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REGISTERED NUMBER: 02938821 (England and Wales)















J G P PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


J G P PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: W J Price
J M Price
Mrs M V Price
Mrs H J Price





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 02938821 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48 4
Investments 5 6,084,380 6,082,675
6,084,428 6,082,679

CURRENT ASSETS
Stocks and Work in progress 376,250 248,750
Debtors 6 91,908 47,977
Cash at bank 39,469 141,839
507,627 438,566
CREDITORS
Amounts falling due within one year 7 42,869 12,042
NET CURRENT ASSETS 464,758 426,524
TOTAL ASSETS LESS CURRENT LIABILITIES 6,549,186 6,509,203

CAPITAL AND RESERVES
Called up share capital 8 350,000 350,000
Retained earnings 6,199,186 6,159,203
SHAREHOLDERS' FUNDS 6,549,186 6,509,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2023 and were signed on its behalf by:





Mrs H J Price - Director


J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

J G P Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income and property sales income. Rental income is invoiced in arrears, with adjustments made to ensure income is shown in the correct accounting period. Property sales income is recognised on legal completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Tangible fixed assets are held at cost less depreciation.

Stocks and work in progress
Work in progress is valued at the lower of cost and fair value less costs to complete and sell.

Development costs are written off to the profit and loss account until a tangible benefit is derived from the expenditure through the granting of planning permission etc. It is then accrued as work in progress in the balance sheet at the lower of cost and fair value less costs to complete and sell.

Option costs are treated as work in progress until such time as it is clear that an option will lapse and the option fees will be lost. They are then written off to the profit and loss account. Costs relating to options exercised are included within the cost of the land purchased.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 1,705
Additions 71
At 28 February 2023 1,776
DEPRECIATION
At 1 March 2022 1,701
Charge for year 27
At 28 February 2023 1,728
NET BOOK VALUE
At 28 February 2023 48
At 28 February 2022 4

5. FIXED ASSET INVESTMENTS
Loans to
group Other
undertakings loans Totals
£    £    £   
At 1 March 2022 3,946,675 2,136,000 6,082,675
New in year 1,705 - 1,705
At 28 February 2023 3,948,380 2,136,000 6,084,380

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 14,538 4,704
Tax 4,540 4,540
Prepayments and accrued income 72,830 38,733
91,908 47,977

J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 9,363 -
Social security and other taxes 1,588 1,306
Other creditors 5,000 -
Accruals and deferred income 26,918 10,736
42,869 12,042

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
45,000 Ordinary £1 45,000 45,000
250,000 Ordinary A £1 250,000 250,000
45,000 Ordinary B £1 45,000 45,000
5,000 Ordinary C £1 5,000 5,000
5,000 Ordinary D £1 5,000 5,000
350,000 350,000