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Registered number: 09147126
















J R G PROPERTIES (CORNWALL) LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024


































img00d4.png


J R G PROPERTIES (CORNWALL) LIMITED

 
COMPANY INFORMATION


DIRECTOR
Mr J Godden 




REGISTERED NUMBER
09147126



REGISTERED OFFICE
c/o Bishop Fleming LLP
Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP






J R G PROPERTIES (CORNWALL) LIMITED


CONTENTS



Page
Group strategic report
 
1
Director's report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of income and retained earnings
 
8
Consolidated statement of financial position
 
9 - 10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 32



J R G PROPERTIES (CORNWALL) LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

INTRODUCTION
 
The Director presents his strategic review for the year ended 31 July 2024.

BUSINESS REVIEW
 
The Director and staff of the group aim to share their passion for fish and seafood products with their customers, supplying quality products at competitive prices.
The results for the year show a pre-tax profit of £544,760 (2023: £1,353,714) and sales of £22,212,374 (2023: £22,519,590). 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Ordinarily, the main risk to the group is the supply of fish. The Director seeks to mitigate this risk by ensuring that the company has a good relationship with key suppliers and paying them promptly.
The group also rents out investment properties, the main risk is the wider current economic environment and cost of living crisis which may impact the prompt payment of monthly rental payments by customers. This is monitored closely by the Director.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The key performance indicators are the gross profit margin and wage costs as a percentage of sales. These are prepared on a monthly basis and monitored by the Director.


This report was approved by the board on 26 March 2025 and signed on its behalf.



Mr J Godden
Director

Page 1


J R G PROPERTIES (CORNWALL) LIMITED

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation and minority interests, amounted to £315,704 (2023: £951,936).

Dividends of £447,890 (2023: £553,380) were declared during the year and no further dividends were proposed.

DIRECTOR

The director who served during the year was:

Mr J Godden 

FUTURE DEVELOPMENTS

The Company is expanding its geographical activities following the opening of its new depot last year.
It is also successfully expanding into the Corporate entertaining activity at Sports grounds and other large venues.

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2


J R G PROPERTIES (CORNWALL) LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Mr J Godden
Director

Date: 26 March 2025

c/o Bishop Fleming LLP
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP

Page 3


J R G PROPERTIES (CORNWALL) LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R G PROPERTIES (CORNWALL) LIMITED
OPINION


We have audited the financial statements of J R G Properties (Cornwall) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of income and retained earnings, the Consolidated and Company Statements of financial position, the Consolidated and Company Statement of changes in equity, the Consolidated Statement of cash flows, and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4


J R G PROPERTIES (CORNWALL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R G PROPERTIES (CORNWALL) LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


Page 5


J R G PROPERTIES (CORNWALL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R G PROPERTIES (CORNWALL) LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment and business performance;
We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters identified having obtained and reviewed the Group's documentation of their policies and procedures relating to;
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
 
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
 
As a result of these procedures, we considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in revenue recognition cut-off.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. 
We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Group's ability to operate or avoid a material penalty. These included food safety regulations, data protection regulations, occupational health and safety regulations and employment legislation.
Our procedures to respond to the risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of
Page 6


J R G PROPERTIES (CORNWALL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R G PROPERTIES (CORNWALL) LIMITED (CONTINUED)

journal entries, and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Alison Oliver FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP

31 March 2025
Page 7


J R G PROPERTIES (CORNWALL) LIMITED

 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,212,374
22,519,590

Cost of sales
  
(14,038,208)
(14,179,609)

Gross profit
  
8,174,166
8,339,981

Distribution costs
  
(947,473)
(901,147)

Administrative expenses
  
(6,640,488)
(6,013,123)

Other operating income
 5 
9,206
15,919

Gain from changes in fair value of investment property
  
-
215,826

Operating profit
 6 
595,411
1,657,456

Interest payable and similar expenses
 10 
(50,651)
(87,916)

Profit before tax
  
544,760
1,569,540

Tax on profit
 11 
(187,535)
(473,231)

Profit after tax
  
357,225
1,096,309

  

  

Retained earnings at the beginning of the year
  
1,072,301
673,745

  
1,072,301
673,745

Profit for the year attributable to the owners of the parent
  
315,704
951,936

Dividends declared and paid
  
(447,890)
(553,380)

Retained earnings at the end of the year
  
940,115
1,072,301

Non-controlling interest at the beginning of the year
  
144,559
186

Profit for the year attributable to the non-controlling interest
  
41,707
144,373

Non-controlling interest at the end of the year
  
186,266
144,559

The notes on pages 16 to 32 form part of these financial statements

Page 8


J R G PROPERTIES (CORNWALL) LIMITED
REGISTERED NUMBER:09147126

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,048,515
4,594,382

Tangible assets
 14 
2,681,473
2,277,229

Investment property
 16 
1,750,000
1,750,000

  
8,479,988
8,621,611

Current assets
  

Stocks
 17 
238,682
380,432

Debtors: amounts falling due within one year
 18 
2,921,318
3,212,619

Cash at bank and in hand
 19 
151,180
881,211

  
3,311,180
4,474,262

Creditors: amounts falling due within one year
 20 
(1,421,157)
(1,820,286)

