REGISTERED NUMBER: |
J G P PROPERTIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: |
J G P PROPERTIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
J G P PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
J G P Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 29 FEBRUARY 2024 |
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. |
Fixed asset investments |
Fixed asset investments represent amounts loaned by the company to other companies and are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Loans to |
group | Other |
undertakings | loans | Totals |
£ | £ | £ |
At 1 March 2023 |
New in year | ( |
) | ( |
) |
At 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Tax |
Prepayments and accrued income |
J G P PROPERTIES LTD (REGISTERED NUMBER: 02938821) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 45,000 | 45,000 |
Ordinary A | £1 | 250,000 | 250,000 |
Ordinary B | £1 | 45,000 | 45,000 |
Ordinary C | £1 | 5,000 | 5,000 |
Ordinary D | £1 | 5,000 | 5,000 |
350,000 | 350,000 |