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| Registered number: 09147126
J R G PROPERTIES (CORNWALL) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
J R G PROPERTIES (CORNWALL) LIMITED COMPANY INFORMATION
DIRECTOR | Mr J Godden
REGISTERED NUMBER | 09147126
REGISTERED OFFICE | Bishop Fleming Audit Limited
| Chy Nyverow
| Newham Road
| Truro
| Cornwall
| TR1 2DP
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| 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
Director's responsibilities statement | 4
Independent auditors' report | 5 - 8
Consolidated statement of income and retained earnings | 9
Consolidated statement of financial position | 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 - 33
J R G PROPERTIES (CORNWALL) LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
INTRODUCTION
The Director presents his strategic review for the year ended 31 July 2025.
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 £244,706 (2024: £544,760) and sales of £22,842,047 (2024: £22,212,714).
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 15 April 2026 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 2025 The director presents his report and the financial statements for the year ended 31 July 2025.
RESULTS AND DIVIDENDS
The loss for the year, after taxation and minority interests, amounted to £24,444 (2024: profit £315,704). Dividends of £524,400 (2024: £447,890) 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 subdiaries Board of Directors has been strengthened during the year by the addition of Alun Morgan who has great experience in managing processes and change. A full review has now been undertaken of the distribution network and substantial efficiencies are anticipated in the near future. The company is continuing to expand by increasing its geographical customer base.
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.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Group since the year end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 2
J R G PROPERTIES (CORNWALL) LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 This report was approved by the board and signed on its behalf.
Mr J Godden Director
Date: 15 April 2026
Bishop Fleming Audit Limited
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP
Page 3
J R G PROPERTIES (CORNWALL) LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 JULY 2025 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 2006. He 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. Page 4
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 2025, 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 notes to the financial statements, including 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 Group's and of the parent Company's affairs as at 31 July 2025 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 Director's Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Director's Report. 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. Page 5
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 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 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 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 4, 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 6
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 occurrence. 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 7
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 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 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 Audit Limited Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP 21 April 2026 Page 8
J R G PROPERTIES (CORNWALL) LIMITED CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 22,842,047 | 22,212,374
Cost of sales |  | (14,538,525) | (14,038,208)
Gross profit |  | 8,303,522 | 8,174,166
Distribution costs |  | (1,009,909) | (947,473)
Administrative expenses |  | (7,038,741) | (6,640,488)
Other operating income | 5 | 14,703 | 9,206
Operating profit | 6 | 269,575 | 595,411
Interest receivable and similar income |  | 1,025 | -
Interest payable and similar expenses | 11 | (25,894) | (50,651)
Profit before tax |  | 244,706 | 544,760
Tax on profit | 12 | (262,445) | (187,535)
(Loss)/profit after tax |  | (17,739) | 357,225
Retained earnings at the beginning of the year |  | 940,115 | 1,072,301
|  | 940,115 | 1,072,301
(Loss)/profit for the year attributable to the owners of the parent |  | (24,444) | 315,704
Dividends declared and paid |  | (524,400) | (447,890)
Retained earnings at the end of the year |  | 391,271 | 940,115
Non-controlling interest at the beginning of the year |  | 186,266 | 144,559
Profit for the year attributable to the non-controlling interest |  | 6,705 | 41,707
Non-controlling interest at the end of the year |  | 192,971 | 186,266
The notes on pages 16 to 33 form part of these financial statements.
Page 9
J R G PROPERTIES (CORNWALL) LIMITED REGISTERED NUMBER:09147126 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 3,502,648 |  | 4,048,515
Tangible assets | 15 |  | 2,451,764 |  | 2,681,473
Investment property | 17 |  | 1,750,000 |  | 1,750,000
|  |  | 7,704,412 |  | 8,479,988
Current assets |  |  |  |  |
Stocks | 18 | 354,002 |  | 238,682 |
Debtors: amounts falling due within one year | 19 | 3,370,141 |  | 2,921,318 |
Cash at bank and in hand | 20 | 700,648 |  | 151,180 |
|  | 4,424,791 |  | 3,311,180 |
Creditors: amounts falling due within one year | 21 | (2,516,447) |  | (1,421,157) |
Net current assets |  |  | 1,908,344 |  | 1,890,023
Total assets less current liabilities |  |  | 9,612,756 |  | 10,370,011
Creditors: amounts falling due after more than one year | 22 |  | (132,569) |  | (316,437)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 25 |  | (495,845) |  | (527,093)
Net assets |  |  | 8,984,342 |  | 9,526,481
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 1,380 |  | 1,380
Share premium account | 27 |  | 8,398,720 |  | 8,398,720
Profit and loss account | 27 |  | 391,271 |  | 940,115
Equity attributable to owners of the parent Company |  |  | 8,791,371 |  | 9,340,215
Non-controlling interests |  |  | 192,971 |  | 186,266
|  |  | 8,984,342 |  | 9,526,481
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 April 2026.
