Jarrett Developments Limited Filleted accounts for Companies House (small and micro)

Jarrett Developments Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 08032964
Jarrett Developments Limited
Filleted Unaudited Financial Statements
30 April 2022
Jarrett Developments Limited
Statement of Financial Position
30 April 2022
2022
2021
Note
£
£
£
Current assets
Stocks
96,946
96,946
Debtors
5
20
6
Cash at bank and in hand
79,803
82,612
---------
---------
176,769
179,564
Creditors: amounts falling due within one year
6
521
2,756
---------
---------
Net current assets
176,248
176,808
---------
---------
Total assets less current liabilities
176,248
176,808
Provisions
Taxation including deferred tax
( 259)
---------
---------
Net assets
176,507
176,808
---------
---------
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
176,506
176,807
---------
---------
Shareholders funds
176,507
176,808
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2022 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Jarrett Developments Limited
Statement of Financial Position (continued)
30 April 2022
These financial statements were approved by the board of directors and authorised for issue on 12 January 2023 , and are signed on behalf of the board by:
Mr I Jarrett
Director
Company registration number: 08032964
Jarrett Developments Limited
Notes to the Financial Statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Barn, 23 New Wood Lane, Blakedown, Kidderminster, DY10 3LD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Debtors
2022
2021
£
£
Other debtors
20
6
----
----
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
70
36
Accruals and deferred income
400
400
Director loan accounts
51
2,320
----
-------
521
2,756
----
-------
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
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