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Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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Jagger Homes Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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Jagger Homes Limited |
Jagger Homes Limited (Registered number: 03461130) |
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Contents of the Financial Statements |
for the year ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Jagger Homes Limited |
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Company Information |
for the year ended 31 December 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
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BANKERS: |
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221 High Street |
LINCOLN |
Lincolnshire |
LN1 1TS |
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SOLICITORS: |
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30 Avenue Road |
GRANTHAM |
Lincolnshire |
NG31 6TH |
Jagger Homes Limited (Registered number: 03461130) |
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Statement of Financial Position |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Jagger Homes Limited (Registered number: 03461130) |
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Statement of Financial Position - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Jagger Homes Limited (Registered number: 03461130) |
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Notes to the Financial Statements |
for the year ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Jagger Homes Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rents receivable, including value added tax. |
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Tangible fixed assets |
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Plant and machinery - 15% Reducing balance |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit |
arising from changes in fair value is recognised in profit or loss. |
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Under the Companies Act 2006 all fixed assets should be depreciated over their useful |
economic lives. However, in accordance with the Financial Reporting Standard 102 (Section |
1A) investment properties should not be subject to a periodic charge for depreciation and |
should be included in the balance sheet at their open market value. The directors consider |
that this property is not held for consumption but for its investment potential and in order to |
give a true and fair view it is appropriate to depart from the Companies Act. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that |
have been enacted or substantively enacted by the statement of financial position date. |
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Jagger Homes Limited (Registered number: 03461130) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the statement of financial position date. |
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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. |
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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. |
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Rental income |
The rents received relate to the fixed asset investment property. Rental income from |
operating leases is recognised on a straight line basis over the term of the lease. |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
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Revaluations | 150,000 |
At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Jagger Homes Limited (Registered number: 03461130) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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4. | INVESTMENT PROPERTY - continued |
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Cost or valuation at 31 December 2016 is represented by: |
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Valuation in 2016 | 650,000 |
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If the investment property had not been revalued it would have been included at the following |
historical cost: |
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2016 | 2015 |
£ | £ |
Cost | 231,395 | 231,395 |
Aggregate depreciation | (72,185 | ) | (67,557 | ) |
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If the investment property was sold at the revalued amount of £650,000 there would be |
additional corporation tax due of approximately £52,743 (2015 - £24,623). |
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Income received from the fixed asset investment for the year totalled £46,000 (2015 - |
£46,000). |
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At 31 December 2016 the director of Jagger Homes Limited revalued the property at a fair |
value of £650,000, the director used the rental yield basis and applied a rental yield of 6.5%. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Tax |
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Directors' current accounts | 9,220 | 22,299 |
Accruals and deferred income |
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7. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 53,358 | 25,314 |
Jagger Homes Limited (Registered number: 03461130) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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7. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2016 |
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Accelerated capital allowance | 28,044 |
movement |
Balance at 31 December 2016 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 150,000 | 150,000 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2016 |
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Included within reserves is an amount of £365,845 (2015 - £293,217) which relates to an |
upward revaluation of investment properties, this amount does not represent distributable |
reserves. |
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10. | RELATED PARTY DISCLOSURES |
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Included in creditors is a balance of £9,220 (2015 - £22,299) representing the amount owed |
to Mr D M Jagger, director of the company. |
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11. | EXPLANATION OF TRANSITION TO FRS 102 (SECTION 1A) |
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This is the first period that the company has presented accounts in accordance with FRS |
102 (Section 1A) 'the Financial Reporting Framework Applicable in the UK and Republic of |
Ireland'. For financial years up to and including the year end 31 December 2015, the |
company prepared its financial statements in accordance with old UK GAAP. |
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The date of transition to FRS 102 (Section 1A) is therefore 1 January 2016. The opening |
equity position as at the 1 January 2016 and its previously published financial statements for |
the year ended 31 December 2015 have been restated from old UK GAAP. |
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