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Company registration number: 11567798
JP Properties Skipton Limited
Unaudited filleted financial statements
31 March 2025
JP Properties Skipton Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
JP Properties Skipton Limited
Directors and other information
Directors Mr J S Macrae
Mrs P Macrae
Company number 11567798
Registered office Croft House
Station Road
Barnoldswick
BB18 NA
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
BB18 5NA
JP Properties Skipton Limited
Statement of financial position
31 March 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 1,503,043 1,039,114
_______ _______
1,503,043 1,039,114
Current assets
Debtors 6 4,160 -
Cash at bank and in hand 43,945 13,611
_______ _______
48,105 13,611
Creditors: amounts falling due
within one year 7 ( 1,289,696) ( 843,271)
_______ _______
Net current liabilities ( 1,241,591) ( 829,660)
_______ _______
Total assets less current liabilities 261,452 209,454
_______ _______
Net assets 261,452 209,454
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 261,352 209,354
_______ _______
Shareholders funds 261,452 209,454
_______ _______
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr J S Macrae
Director
Company registration number: 11567798
JP Properties Skipton Limited
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in Englad & wales. The address of the registered office is Croft House, Station Road, Barnoldswick, BB18 NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2024 1,036,611 3,383 1,039,994
Additions 464,555 - 464,555
_______ _______ _______
At 31 March 2025 1,501,166 3,383 1,504,549
_______ _______ _______
Depreciation
At 1 April 2024 - 880 880
Charge for the year - 626 626
_______ _______ _______
At 31 March 2025 - 1,506 1,506
_______ _______ _______
Carrying amount
At 31 March 2025 1,501,166 1,877 1,503,043
_______ _______ _______
At 31 March 2024 1,036,611 2,503 1,039,114
_______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 March 2025
Aggregate cost 1,501,165 1,501,165
Aggregate depreciation (113,386) (113,386)
_______ _______
Carrying amount 1,387,779 1,387,779
_______ _______
At 31 March 2024
Aggregate cost 1,036,611 1,036,611
Aggregate depreciation (83,363) (83,363)
_______ _______
Carrying amount 953,248 953,248
_______ _______
6. Debtors
2025 2024
£ £
Other debtors 4,160 -
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Corporation tax 16,318 6,933
Social security and other taxes 6,301 3,671
Other creditors 1,267,077 832,667
_______ _______
1,289,696 843,271
_______ _______
8. Related party transactions
The Directors provided interest free loans to the company. The balance due to them at the year end was £1,245,977 (31 March 2024 - £824,167). This balance is included in creditors falling due within one year. Dividends amounting to £1,000 (31 March 2024 - £2,000) were paid to the Directors.
9. Controlling party
The company is under the control of The Directors, who are interested in 100% of the company's issued share capital.