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Company registration number: 07055628
JGL Operations Limited
Unaudited filleted financial statements
31 May 2025
JGL Operations Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JGL Operations Limited
Directors and other information
Directors Mr J G Lever
Mr B W P Lever
Mrs C E J Mulligan
Mrs D C Lever
Mrs E Street (Resigned 30 May 2025)
Company number 07055628
Registered office 10 Henry Street
Lytham St. Annes
Lancashire
FY8 5LE
Accountants Turner and Brown Ltd
105 Garstang Road
Preston
Lancs
PR1 1LD
JGL Operations Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of JGL Operations Limited
Year ended 31 May 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JGL Operations Limited for the year ended 31 May 2025 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of JGL Operations Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of JGL Operations Limited and state those matters that we have agreed to state to the board of directors of JGL Operations Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JGL Operations Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that JGL Operations Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JGL Operations Limited. You consider that JGL Operations Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JGL Operations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Ltd
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
JGL Operations Limited
Statement of financial position
31 May 2025
2025 2024
Note £ £ £ £
Fixed assets
Intangible assets 5 125,000 150,000
Tangible assets 6 672,721 71,462
Investments 7 900 900
_______ _______
798,621 222,362
Current assets
Debtors 8 97,261 196,677
Cash at bank and in hand 28,088 189,696
_______ _______
125,349 386,373
Creditors: amounts falling due
within one year 9 ( 223,885) ( 334,797)
_______ _______
Net current (liabilities)/assets ( 98,536) 51,576
_______ _______
Total assets less current liabilities 700,085 273,938
Creditors: amounts falling due
after more than one year 10 ( 384,930) ( 63,417)
Provisions for liabilities ( 250) -
_______ _______
Net assets 314,905 210,521
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 313,905 209,521
_______ _______
Shareholders funds 314,905 210,521
_______ _______
For the year ending 31 May 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 18 August 2025 , and are signed on behalf of the board by:
Mrs C E J Mulligan Mr B W P Lever
Director Director
Company registration number: 07055628
JGL Operations Limited
Notes to the financial statements
Year ended 31 May 2025
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 10 Henry Street, Lytham St. Annes, Lancashire, FY8 5LE.
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.
Turnover
Turnover is measured net of all VAT and discounts. Revenue on sales commissions are recognised at completion of the property sale which they relate to which is the point the company becomed legally entitled to receive the income. Income from lettings is recognised as the company becomes beneficially entitled to receive the income. Any outstanding letting fees at the reporting date are recorded as trade debtors.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2024: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2024 and 31 May 2025 250,000 250,000
_______ _______
Amortisation
At 1 June 2024 100,000 100,000
Charge for the year 25,000 25,000
_______ _______
At 31 May 2025 125,000 125,000
_______ _______
Carrying amount
At 31 May 2025 125,000 125,000
_______ _______
At 31 May 2024 150,000 150,000
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2024 - - 14,073 101,050 115,123
Additions 621,246 3,273 3,816 - 628,335
_______ _______ _______ _______ _______
At 31 May 2025 621,246 3,273 17,889 101,050 743,458
_______ _______ _______ _______ _______
Depreciation
At 1 June 2024 - - 8,427 35,234 43,661
Charge for the year - 436 1,419 25,221 27,076
_______ _______ _______ _______ _______
At 31 May 2025 - 436 9,846 60,455 70,737
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2025 621,246 2,837 8,043 40,595 672,721
_______ _______ _______ _______ _______
At 31 May 2024 - - 5,646 65,816 71,462
_______ _______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2024 and 31 May 2025 900 900
_______ _______
Impairment
At 1 June 2024 and 31 May 2025 - -
_______ _______
Carrying amount
At 31 May 2025 900 900
_______ _______
At 31 May 2024 900 900
_______ _______
8. Debtors
2025 2024
£ £
Trade debtors 38,644 44,944
Amounts owed by group undertakings 5,417 3,913
Other debtors 53,200 147,820
_______ _______
97,261 196,677
_______ _______
9. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 20,036 10,226
Trade creditors 5,862 1,909
Amounts owed to group undertakings 23,763 140,042
Social security and other taxes 60,419 59,266
Other creditors 113,805 123,354
_______ _______
223,885 334,797
_______ _______
10. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 347,527 11,331
Other creditors 37,403 52,086
_______ _______
384,930 63,417
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J G Lever ( 20,000) 20,000 - -
Mr B W P Lever ( 22,051) 58,604 ( 61,165) ( 24,612)
Mrs C E J Mulligan ( 21,260) 58,790 ( 60,889) ( 23,359)
_______ _______ _______ _______
( 63,311) 137,394 ( 122,054) ( 47,971)
_______ _______ _______ _______
Interest is charged on two of the loans at an annual rate of 10% p.a. payable in arrears on the 1 January following the reporting date. The third loan is interest free. All loans are repayable on demand.
12. Related party transactions
At commencement of the period the company had a debit balance with a wholly owned subsidiary company which totalled £3,913. The company also had a credit balance with a second wholly owned subsidiary company of £140,042. During the year under review the company incurred costs on behalf of the first subsidiary of £30,601 and received £29,098 from the company. At the reporting date there was a debit balance of £5,417. For the second subsidiary the company incurred costs on their behalf of £183,525 and received £67,246 in physical payments from the company. As a result the credit balance at the reporting date stood at £23,763. All of these loans were interest free and repayable on demand. At the start of the period the company also had a debit balance of £132,842 with a company under the control of the two of the company directors. During the year under review the company received £88,454. As a result debit balance at the reporting date stood at £44,388. This loan was interest free and repayable on demand.