Jordan Developments Ltd Company Accounts

JORDAN DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03705136

Jordan Developments Ltd

Filleted Unaudited Financial Statements

28 February 2017

Jordan Developments Ltd

Financial Statements

Year ended 28 February 2017

Contents	Pages

Officers and professional advisers	1

Directors' report	2

Accountant report to the board of directors on the preparation of the unaudited statutory financial statements	3

Statement of financial position	4 to 5

Notes to the financial statements	6 to 10

Jordan Developments Ltd

Officers and Professional Advisers

The board of directors	Mr W. Jordan
	Mr D. Jordan

Registered office	48-50 Wakefield Road
	Ackworth
	Pontefract
	West Yorkshire
	WF7 7AB

Accountants	Peter Wray Accountancy Services
	Accountant
	48-50 Wakefield Road
	Ackworth
	Pontefract
	West Yorkshire
	WF7 7AB

Bankers	HSBC plc
	11 Ropergate
	Pontefract
	West Yorkshire
	WF8 1LJ

Jordan Developments Ltd

Directors' Report

Year ended 28 February 2017

The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2017 .

Directors

The directors who served the company during the year were as follows:

Mr W. Jordan
Mr D. Jordan

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 4 October 2017 and signed on behalf of the board by:

Mr D. Jordan

Director

Jordan Developments Ltd

Accountant Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Jordan Developments Ltd

Year ended 28 February 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Peter Wray Accountancy Services Accountant

48-50 Wakefield Road Ackworth Pontefract West Yorkshire WF7 7AB

4 October 2017

Jordan Developments Ltd

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		24,156	14,227

Current assets

Stocks		13,344	–
Debtors	6	28,292	22,937
Cash at bank and in hand		39,086	13,148
		--------	--------
		80,722	36,085

Creditors: amounts falling due within one year	7	( 32,178)		( 11,053)
		--------		--------
Net current assets			48,544	25,032
			--------	--------
Total assets less current liabilities			72,700	39,259

Creditors: amounts falling due after more than one year	8		( 16,246)	( 9,026)

Provisions

Taxation including deferred tax	( 4,831)	( 2,845)
	--------	--------
Net assets	51,623	27,388
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	51,523	27,288
	--------	--------
Members funds	51,623	27,388
	--------	--------

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 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 28 February 2017 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 .

Jordan Developments Ltd

Statement of Financial Position (continued)

28 February 2017

These financial statements were approved by the board of directors and authorised for issue on 4 October 2017 , and are signed on behalf of the board by:

Mr D. Jordan

Director

Company registration number: 03705136

Jordan Developments Ltd

Notes to the Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 48-50 Wakefield Road, Ackworth, Pontefract, West Yorkshire, WF7 7AB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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

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:

	Motor vehicles	-	25% 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 cash-generating 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Motor vehicles	Total
	£	£
Cost
At 1 March 2016	15,520	15,520
Additions	14,385	14,385
	--------	--------
At 28 February 2017	29,905	29,905
	--------	--------
Depreciation
At 1 March 2016	1,293	1,293
Charge for the year	4,456	4,456
	--------	--------
At 28 February 2017	5,749	5,749
	--------	--------
Carrying amount
At 28 February 2017	24,156	24,156
	--------	--------
At 29 February 2016	14,227	14,227
	--------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	–	1,093
Other debtors	28,292	21,844
	--------	--------
	28,292	22,937
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	4,074	48
Social security and other taxes	1,590	–
Other creditors	26,514	11,005
	--------	--------
	32,178	11,053
	--------	--------

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

	2017	2016
	£	£
Other creditors	16,246	9,026
	--------	-------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	4,831	2,845
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	4,831	2,845
	-------	-------

10. Directors' advances, credits and guarantees

At the year end the company owed £ 6,332 (2016: £ 4,347 ) to Mr W. Jordan . At the year end the company owed £ 4,456 (2016: £ 4,272 ) to Mr D. Jordan . These loans are interest free, unsecured and repayable on demand and are therefore included in Other Creditors due within one year .

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

Reconciliation of equity

	1 March 2015			29 February 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	–	–	–	14,227	–	14,227
Current assets	29,228	–	29,228	36,085	–	36,085
Creditors: amounts falling due within one year	( 13,341)	–	( 13,341)	( 11,053)	–	( 11,053)
	--------	----	--------	--------	----	--------
Net current assets	15,887	–	15,887	25,032	–	25,032
	--------	----	--------	--------	----	--------
Total assets less current liabilities	15,887	–	15,887	39,259	–	39,259

Creditors: amounts falling due after more than one year	–	–	–	( 9,026)	–	( 9,026)
Provisions	–	–	–	–	( 2,845)	( 2,845)
	--------	----	--------	--------	-------	--------
Net assets	15,887	–	15,887	30,233	( 2,845)	27,388
	--------	----	--------	--------	-------	--------

	--------	----	--------	--------	-------	--------
Capital and reserves	15,887	–	15,887	30,233	( 2,845)	27,388
	--------	----	--------	--------	-------	--------

Prior to applying FRS102, the company did not make a provision for deferred tax liabilities. FRS 102 requires deferred tax to be recognised on timing differences that arise between the recognition of gains and losses in the accounts and their recognition for tax purposes. No provision was required on the transition date as no fixed assets, but a provision of £2,845 was recognised at 29th February 2016 and then increased to £4,831 at 28th February 2017.