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REGISTERED NUMBER: 00780856 (England and Wales)















Report of the Directors and

Financial Statements

for the Year Ended 31 July 2024

for

J A PAYNE LIMITED

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Profit and Loss Account 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


J A PAYNE LIMITED

Company Information
for the Year Ended 31 July 2024







Directors: V Barker
D R Barker
C L Barker





Secretary: D R Barker





Registered office: 80 Deansgate Lane
Timperley
Altrincham
Cheshire
WA14 1SP





Registered number: 00780856 (England and Wales)





Auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Report of the Directors
for the Year Ended 31 July 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

Principal activity
The principal activity of the company in the year under review was that of investment in property and marketing of residential properties.

Directors
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

V Barker
D R Barker
C L Barker

Going concern
The accounts have been prepared on a going concern basis, based on the ongoing support from a related party.

The directors consider it appropriate to prepare the financial statements on the going concern basis.

Statement of directors' responsibilities
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





D R Barker - Director


31 March 2025

Report of the Independent Auditors to the Members of
J A Payne Limited


Opinion
We have audited the financial statements of J A Payne Limited (the 'company') for the year ended 31 July 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 July 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors 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 report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
J A Payne Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 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:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
- revenue recognition, we completed a proof in total, including understanding any gaps and anomalies in the rental income and agreeing rental income to underlying agreements and documentation;
- challenging assumptions and judgements made by management in its significant accounting estimates, in particular we have verified the ability of management to accurately estimate property valuations. We also compared the valuations to yield information to assess the accuracy of current year estimates;
- assessing whether the company has complied with laws and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
J A Payne Limited


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 2006. Our 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 a Report of the Auditors 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.




Angela Chortlon FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

31 March 2025

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Profit and Loss Account
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

Turnover 412,584 377,463

Cost of sales (58,647 ) (51,707 )
Gross profit 353,937 325,756

Administrative expenses (126,405 ) (148,621 )
227,532 177,135

Other operating charge/income 202,278 194,017
Operating profit 5 429,810 371,152

Interest receivable and similar income 75,777 50,724
505,587 421,876

Interest payable and similar expenses (75,487 ) (107,357 )
Profit before taxation 430,100 314,519

Tax on profit 6 (77,238 ) (47,540 )
Profit for the financial year 352,862 266,979

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 8 51,228 56,241
Investments 9 690 690
Investment property 10 4,653,695 4,451,800
4,705,613 4,508,731

Current assets
Stocks 20,643 20,643
Debtors 11 756,128 1,395,648
Investments 12 6,709 6,709
Cash at bank and in hand 54,718 450,563
838,198 1,873,563
Creditors
Amounts falling due within one year 13 2,668,835 3,702,153
Net current liabilities (1,830,637 ) (1,828,590 )
Total assets less current liabilities 2,874,976 2,680,141

Creditors
Amounts falling due after more than one
year

14

(90,830

)

(116,857

)

Provisions for liabilities 15 (314,760 ) (296,760 )
Net assets 2,469,386 2,266,524

Capital and reserves
Called up share capital 16 3,500 3,500
Fair value reserve 17 2,250,275 2,066,380
Retained earnings 215,611 196,644
Shareholders' funds 2,469,386 2,266,524

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





D R Barker - Director


J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 3,500 194,665 1,901,380 2,099,545

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 101,979 165,000 266,979
Balance at 31 July 2023 3,500 196,644 2,066,380 2,266,524

Changes in equity
Dividends - (150,000 ) - (150,000 )
Total comprehensive income - 168,967 183,895 352,862
Balance at 31 July 2024 3,500 215,611 2,250,275 2,469,386

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. Statutory information

J A Payne 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
The accounts have been prepared on a going concern basis, based on the ongoing support from a related party.

The directors consider it appropriate to prepare the financial statements on the going concern basis.

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.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of investment properties within the next financial year are addressed below

(i) Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is charged or credited to the profit and loss account and then transferred to a non-distributable reserve, net of any deferred tax. The fair value of the investment property is calculated from reviewing market data available and looking at yields of similar properties and adjusting accordingly to reflect the condition of the properties.

