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REGISTERED NUMBER: 10635065 (England and Wales)















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: Ms A F Guest
Mr O C Guest



REGISTERED OFFICE: Nunn Close
Huthwaite
Sutton-In-Ashfield
NG17 2HW



REGISTERED NUMBER: 10635065 (England and Wales)



SENIOR STATUTORY AUDITOR: Jonathan Wilson FCA CTA



AUDITORS: Barnett & Turner Accountants Ltd
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 4 250,000 250,000
Investment property 5 1,804,152 1,845,552
2,054,152 2,095,552

CURRENT ASSETS
Debtors 6 1,960 3,118
Cash at bank 14,280 53,472
16,240 56,590
CREDITORS
Amounts falling due within one year 7 1,435,376 1,445,909
NET CURRENT LIABILITIES (1,419,136 ) (1,389,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,016

706,233

PROVISIONS FOR LIABILITIES 65,319 75,669
NET ASSETS 569,697 630,564

CAPITAL AND RESERVES
Called up share capital 721,056 721,056
Revaluation reserve 8 64,763 64,763
Fair value reserve 8 131,193 162,243
Retained earnings 8 (347,315 ) (317,498 )
SHAREHOLDERS' FUNDS 569,697 630,564

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 29 January 2025 and were signed on its behalf by:





Mr O C Guest - Director


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 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.

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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 250,000
NET BOOK VALUE
At 30 April 2024 250,000
At 30 April 2023 250,000

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 1,845,552
Revaluations (41,400 )
At 30 April 2024 1,804,152
NET BOOK VALUE
At 30 April 2024 1,804,152
At 30 April 2023 1,845,552

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 850 850
Directors' current accounts - 395
Prepayments and accrued income 1,110 1,873
1,960 3,118

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Amounts owed to group undertakings 1,426,784 1,438,667
Directors' current accounts 346 346
Accrued expenses 8,246 6,896
1,435,376 1,445,909

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 (317,498 ) 64,763 162,243 (90,492 )
Deficit for the year (60,867 ) (60,867 )
Transfer to / from fair value
reserve 31,050 - (31,050 ) -
At 30 April 2024 (347,315 ) 64,763 131,193 (151,359 )

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Wilson FCA CTA (Senior Statutory Auditor)
for and on behalf of Barnett & Turner Accountants Ltd

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
£    £   
Mr O C Guest
Balance outstanding at start of year 395 -
Amounts advanced - 645
Amounts repaid (395 ) (250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 395

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.