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REGISTERED NUMBER: 00631048 (England and Wales)

















Jacgilden Properties Limited

Financial Statements

for the Year Ended 31 December 2023






Jacgilden Properties Limited (Registered number: 00631048)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Jacgilden Properties Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mrs G P Brookes
Ms D M Rowe
Mrs J McNamara





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 00631048 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Jacgilden Properties Limited (Registered number: 00631048)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 933,457 935,068
Investment property 5 7,390,000 7,285,000
8,323,457 8,220,068

CURRENT ASSETS
Stocks 3,009 2,459
Debtors 6 89,597 67,015
Investments 7 894 894
Cash at bank 1,364,882 1,305,208
1,458,382 1,375,576
CREDITORS
Amounts falling due within one year 8 193,003 163,592
NET CURRENT ASSETS 1,265,379 1,211,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,588,836

9,432,052

PROVISIONS FOR LIABILITIES 9 858,038 831,914
NET ASSETS 8,730,798 8,600,138

CAPITAL AND RESERVES
Called up share capital 10 180 180
Undistributable reserves 11 3,958,305 3,879,555
Other reserves 180 180
Retained earnings 4,772,133 4,720,223
SHAREHOLDERS' FUNDS 8,730,798 8,600,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





Mrs G P Brookes - Director


Jacgilden Properties Limited (Registered number: 00631048)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Jacgilden Properties Limited 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.

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 as modified by the revaluation of certain assets.

Turnover
Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold farm - 2% on cost
Farm arena and plant - 20% on reducing balance and 5% on cost
Office equipment - 10% on cost
Fixtures and fittings - 10% on cost

Farm freehold land and buildings is occupied by the company. The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation charge for the year is nil. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Jacgilden Properties Limited (Registered number: 00631048)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Undistributable reserves
Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account, 'undistributable reserves'. In practical reporting terms, the former revaluation reserve has been reclassified as 'undistributable reserves' and the deferred tax adjustments have been charged or credited as appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Farm Fixtures
Freehold arena and Office and
farm plant equipment fittings Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 926,883 35,973 4,236 7,964 975,056
DEPRECIATION
At 1 January 2023 - 28,581 3,443 7,964 39,988
Charge for year - 1,479 132 - 1,611
At 31 December 2023 - 30,060 3,575 7,964 41,599
NET BOOK VALUE
At 31 December 2023 926,883 5,913 661 - 933,457
At 31 December 2022 926,883 7,392 793 - 935,068

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 7,285,000
Revaluations 105,000
At 31 December 2023 7,390,000
NET BOOK VALUE
At 31 December 2023 7,390,000
At 31 December 2022 7,285,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 4,727,558
Cost 2,662,442
7,390,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,662,442 2,662,442

Investment properties were valued on a fair value basis on 31 December 2023 by the directors .

Jacgilden Properties Limited (Registered number: 00631048)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,299 63,078
Prepayments and accrued income 4,298 3,937
89,597 67,015

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 180 180
Unlisted investments 714 714
894 894

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 73,425 55,895
UK corporation tax 52,576 46,039
Tax and social security costs 38,365 33,584
Other creditors 19,500 19,512
Accruals and deferred income 9,137 8,562
193,003 163,592

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 529 655
Accelerated industrial and agricultural
buildings allowances

88,256

88,256
Capital gains on investment properties 769,253 743,003
858,038 831,914

Deferred
tax
£   
Balance at 1 January 2023 831,914
Charge to Income Statement during year 26,124
Balance at 31 December 2023 858,038

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
180 Ordinary £1 180 180

Jacgilden Properties Limited (Registered number: 00631048)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


11. RESERVES
Undistributable
reserves
£   
At 1 January 2023 3,879,555
Transfer unrealised gain on investment
properties to undistributable reserves

78,750


At 31 December 2023 3,958,305

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.

Other reserves arose as a result of including listed and unlisted investments received on disbandment of the Milk Marketing Board at valuation on acquisition in 1994.