Company Registration No. 09861599 (England and Wales)
JAY P PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2024
30 November 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
JAY P PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JAY P PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,429,180
4,429,180
Investment property
4
623,045
5,052,225
4,429,180
Current assets
Debtors
5
437,344
1,023,013
Cash at bank and in hand
69,476
23,502
506,820
1,046,515
Creditors: amounts falling due within one year
6
(96,658)
(219,616)
Net current assets
410,162
826,899
Total assets less current liabilities
5,462,387
5,256,079
Creditors: amounts falling due after more than one year
7
(2,471,827)
Provisions for liabilities
(219,010)
(219,010)
Net assets
5,243,377
2,565,242
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8
5,243,277
2,565,142
Total equity
5,243,377
2,565,242
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
Mr A S Ponsonby
Director
Company registration number 09861599 (England and Wales)
JAY P PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
Jay P Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Waterside Business Park, Johnson Road, Eccleshill, Darwen, England, BB3 3RT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income is recognised in the period it falls due.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
No depreciation has been provided on freehold property. The directors assess that the residual values at the end of the estimated useful lives of the buildings are not likely to be materially different from their carrying values. This is because it is the company's policy to maintain buildings in such a condition that their value is not diminished by the passage of time. Therefore any element of depreciation is considered to be immaterial and no provision is made.
1.4
Investment property
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where the fair value of an investment property cannot be measured reliably without undue cost or effort, the property is accounted for as property, plant, and equipment in accordance with FRS 102 Section 16. The property is measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on a systematic basis over its estimated useful life.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
JAY P PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JAY P PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold buildings
£
Cost
At 1 December 2023 and 30 November 2024
4,429,180
Depreciation and impairment
At 1 December 2023 and 30 November 2024
Carrying amount
At 30 November 2024
4,429,180
At 30 November 2023
4,429,180
The company holds an investment property that is accounted for as property, plant, and equipment because its fair value cannot be measured reliably without undue cost or effort.
JAY P PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 December 2023
Additions
623,045
At 30 November 2024
623,045
Investment property comprises of a residential building and a chalet. The fair value of the investment property has been arrived at on the basis of the properties open market acquisition cost.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,022,034
Other debtors
431,319
Prepayments and accrued income
6,025
979
437,344
1,023,013
Other debtors comprises amounts due from companies connected by common directors. This balance accrues no interest and is repayable on demand.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
72,245
79,883
Other taxation and social security
19,729
40,477
Accruals and deferred income
4,684
99,256
96,658
219,616
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
2,471,827
In October 2024, as part of a demerger, amounts owed to group undertakings were waived.
JAY P PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
8
Profit and loss reserves
The reserves record retained earnings and accumulated losses net of any dividends paid.
Included within reserves are non-distributable amounts totalling £842,805 (2023: £842,805) in respect of revaluations of property of £1,061,815 (2023: £1,061,815), net of associated deferred tax liabilities of £219,010 (2023: £219,010).
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 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.
Senior Statutory Auditor:
Christopher Johnson FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
27 August 2025
10
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
620,000
1,024,574
The operating lease represents a lease of freehold property to a related party. The lease is over a term of 10 years to the 17th of March 2025. The rent is reviewed annually. There are no options in place for either party to extend the lease terms.
11
Related party transactions
During the period, the company entered into a cancellable operating lease agreement with an associate of a director. The company received rent of £1,875 (2023: nil) in respect of this agreement. There was no balance owing to the company at the year end (2023: nil).
12
Parent company
The company's parent company is Jay P Properties Holdings Limited, incorporated in the UK. The ultimate controlling party is Mr J S Ponsonby.