J A Davis Contractors Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00723749 (England and Wales)

Unaudited Financial Statements For The Year Ended 28 February 2018

for

J A DAVIS CONTRACTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M I Davis

J S Davis

REGISTERED OFFICE:

115 Byrkley Street

Burton on Trent

Staffordshire

DE14 2EG

REGISTERED NUMBER:

00723749 (England and Wales)

ACCOUNTANTS:

Peach & Co.

Chartered Accountants

115 Byrkley Street

Burton on Trent

Staffordshire

DE14 2EG

SOLICITORS:

Timms Solicitors

Empire Buildings

23 West Street

Swadlincote

Derbyshire

DE11 9DG

FIXED ASSETS

Tangible assets

3

43,496

32,795

Investment property

4

755,000

755,000

798,496

787,795

CURRENT ASSETS

Stocks

649,758

552,180

Debtors

5

26,135

10,626

Cash at bank

334,213

505,792

1,010,106

1,068,598

CREDITORS

Amounts falling due within one year

6

478,521

611,698

NET CURRENT ASSETS

531,585

456,900

TOTAL ASSETS LESS CURRENT LIABILITIES

1,330,081

1,244,695

CREDITORS

Amounts falling due after more than one year

7

(193,314

)

(190,233

)

PROVISIONS FOR LIABILITIES

(71,719

)

(71,005

)

NET ASSETS

1,065,048

983,457

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Fair value reserve

9

495,470

495,470

Retained earnings

565,578

483,987

SHAREHOLDERS' FUNDS

1,065,048

983,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 August 2018 and were signed on its behalf by:

M I Davis - Director

J S Davis - Director

1.	STATUTORY INFORMATION

J A Davis Contractors 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 20% on cost

Investment property

Investment properties are revalued annually and included in the financial statements at open market

value. Net surpluses are credited to the fair value reserve. Net deficits are written off against the fair

value reserve, unless the deficit is expected to be permanent or exceeds the balance on the fair value

reserve, in which case it is written off to the profit and loss account.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2017

99,417

Additions

33,740

Disposals

(20,360

)

At 28 February 2018

112,797

DEPRECIATION

At 1 March 2017

66,622

Charge for year

15,250

Eliminated on disposal

(12,571

)

At 28 February 2018

69,301

NET BOOK VALUE

At 28 February 2018

43,496

At 28 February 2017

32,795

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2017

14,000

Additions

33,740

At 28 February 2018

47,740

DEPRECIATION

At 1 March 2017

2,800

Charge for year

11,235

At 28 February 2018

14,035

NET BOOK VALUE

At 28 February 2018

33,705

At 28 February 2017

11,200

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2017

and 28 February 2018

755,000

NET BOOK VALUE

At 28 February 2018

755,000

At 28 February 2017

755,000

Fair value at 28 February 2018 is represented by:

£

Valuation in 2018

495,470

Cost

259,530

755,000

If the investment properties had not been revalued they would have been included at the following

historical cost:

2018

2017

£

£

Cost

259,530

259,530

The investment properties were valued on an open market basis basis on 28 February 2018 by the directors of the company

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,332

5,625

Other debtors

19,803

5,001

26,135

10,626

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

10,773

10,183

Hire purchase contracts

10,201

4,750

Trade creditors

71,338

18,849

Taxation and social security

17,185

24,821

Other creditors

369,024

553,095

478,521

611,698

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

176,967

188,206

Hire purchase contracts

16,347

2,027

193,314

190,233

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

118,546

143,269

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

187,740

198,389

The bank loans are secured through a first legal charge dated 15 December 1975 over the company's

freehold property at 67 Burton Road, Castle Gresley, Derbyshire and an unlimited debenture given by the

company dated 12 February 1987.

9.

RESERVES

Fair

value

reserve

£

At 1 March 2017

and 28 February 2018

495,470

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 28 February 2018 Mr M I Davis was owed £1,407 (2016 : £1,040) by the company in the form of an

interest free loan which is repayable on demand.

11.	RELATED PARTY DISCLOSURES

During the year ended 28 February 2018 the company paid management charges of £101,103 (2017 -

£43,416) to Jaydee Homes Limited, and sold goods and services totalling £4,010 (2017 - £13,486) to this

company. These transactions were carried out at full market value. At 28 February 2018 the company

owed £15,992 (2017 - £6,682) to Jaydee Homes Limited in respect of the above.

At 28 February 2018 the company owed a further £356,417 (2017 - £359,182) to Jaydee Homes Limited

in the form of an interest free loan.

Jaydee Homes Limited is controlled by the directors of J A Davis Contractors Limited.

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of its current directors who hold 51% of the issued share capital.