Net current assets
  
 
 
1,890,023
 
 
2,653,976

Total assets less current liabilities
  
10,370,011
11,275,587

Creditors: amounts falling due after more than one year
 21 
(316,437)
(1,165,698)

Provisions for liabilities
  

Deferred taxation
 24 
(527,093)
(492,929)

Net assets
  
9,526,481
9,616,960


Capital and reserves
  

Called up share capital 
 25 
1,380
1,380

Share premium account
 26 
8,398,720
8,398,720

Profit and loss account
 26 
940,115
1,072,301

Equity attributable to owners of the parent Company
  
9,340,215
9,472,401

Non-controlling interests
  
186,266
144,559

  
9,526,481
9,616,960


Page 9


J R G PROPERTIES (CORNWALL) LIMITED
REGISTERED NUMBER:09147126
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr J Godden
Director

Date: 26 March 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 10


J R G PROPERTIES (CORNWALL) LIMITED
REGISTERED NUMBER:09147126

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,364
1,364

Investments
 15 
8,400,000
8,400,000

Investment property
 16 
1,750,000
1,750,000

  
10,151,364
10,151,364

Current assets
  

Debtors: amounts falling due within one year
 18 
400
76,559

Cash at bank and in hand
 19 
13,957
4,173

  
14,357
80,732

Creditors: amounts falling due within one year
 20 
(129,748)
(116,162)

Net current liabilities
  
 
 
(115,391)
 
 
(35,430)

Total assets less current liabilities
  
10,035,973
10,115,934

  

Creditors: amounts falling due after more than one year
 21 
(207,362)
(355,024)

Provisions for liabilities
  

Deferred taxation
 24 
(29,881)
(29,881)

Net assets
  
9,798,730
9,731,029


Capital and reserves
  

Called up share capital 
 25 
1,380
1,380

Share premium account
 26 
8,398,720
8,398,720

Profit and loss account brought forward
  
1,330,929
1,032,632

Profit for the year
  
515,591
851,677

Other changes in the profit and loss account

  

(447,890)
(553,380)

Profit and loss account carried forward
  
1,398,630
1,330,929

  
9,798,730
9,731,029


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr J Godden
Director

Date: 26 March 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 11

J R G PROPERTIES (CORNWALL) LIMITED



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 August 2022
1,380
8,398,720
673,745
9,073,845
186
9,074,031





Profit for the year
-
-
951,936
951,936
144,373
1,096,309

Total comprehensive income for the year
-
-
951,936
951,936
144,373
1,096,309


Dividends: Equity capital
-
-
(553,380)
(553,380)
-
(553,380)





At 1 August 2023
1,380
8,398,720
1,072,301
9,472,401
144,559
9,616,960





Profit for the year
-
-
315,704
315,704
41,707
357,411

Total comprehensive income for the year
-
-
315,704
315,704
41,707
357,411


Dividends: Equity capital
-
-
(447,890)
(447,890)
-
(447,890)



At 31 July 2024
1,380
8,398,720
940,115
9,340,215
186,266
9,526,481



The notes on pages 16 to 32 form part of these financial statements.

Page 12


J R G PROPERTIES (CORNWALL) LIMITED



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 August 2022
1,380
8,398,720
1,032,632
9,432,732





Profit for the year
-
-
851,677
851,677

Total comprehensive income for the year
-
-
851,677
851,677


Dividends: Equity capital
-
-
(553,380)
(553,380)





At 1 August 2023
1,380
8,398,720
1,330,929
9,731,029





Profit for the year
-
-
515,591
515,591

Total comprehensive income for the year
-
-
515,591
515,591


Dividends: Equity capital
-
-
(447,890)
(447,890)



At 31 July 2024
1,380
8,398,720
1,398,630
9,798,730



The notes on pages 16 to 32 form part of these financial statements.

