 March 2024	5,373	7,206	101,842	2,878	117,299
	---------	-------	----------	-------	----------
At 31 March 2023	6,413	4,962	75,936	798	88,109
	---------	-------	----------	-------	----------

6. Debtors

	2024	2023
	£	£
Trade debtors	19,668	9,143
Other debtors	38,923	3,759
	---------	---------
	58,591	12,902
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	19,084	19,282
Trade creditors	16,367	333
Corporation tax	6,246	856
Social security and other taxes	20,503	20,123
Other creditors	2,439	3,253
	---------	---------
	64,639	43,847
	---------	---------

Included within other creditors is a balance of £1,008 (2023: nil) relating to assets held under hire purchase.

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

	2024	2023
	£	£
Bank loans and overdrafts	29,711	35,307
Other creditors	25,721	–
	---------	---------
	55,432	35,307
	---------	---------

Included in other creditors is a balance of £25,721 (2023: nil) relating to to assets held under hire purchase.

9. Director's advances, credits and guarantees

10. Related party transactions

J Bollan , sole director and shareholder in Jak Bollan Developments Limited, is also a director and shareolder in Boultham Wharf Ltd, a company registered in England & Wales, number 14978194. At the year end, an amount of £27,500 (2023: nil) was owed from Boultham Wharf Ltd, this balance is included in other debtors.

11. Controlling party

The company was under the control of the director throughout the current and previous year.