Jade Developments (North East) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05892591 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Jade Developments (North East) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A T Barton

SECRETARY:

D Barton

REGISTERED OFFICE:

537 Durham Road

Low Fell

Gateshead

Tyne and Wear

NE9 5EY

REGISTERED NUMBER:

05892591 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

Kepier House

Belmont Business Park

Durham

DH1 1TW

CURRENT ASSETS

Stocks

753,256

752,613

Cash at bank

27,331

13,019

780,587

765,632

CREDITORS

Amounts falling due within one year

3

517,046

525,642

NET CURRENT ASSETS

263,541

239,990

TOTAL ASSETS LESS CURRENT LIABILITIES

263,541

239,990

CAPITAL AND RESERVES

Called up share capital

5

2

2

Retained earnings

263,539

239,988

SHAREHOLDERS' FUNDS

263,541

239,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 12 September 2017 and were signed by:

A T Barton - Director

1.	STATUTORY INFORMATION

Jade Developments (North East) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

There were no material departures from that standard.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1A small entities. The date of transition is 1 April 2015.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

Turnover

Turnover is measured at fair value of the rents received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Stock

Properties under development which are intended for sale are classed as stock. These are stated at the lower of

cost and net realisable value and are reviewed annually by the director. Cost comprises of land costs and

development costs including professional charges capitalised during the development period.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

125,198

Corporation tax

5,888

5,103

Other creditors

1,840

1,840

Director's current account

507,998

392,181

Accrued expenses

1,320

1,320

517,046

525,642

4.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

-

125,198

The bank loan was secured on a fixed charge on 5 Appledore Gardens.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

6.	RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for

those shown below.

2017

2016

£

£

Amount due to director

507,998

392,181

No interest was charged.

7.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A for the year ended 31 March 2017. No adjustments were

required upon transition.