Although this accounting policy is in accordance with FRS 102 it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.

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

Turnover comprises of rents receivable, net of VAT. Rent receivable income is recognised equally over the lease term.

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land & buildings - 2% on cost or valuation
Plant and machinery - 20% straight line and 20% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost included the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Freehold land and buildings are stated at deemed cost for assets held at the date of transition to FRS 102 less accumulated depreciation and accumulated impairment losses.

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

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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.

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.

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


4. Employees and directors

The average number of employees during the year was 5 (2023 - 5 ) .

5. Operating profit

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 6,691 6,096
Fair value gain / (loss) 201,895 185,000

6. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 59,238 27,540

Deferred tax 18,000 20,000
Tax on profit 77,238 47,540

7. Dividends
2024 2023
£    £   
Ordinary shares of £1 each
Interim 150,000 100,000

8. Tangible fixed assets
Land & Plant and
buildings machinery Totals
£    £    £   
Cost
At 1 August 2023 85,488 67,841 153,329
Additions - 1,678 1,678
At 31 July 2024 85,488 69,519 155,007
Depreciation
At 1 August 2023 49,924 47,164 97,088
Charge for year 1,710 4,981 6,691
At 31 July 2024 51,634 52,145 103,779
Net book value
At 31 July 2024 33,854 17,374 51,228
At 31 July 2023 35,564 20,677 56,241

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


9. Fixed asset investments
Other
investments
£   
Cost
At 1 August 2023
and 31 July 2024 690
Net book value
At 31 July 2024 690
At 31 July 2023 690

The fixed asset investment valuation is not materially different to the cost.

10. Investment property
Total
£   
Fair value
At 1 August 2023 4,451,800
Fair value adjustment 201,895
At 31 July 2024 4,653,695
Net book value
At 31 July 2024 4,653,695
At 31 July 2023 4,451,800

Investment properties

20242023
££
Freehold property 3,887,7823,744,800
Long leasehold property765,913707,000
4,653,6954,451,800

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2024 2,394,765
Cost 2,258,930
4,653,695

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

2024 2023
£    £   
Cost 2,258,930 2,258,930
Aggregate depreciation (22,539 ) (22,539 )

Investment properties were valued on an open market basis on 31 July 2024 by the directors .

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


11. Debtors
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 7,463 32,003
Amounts owed by group undertakings - 1,345,519
Other debtors 399,270 18,126
406,733 1,395,648

Amounts falling due after more than one year:
Amounts owed by group undertakings 349,395 -

Aggregate amounts 756,128 1,395,648

12. Current asset investments
2024 2023
£    £   
Other 6,709 6,709

Current asset investments consist of deposits with banks and other financial institutions.

13. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 146,166 148,559
Amounts owed to group undertakings 2,375,594 3,445,368
Taxation and social security 73,960 33,974
Other creditors 73,115 74,252
2,668,835 3,702,153

14. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Other creditors 90,830 116,857

15. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Other timing differences 277,000 259,000
Other provisions 37,760 37,760
314,760 296,760

J A PAYNE LIMITED (REGISTERED NUMBER: 00780856)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


15. Provisions for liabilities - continued

Deferred Other
tax provisions
£    £   
Balance at 1 August 2023 259,000 37,760
Charge to Profit and Loss Account during year 18,000 -
Balance at 31 July 2024 277,000 37,760

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,500 Ordinary £1 3,500 3,500

17. Reserves
Fair
value
reserve
£   
At 1 August 2023 2,066,380
Transfer fair value movement
gain / (loss) on investment
properties 201,895
Deferred tax on investment property fair
value (gain) / loss

(18,000

)


At 31 July 2024 2,250,275

18. Ultimate controlling party

The company is a subsidiary undertaking of Leck Group Limited, a company incorporated in Great Britain. V and CM Barker control Leck Group Limited as they own 89% of its share capital.

Leck Group Limited is the sole parent company of the group of which the company is a member and for which group accounts are drawn up. Copies of the group accounts are available from Leck House, 80 Deansgate Lane, Timperley, Altrincham, Cheshire, WA14 1SP.

As a subsidiary of Leck Group Limited, the company has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group headed by Leck Group Limited.