Company Registration No. 07431223 (England and Wales)
JACKSONS ROW DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
JACKSONS ROW DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
JACKSONS ROW DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
1,724,245
-
Current assets
Stocks
5,635,726
3,775,247
Debtors
3
93,504
26,901
Cash at bank and in hand
95,403
19,914
5,824,633
3,822,062
Creditors: amounts falling due within one year
4
(4,884,862)
(1,140,221)
Net current assets
939,771
2,681,841
Total assets less current liabilities
2,664,016
2,681,841
Creditors: amounts falling due after more than one year
5
(2,216,988)
(2,062,316)
Net assets
447,028
619,525
Capital and reserves
Called up share capital
6
9
9
Capital contribution reserve
483,012
637,686
Profit and loss reserves
(35,993)
(18,170)
Total equity
447,028
619,525
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
JACKSONS ROW DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2018 and are signed on its behalf by:
G A Neville
Director
Company Registration No. 07431223
JACKSONS ROW DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 November 2016:
Balance at 1 December 2015
9
-
(3,739)
(3,730)
Effect of transition to FRS 102
-
328,797
-
328,797
As restated
9
328,797
(3,739)
325,067
Year ended 30 November 2016:
Loss and total comprehensive income for the year
-
-
(144,400)
(144,400)
Transfer re release of fair value interest expense
-
(129,969)
129,969
-
Fair value adjustment reclassified to capital contribution reserve
-
438,858
-
438,858
Balance at 30 November 2016
9
637,686
(18,170)
619,525
Year ended 30 November 2017:
Loss and total comprehensive income for the year
-
-
(172,497)
(172,497)
Transfer re release of fair value interest expense
-
(154,674)
154,674
-
Balance at 30 November 2017
9
483,012
(35,993)
447,028
JACKSONS ROW DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 4 -
1
Accounting policies
Company information
Jacksons Row Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Jordan Street, Manchester, M15 4PY.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of Jacksons Row Developments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
JACKSONS ROW DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.5
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Investment property
2017
£
Fair value
At 1 December 2016
-
Additions
1,724,245
At 30 November 2017
1,724,245
JACKSONS ROW DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
2
Investment property
(Continued)
- 6 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on an open market value basis.
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
93,504
26,901
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,500,195
936,922
Other creditors
3,384,667
203,299
4,884,862
1,140,221
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
2,216,988
2,062,316
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
231 Ordinary A shares of 1p each
2
3
369 Ordinary B shares of 1p each
4
3
300 Ordinary C shares of 1p each
3
3
9
9
JACKSONS ROW DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
7
Related party transactions
Included in creditors amounts falling due within one year are loans from the shareholders totalling £2,695,772 (2016 - £412,563).
Included in creditors amounts falling due in more one year are loans from shareholders totalling £2,216,988 (2016 - £2,062,316).
The loans are unsecured, interest free and are stated at the present value of the future payments which are discounted at a market rate of interest in accordance with the accounting requirements of FRS102.
8
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Reconciliation of equity
1 December
30 November
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
(3,730)
(18,161)
Adjustments arising from transition to FRS 102:
Interest free loan from parent company
1
328,797
637,686
Equity reported under FRS 102
325,067
619,525
Reconciliation of loss for the financial period
2016
Notes
£
Loss as reported under previous UK GAAP
(14,431)
Adjustments arising from transition to FRS 102:
Interest free loan from parent company
1
(129,969)
Loss reported under FRS 102
(144,400)
Notes to reconciliations on adoption of FRS 102
1- Interest free loans from shareholders
Under FRS 102 basic financial instruments are required to be recognised at the present value of the future payments which are discounted at a market rate of interest.
The comparative figures for both profit and loss account and balance sheet have been restated to reflect this change. On the balance sheet other reserves have increased by £637,686 (2015: £328,797) and the related loan was reduced by £637,686 (2015: £109,599). In the profit and loss account interest payable has increased by £129,969.