REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
Jet Press Property Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
Jet Press Property Limited |
Jet Press Property Limited (Registered number: 10635065) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Jet Press Property Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Registered Auditor |
Cromwell House |
68 West Gate |
Mansfield |
Nottinghamshire |
NG18 1RR |
Jet Press Property Limited (Registered number: 10635065) |
Statement of Financial Position |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Fair value reserve | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
Jet Press Property Limited (Registered number: 10635065) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Jet Press Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company had net current liabilities at the reporting date and at the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future, some of which is provided by ongoing support from group companies. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Pre emption rights |
The intangible asset is a pre-emption right for the purchase of land. No amortisation is being booked as the |
value of the pre-emption right is not expected to decline across the period of its life. Should the underlying value of the land fall below the pre-emption right value, an impairment adjustment would be recognised. |
The pre-emption is being held under the revaluation model. The revalued amount is its fair value at the date of revaluation less any subsequent accumulated amortisation and accumulated impairment losses. |
Changes to the revaluation value are shown in the statement of other comprehensive income. |
As at the balance sheet date, the directors believe that the underlying value of the land supports the value of the pre-emption right. |
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. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
Debt instruments (other than those wholly repayable or receivable within one year) including loans and other |
accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. |
Creditors payable with one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. |
Debtors receivable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
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 statement of financial position date. |
Jet Press Property Limited (Registered number: 10635065) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 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 statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2022 | 36,350 |
Valuation in 2023 | 50,000 |
Cost | 163,650 |
250,000 |
The director does not hold any relevant professional qualifications in respect of land and property valuations which underpin the value of the pre-emption right. However, he does have significant experience of property ownership and is a partner in a farming partnership, so he is well placed to make a fair value assessment of the pre-emption right, based on the underlying value of the land which it relates to. There has been no material change to the value of the land at the reporting date. |
Jet Press Property Limited (Registered number: 10635065) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Revaluations | (41,400 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in fair value of investment property is freehold land of £ 468,055 (2023 - £ 468,055 ) which is not depreciated. |
Freehold land included in the fair value of investment property was £675,000 which had an original cost of £468,055 (2023 - £468,055). |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2022 | 160,490 |
Valuation in 2023 | 55,835 |
Valuation in 2024 | (41,400 | ) |
Cost | 1,629,227 |
1,804,152 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 1,629,227 | 1,629,227 |
Investment property was valued on an open market basis on 30 April 2024 by Mr Oliver Guest (Director) . |
The director does not hold any relevant professional qualifications in respect of property valuations, but he has significant experience of owning and operating properties of this type and is therefore well placed to make a fair value assessment. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Other debtors |
Directors' current accounts | - | 395 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Amounts owed to group undertakings |
Directors' current accounts | 346 | 346 |
Accrued expenses |
Jet Press Property Limited (Registered number: 10635065) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | RESERVES |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2023 | ( |
) | (90,492 | ) |
Deficit for the year | ( |
) | ( |
) |
Transfer to / from fair value |
reserve | 31,050 | - | (31,050 | ) | - |
At 30 April 2024 | ( |
) | (151,359 | ) |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Loans to the directors are interest free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Jet Press Holdings Limited, a company incorporated in Scotland. |
The company's results are included in the group financial statements prepared by Jet Press Holdings Limited, which can be obtained from Companies House (company number SC619070). |
G Schwarz holds the controlling interest in Jet Press Holdings Limited and is therefore the ultimate controlling party of Jet Press Property Limited. |