JJBay Developments Limited - Period Ending 2017-09-30

Registration number: 10381067

JJBay Developments Limited

Annual Report and Unaudited Financial Statements

for the Period from 17 September 2016 to 30 September 2017

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

JJBay Developments Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9

JJBay Developments Limited

Company Information

Director

Mr James Robinson

Registered office

9 Mount Road New Marldon Surrey KT3 3JU

Accountants

Neil Wilson Accountancy Limited Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
JJBay Developments Limited
for the Period Ended 30 September 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of JJBay Developments Limited for the period ended 30 September 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of JJBay Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of JJBay Developments Limited and state those matters that we have agreed to state to the Board of Directors of JJBay Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JJBay Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that JJBay Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of JJBay Developments Limited. You consider that JJBay Developments Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of JJBay Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

18 July 2018

Page 2

JJBay Developments Limited

Statement of Comprehensive Income for the Period from 17 September 2016 to 30 September 2017

	Note	2017 £
Loss for the period		(3,868)
Total comprehensive income for the period		(3,868)

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

JJBay Developments Limited

(Registration number: 10381067)
Balance Sheet as at 30 September 2017

	Note	2017 £
Fixed assets
Tangible assets	3	357,911
Current assets
Debtors	4	15,522
Cash at bank and in hand		130,709
		146,231
Creditors: Amounts falling due within one year	5	(505,946)
Net current liabilities		(359,715)
Total assets less current liabilities		(1,804)
Provisions for liabilities		(2,062)
Net liabilities		(3,866)
Capital and reserves
Called up share capital		2
Profit and loss account		(3,868)
Total equity		(3,866)

For the financial period ending 30 September 2017 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 accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 July 2018
 

.........................................

Mr James Robinson

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

JJBay Developments Limited

Statement of Changes in Equity for the Period from 17 September 2016 to 30 September 2017

	Share capital £	Profit and loss account £	Total £
Loss for the period	-	(3,868)	(3,868)
Total comprehensive income	-	(3,868)	(3,868)
New share capital subscribed	2	-	2
At 30 September 2017	2	(3,868)	(3,866)

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

JJBay Developments Limited

Notes to the Financial Statements for the Period from 17 September 2016 to 30 September 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
9 Mount Road
New Marldon
Surrey
KT3 3JU

These financial statements were authorised for issue by the director on 18 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	0%
Fixtures and fittings	20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 6

JJBay Developments Limited

Notes to the Financial Statements for the Period from 17 September 2016 to 30 September 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 7

JJBay Developments Limited

Notes to the Financial Statements for the Period from 17 September 2016 to 30 September 2017

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	347,601	12,887	360,488
At 30 September 2017	347,601	12,887	360,488
Depreciation
Charge for the	-	2,577	2,577
At 30 September 2017	-	2,577	2,577
Carrying amount
At 30 September 2017	347,601	10,310	357,911

Included within the net book value of land and buildings above is £347,601 in respect of freehold land and buildings.
 

4

Debtors

	2017 £
Trade debtors	4,722
Other debtors	10,800
Total current trade and other debtors	15,522

5

Creditors

	Note	2017 £
Due within one year
Bank loans and overdrafts	6	468,629
Trade creditors		(28,848)
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	10,730
Other creditors		55,435
		505,946

Page 8

JJBay Developments Limited

Notes to the Financial Statements for the Period from 17 September 2016 to 30 September 2017

6	Loans and borrowings

	2017 £
Current loans and borrowings
Other borrowings	468,629

7	Related party transactions

Transactions with directors

2017	Advances to directors £	Repayments by director £	At 30 September 2017 £
Mr James Robinson
Director loan	2	(10,732)	(10,730)

Summary of transactions with entities with joint control or significant interest

Morph Developments limited is connected to the company via a joint major shareholder.
 Morph Developments limited has loaned the company £322,684.51 at an interest rate of 25% per annum from the date of drawdown.
 

Loans from related parties

2017	Entities with joint control or significant influence £
Advanced	322,684
Interest transactions	41,226
At end of period	363,910

Page 9