Page 13

J R G PROPERTIES (CORNWALL) LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
357,225
1,096,309

Adjustments for:

Amortisation of intangible assets
545,867
545,867

Depreciation of tangible assets
656,874
503,211

Loss on disposal of tangible assets
1,987
(20,251)

Interest paid
50,651
87,916

Movement in deferred tax
34,164
66,780

Decrease/(increase) in stocks
141,751
(59,294)

Decrease/(increase) in debtors
291,301
(171,218)

(Decrease)/increase in creditors
(10,851)
50,540

Net fair value losses/(gains) recognised in P&L
-
(215,826)

Net cash generated from operating activities

2,068,969
1,884,034


Cash flows from investing activities

Purchase of tangible fixed assets
(1,083,748)
(708,203)

Sale of tangible fixed assets
20,643
111,719

Net cash from investing activities

(1,063,105)
(596,484)

Cash flows from financing activities

New finance leases
43,494
328,124

Repayment of loans
(979,202)
(378,144)

Repayment of finance leases
(301,646)
(218,200)

Dividends paid
(447,890)
(553,380)

Interest paid
(50,651)
(87,916)

Net cash used in financing activities
(1,735,895)
(909,516)

Net (decrease)/increase in cash and cash equivalents
(730,031)
378,034

Cash and cash equivalents at beginning of year
881,211
503,177

Cash and cash equivalents at the end of year
151,180
881,211


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
151,180
881,211

151,180
881,211


The notes on pages 16 to 32 form part of these financial statements.

Page 14


J R G PROPERTIES (CORNWALL) LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

881,211

(730,031)

151,180

Debt due after 1 year

(880,024)

672,662

(207,362)

Debt due within 1 year

(386,929)

301,468

(85,461)

Finance leases

(566,679)

258,152

(308,527)



(952,421)
502,251
(450,170)

The notes on pages 16 to 32 form part of these financial statements.

Page 15


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


GENERAL INFORMATION

J R G Properties (Cornwall) Limited is a private company, limited by shares, incorporated and registered in England and Wales. The registered office is c/o Bishop Fleming LLP, Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The financial statements use British Pounds Sterling as the presentational currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 16


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 18


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10 years straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% reducing balance
Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 19


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

FINANCIAL INSTRUMENTS


The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.20

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements and estimates have been identified in preparing the financial statements.


4.


TURNOVER

All turnover arose within the United Kingdom.

Page 20


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


OTHER OPERATING INCOME

2024
2023
£
£

Sundry income
9,206
15,919



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
656,874
503,210

Exchange differences
545,867
545,867

Other operating lease rentals
145,476
132,489

Share-based payment
118,955
122,530


7.


AUDITORS' REMUNERATION

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
33,000
31,765

Page 21


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,796,881
3,314,629

Social security costs
342,593
315,055

Cost of defined contribution scheme
118,955
122,530

4,258,429
3,752,214


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
39
32
1
1



Operations
88
81
-
-

127
113
1
1


9.


DIRECTOR'S REMUNERATION

2024
2023
£
£

Director's emoluments
16,837
15,295

Group contributions to defined contribution pension schemes
30,000
10,000

46,837
25,295


During the year retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes.


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
27,273
67,544

Finance leases and hire purchase contracts
23,378
17,824

Other interest payable
-
2,548

50,651
87,916

Page 22


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
279,379
406,451

Adjustments in respect of previous periods
(126,008)
-


153,371
406,451


TOTAL CURRENT TAX
153,371
406,451

DEFERRED TAX


Origination and reversal of timing differences
34,164
66,780

TOTAL DEFERRED TAX
34,164
66,780


TAX ON PROFIT
187,535
473,231

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
544,760
1,569,541


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 21.01%)
136,190
329,719

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
39,879
39,923

Fixed asset differences
137,915
113,644

Short-term timing difference leading to an increase (decrease) in taxation
-
10,670

Income not taxable for tax purposes
-
(45,335)

Adjustments to tax charge in respect of previous periods
(126,008)
24,821

Marginal relief
(441)
(211)

TOTAL TAX CHARGE FOR THE YEAR
187,535
473,231


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

Enter details here

Page 23


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


DIVIDENDS

2024
2023
£
£


Dividends paid on equity capital
447,890
553,380


13.


INTANGIBLE ASSETS

Group and Company





Goodwill

£



COST


At 1 August 2023
5,463,671



At 31 July 2024

5,463,671



AMORTISATION


At 1 August 2023
869,289


Charge for the year on owned assets
545,867



At 31 July 2024

1,415,156



NET BOOK VALUE



At 31 July 2024
4,048,515



At 31 July 2023
4,594,382



Page 24

J R G PROPERTIES (CORNWALL) LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
  



14.


