Company registration number 08327407 (England and Wales)
JP AGRI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
JP AGRI LIMITED
COMPANY INFORMATION
Director
Mr J A Persey
Company number
08327407
Registered office
Fordmore Farm
Plymtree
Cullompton
Devon
United Kingdom
EX15 2LD
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
JP AGRI LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JP AGRI LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,796
21,699
Investment properties
4
3,517,463
2,546,856
3,536,259
2,568,555
Current assets
Debtors
5
639,045
190,826
Investments
6
2,041,431
987,769
Cash at bank and in hand
563,558
3,994,404
3,244,034
5,172,999
Creditors: amounts falling due within one year
7
(27,978)
(1,422,314)
Net current assets
3,216,056
3,750,685
Total assets less current liabilities
6,752,315
6,319,240
Provisions for liabilities
(218,514)
(86,571)
Net assets
6,533,801
6,232,669
Capital and reserves
Called up share capital
1,000
1,000
Retained earnings
6,532,801
6,231,669
Total equity
6,533,801
6,232,669
JP AGRI LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr J A Persey
Director
Company Registration No. 08327407
JP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

JP Agri Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fordmore Farm, Plymtree, Cullompton, Devon, United Kingdom, EX15 2LD.

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 amounts 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.

1.2
Turnover

Turnover represents rental income from operating leases accrued evenly on a straight-line basis over the lease term, subsidies received in respect of land maintained by the company, and dividends from investments held at fair value through profit & loss.

Turnover also represents subsidies received in respect of farmland maintained by the company.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance
Fixtures and fittings
10% Straight Line
Computers
3 Years Straight Line

No depreciation has been provided in respect of land.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

JP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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 at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

Fair value measurement of financial instruments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

JP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
1
JP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
46,373
Additions
2,504
At 30 November 2023
48,877
Depreciation and impairment
At 1 December 2022
24,674
Depreciation charged in the year
5,407
At 30 November 2023
30,081
Carrying amount
At 30 November 2023
18,796
At 30 November 2022
21,699
4
Investment property
2023
£
Fair value
At 1 December 2022
2,546,857
Additions
679,695
Revaluations
290,911
At 30 November 2023
3,517,463

Investment property was revalued on an open market basis on 30 November 2023 by the director. If investment property had not been revalued it would have been held at the historical cost of £2,865,689.

JP AGRI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,060
6,583
Other debtors
636,985
184,243
639,045
190,826
6
Current asset investments
2023
2022
£
£
Other investments
2,041,431
987,769
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,713
17,841
Taxation and social security
1,229
1,275,150
Other creditors
11,036
129,323
27,978
1,422,314
8
Related party transactions

Included in other debtors are amounts owed by the director of £144,595. The loan is interest free and carries no fixed terms of repayment.

 

Included in other debtors are amounted owed by businesses under common control of the director of £406,333. The loan is interest free and carries no fixed terms of repayment.

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