Company Registration No. 09084624 (England and Wales)
JAMES ALPE DEVELOPMENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
JAMES ALPE DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JAMES ALPE DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,018
30,754
Current assets
Stocks
3,730,748
3,169,570
Debtors
4
269,805
166,699
Cash at bank and in hand
3,505
8,413
4,004,058
3,344,682
Creditors: amounts falling due within one year
5
(2,475,016)
(1,831,267)
Net current assets
1,529,042
1,513,415
Total assets less current liabilities
1,552,060
1,544,169
Creditors: amounts falling due after more than one year
6
(1,638,740)
(1,907,500)
Net liabilities
(86,680)
(363,331)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(86,681)
(363,332)
Total equity
(86,680)
(363,331)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 March 2021
Mr J M Alpe
Director
Company Registration No. 09084624
JAMES ALPE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
James Alpe Developments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures
..
The financial statements of the company are consolidated in the financial statements of
James Alpe (Holdings) Limited
. These consolidated financial statements are available from its registered office
,
Lincoln Way, Salthill Industrial Estate, Clitheroe, Lancashire BB7 1QD.
1.2
Going concern
The company is reliant upon external loan providers and group financial support. The financial statements have been prepared on a going concern basis on the assumption that this external loan finance will continue to be made available to the company and on the basis that group support will be granted should this be required going forward. The director has no reason to believe that the external loan financing will not continue for the foreseeable future and has also indicated that support from fellow group companies is to be made available as and when required.
true
Whilst the director has adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid -19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
The director has given due consideration to the impact and potential future impact of the pandemic on the company when arriving at the going concern basis of preparation.
1.3
Turnover
Turnover represents amounts receivable for
the sale of land and developed commercial premises
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
JAMES ALPE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Given the uncertain economic climate, the director has adopted a prudent estimate of costs released against sales pending the proximity to completion of the development and therefore known associated costs.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.9
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
JAMES ALPE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
52,074
Additions
624
Disposals
(1,400)
At 31 March 2020
51,298
Depreciation and impairment
At 1 April 2019
21,320
Depreciation charged in the year
7,819
Eliminated in respect of disposals
(859)
At 31 March 2020
28,280
Carrying amount
At 31 March 2020
23,018
At 31 March 2019
30,754
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5,936
18,720
Other debtors
263,869
147,979
269,805
166,699
JAMES ALPE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
193,200
177,392
Corporation tax
59,040
-
Other taxation and social security
5,673
6,352
Other creditors
2,210,684
1,640,398
Accruals and deferred income
6,419
7,125
2,475,016
1,831,267
Other creditors includes an amount due to the director of £129,440 (2019 - £129,440), the loan is interest free with no fixed repayment period.
Other creditors also includes an amount due to an associated company, James Alpe Limited of £2,081,244 (2019 - £1,450,958), the loan is interest free with no fixed repayments period.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other borrowings
1,638,740
1,907,500
Other borrowings represent an amount of £1,638,740 (2019 - £1,907,500) loaned from the Lancaster Foundation. The loan is secured by a fixed charge over the freehold property at Twinbrook, Lincoln Way, Clitheroe.
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary share of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Material uncertainty related to going concern
We draw attention to Note 1.2 to the financial statements concerning the company's reliance on support from external loan providers and other group companies in order to continue trading. In view of the significance of this matter we consider it should be drawn to the attention of the user. Our opinion is not modified in respect of this matter.
JAMES ALPE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
8
Audit report information
(Continued)
- 6 -
The senior statutory auditor was James King.
The auditor was Pierce C A Limited.