JAMES_HOMES_LIMITED - Accounts

JAMES HOMES LIMITED - Company Information

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Company Registration No. 02791990 (England and Wales)

JAMES HOMES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

TWP Accounting LLP

Chartered Accountants

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

JAMES HOMES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

JAMES HOMES LIMITED

Company Registration No. 02791990

ABBREVIATED BALANCE SHEET

AS AT 30 June 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

876,624

882,076

Current assets

Debtors

36,668

45,607

Cash at bank and in hand

4,431

39,271

41,099

84,878

Creditors: amounts falling due within one year

(90,606)

(127,905)

Net current liabilities

(49,507)

(43,027)

Total assets less current liabilities

827,117

839,049

Creditors: amounts falling due after more than one year

(364,294)

(380,996)

462,823

458,053

Capital and reserves

Called up share capital

1,000

Revaluation reserve

638,479

Profit and loss account

(176,656)

(181,426)

Shareholders' funds

462,823

458,053

JAMES HOMES LIMITED

Company Registration No. 02791990

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT 30 June 2016

- 2 -

For the financial year ended 30 June 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 8 March 2017

R J Sullivan

Director

JAMES HOMES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents revenue recognised by the company in respect of property development and investment activities, exclusive of Value Added Tax and trade discounts.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Income is recognised in the period in which the service is supplied.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Equipment

4 years straight line

Motor vehicles

4 years straight line

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

JAMES HOMES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 4 -

Fixed assets

Tangible assets

Cost or valuation

At 1 July 2015

936,123

Additions

1,935

Disposals

(35,900)

At 30 June 2016

902,158

Depreciation

At 1 July 2015

54,047

On disposals

(35,900)

Charge for the year

7,387

At 30 June 2016

25,534

Net book value

At 30 June 2016

876,624

At 30 June 2015

882,076

Creditors: amounts falling due within one year

Included within creditors falling due within one year are secured bank loans and overdrafts of £19,494 (2015 - £12,798) and secured hire purchase contracts of £Nil (2015 - £13,184).

Creditors: amounts falling due after more than one year

Included within creditors falling due after more than one year are secured bank loans of £364,294 (2015 - £380,996).

Creditors falling due after more than one year include bank loans of £305,253 (2015 - £329,803) that are not wholly repayable within five years.

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary of £1 each

1,000