TANGIBLE FIXED ASSETS


Group







Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 August 2023
1,855,987
455,403
1,440,947
242,786
4,584
3,999,707


Additions
363,130
112,997
539,069
59,372
9,180
1,083,748


Disposals
-
-
(97,755)
(1,088)
-
(98,843)



At 31 July 2024

2,219,117
568,400
1,882,261
301,070
13,764
4,984,612



DEPRECIATION


At 1 August 2023
874,531
208,043
553,220
82,136
4,548
1,722,478


Charge for the year on owned assets
196,685
45,797
87,200
17,306
2,586
349,574


Charge for the year on financed assets
-
-
307,300
-
-
307,300


Disposals
-
-
(75,937)
(276)
-
(76,213)



At 31 July 2024

1,071,216
253,840
871,783
99,166
7,134
2,303,139



NET BOOK VALUE



At 31 July 2024
1,147,901
314,560
1,010,478
201,904
6,630
2,681,473



At 31 July 2023
981,456
247,360
887,727
160,650
36
2,277,229

Page 25

J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           14.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
1,147,901
981,456


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
308,527
622,854




Company






Fixtures and fittings

£

COST OR VALUATION


At 1 August 2023
1,364



At 31 July 2024

1,364






At 31 July 2024

-



NET BOOK VALUE



At 31 July 2024
1,364



At 31 July 2023
1,364






Page 26


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 August 2023
8,400,000



At 31 July 2024
8,400,000





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Flyingfish Seafoods Company Limited
Old School Industrial Park, Moorland Road, Indian Queens, Cornwall, TR2 6JP
Ordinary shares
88%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Flyingfish Seafoods Company Limited
4,079,235
835,575

Page 27


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


INVESTMENT PROPERTY

Group and Company


Freehold investment property

£



VALUATION


At 1 August 2023
1,750,000



AT 31 JULY 2024
1,750,000

The 2023 valuations were made by Matt Gunn, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,534,174
1,534,174


17.


STOCKS

Group
Group
2024
2023
£
£

Finished goods and goods for resale
238,682
380,432



18.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,366,289
2,543,433
-
-

Amounts owed by group undertakings
-
-
-
76,159

Other debtors
380,438
587,226
-
-

Prepayments and accrued income
174,591
81,960
400
400

2,921,318
3,212,619
400
76,559


Page 28


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
151,180
881,211
13,957
4,173



20.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
75,716
382,256
75,716
82,257

Trade creditors
884,006
710,482
-
-

Amounts owed to group undertakings
-
-
14,805
-

Corporation tax
23,464
221,584
23,464
16,894

Other taxation and social security
64,959
78,350
-
-

Obligations under finance lease and hire purchase contracts
199,452
281,006
-
-

Other creditors
20,267
8,192
-
1,248

Accruals and deferred income
153,293
138,416
15,763
15,763

1,421,157
1,820,286
129,748
116,162



21.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
207,362
880,024
207,362
355,024

Net obligations under finance leases and hire purchase contracts
109,075
285,674
-
-

316,437
1,165,698
207,362
355,024




Page 29


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
75,716
382,256
75,716
82,256

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
77,817
384,983
77,817
84,983

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
129,545
462,251
129,545
237,251

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
-
32,789
-
32,789

283,078
1,262,279
283,078
437,279


Included within bank loans was £825,000 in respect of a Coronavirus Business Interruption Loan from the company's bankers. The loan was repaid in full in October 2023.
At the year end, the Group had bank loans outstanding amounting to £283,078 (2023: £1,262,279), repayable in monthly installments of £6,877. 


23.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
199,452
281,006

Between 1-5 years
109,075
285,673

308,527
566,679

Page 30


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

24.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(492,929)


Charged to profit or loss
(34,164)



AT END OF YEAR
(527,093)

Company


2024


£






At beginning of year
(29,881)



AT END OF YEAR
(29,881)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(527,093)
(492,929)
(29,881)
(29,881)

(527,093)
(492,929)
(29,881)
(29,881)


25.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,380 (2023: 1,380) Ordinary shares of £1.00 each
1,380
1,380



26.


RESERVES

Profit and loss account

The profit and loss account - non distributable reserve is made up of revaluations of investment properties  £215,826 as disclosed in investment property note (£215,826) in respect of the revaluations.

Page 31


J R G PROPERTIES (CORNWALL) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

27.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. the pension cost charge for the year was £118,955 (2023: £122,530). Contributions totaling £NIL (2023: £NIL) were payable to the fund at the balance sheet date and are included in creditors.


28.


COMMITMENTS UNDER OPERATING LEASES

At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
133,152
110,000

Later than 1 year and not later than 5 years
501,737
440,000

Later than 5 years
971,667
1,081,667

1,606,556
1,631,667


29.


RELATED PARTY TRANSACTIONS

IIn the year the company received rental income of £110,000 (2023: £110,000) to J R G Properties (Cornwall) Limited. An amount of £14,805  was owed to Flyingfish Seafoods Company Limited at 31 July 2024 (2023: £76,158 was owed to J R G Properties (Cornwall) Limited).
At the year end, £9,745 was owed to Mr J Godden byFlyingfish Seafoods Company Limited (2023: £3,424).
Key management personnel
The total remuneration paid to Key Management Personnel was £400,809 (2023: £385,003).


30.


CONTROLLING PARTY

The controlling party is J Godden, the director.

Page 32