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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Jagger Homes Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2019 |
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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 2019 |
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Page |
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Company Information | 1 |
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Abridged 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 2019 |
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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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Abridged Statement of Financial Position |
31 December 2019 |
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31/12/19 | 31/12/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 6 |
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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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Abridged Statement of Financial Position - continued |
31 December 2019 |
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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 2019 |
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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 fair value. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and |
financial liabilities are recognised in the accounts only when the entity becomes party to the |
contractual provisions of the instrument and their measurement basis is as follows: |
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Financial assets - trade and other debtors are basic financial instruments and are debt |
instruments measured at amortised cost. Prepayments are not financial instruments. |
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Cash at bank is classified as a basic financial instrument and is measured at transaction |
price. |
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Financial liabilities - trade creditors, accruals and other creditors are basic financial |
instruments, and are measured at amortised cost. Where a financial liability constitutes a |
financing transaction it is initially and subsequently measured at the present value of future |
payments, discounted at a market rate of interest. Deferred income is not deemed to be a |
financial liability, as the cash settlement has already taken place and there is an obligation to |
deliver services rather than cash or another financial instrument. |
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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 2019 |
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2. | ACCOUNTING POLICIES - continued |
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 |
have been enacted or substantively enacted by the statement of financial position date. |
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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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Investment assets |
Investments are stated at fair value at the balance sheet date. |
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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. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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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 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Fair value at 31 December 2019 is represented by: |
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Valuation in 2019 | 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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31/12/19 | 31/12/18 |
£ | £ |
Cost | 231,395 | 231,395 |
Aggregate depreciation | (86,069 | ) | (81,441 | ) |
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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 £47,083 (2018 - £45,022). |
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Income received from the fixed asset investment for the year totalled £46,000 (2018 - |
£46,000). |
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At 31 December 2019 the director of Jagger Homes Limited valued the property at a fair |
value of £650,000, the director used the rental yield basis and applied a rental yield of 7%. |
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6. | RESERVES |
Retained |
earnings |
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At 1 January 2019 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2019 |
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Included within reserves is an amount of £375,314 (2018 - £373,583) which relates to an |
upward revaluation of investment properties, this amount does not represent distributable |
reserves. |
Jagger Homes Limited (Registered number: 03461130) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | RELATED PARTY DISCLOSURES |
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Included in creditors is a balance of £40,062 (2018 - £31,112) representing the amount |
owed to Mr D M Jagger, director of the company. This loan is interest free and not secured. |