Mr J Godden
Director
The notes on pages 16 to 33 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 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 1,364 |  | 1,364
Investments | 16 |  | 8,400,000 |  | 8,400,000
Investment Property | 17 |  | 1,750,000 |  | 1,750,000
|  |  | 10,151,364 |  | 10,151,364
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 19 | 249 |  | 400 |
Cash at bank and in hand | 20 | 14,534 |  | 13,957 |
|  | 14,783 |  | 14,357 |
Creditors: amounts falling due within one year | 21 | (131,873) |  | (129,748) |
Net current liabilities |  |  | (117,090) |  | (115,391)
Total assets less current liabilities |  |  | 10,034,274 |  | 10,035,973
Creditors: amounts falling due after more than one year | 22 |  | (131,483) |  | (207,362)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 25 |  | (29,881) |  | (29,881)
Net assets |  |  | 9,872,910 |  | 9,798,730
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 1,380 |  | 1,380
Share premium account | 27 |  | 8,398,720 |  | 8,398,720
Profit and loss account brought forward |  | 1,398,630 |  | 1,330,929 |
Profit for the year |  | 598,580 |  | 515,591 |
Other changes in the profit and loss account |  | (524,400) |  | (447,890) |
Profit and loss account carried forward |  |  | 1,472,810 |  | 1,398,630
|  |  | 9,872,910 |  | 9,798,730
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 April 2026.
Mr J Godden
Director
The notes on pages 16 to 33 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 2025
|  | 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 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 1 August 2024 | 1,380 | 8,398,720 | 940,115 | 9,340,215 | 186,266 | 9,526,481
| Loss for the year | - | - | (24,444) | (24,444) | 6,705 | (17,739)
| Total comprehensive income for the year | - | - | (24,444) | (24,444) | 6,705 | (17,739)
| Dividends: Equity capital | - | - | (524,400) | (524,400) | - | (524,400)
| At 31 July 2025 | 1,380 | 8,398,720 | 391,271 | 8,791,371 | 192,971 | 8,984,342
| The notes on pages 16 to 33 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 2025
|  | Called up share capital | Share premium account | Profit and loss account | Total equity
|  | £ | £ | £ | £
| 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 1 August 2024 | 1,380 | 8,398,720 | 1,398,630 | 9,798,730
| Profit for the year | - | - | 598,580 | 598,580
| Total comprehensive income for the year | - | - | 598,580 | 598,580
| Dividends: Equity capital | - | - | (524,400) | (524,400)
| At 31 July 2025 | 1,380 | 8,398,720 | 1,472,810 | 9,872,910
| The notes on pages 16 to 33 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 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | (17,739) | 357,225
Adjustments for: |  |
Amortisation of intangible assets | 545,867 | 545,867
Depreciation of tangible assets | 669,982 | 656,874
Loss on disposal of tangible assets | (9,683) | 1,987
Interest paid | 25,894 | 50,651
Interest received | (1,025) | -
Movement in deferred tax | (31,248) | 34,164
(Increase)/decrease in stocks | (115,320) | 141,751
(Increase)/decrease in debtors | (448,823) | 291,301
Increase/(decrease) in creditors | 1,184,706 | (10,851)
Net cash generated from operating activities | 1,802,611 | 2,068,969
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (451,419) | (1,083,748)
Sale of tangible fixed assets | 20,829 | 20,643
Net cash from investing activities | (430,590) | (1,063,105)
Cash flows from financing activities |  |
New finance leases | - | 43,494
Repayment of loans | (73,831) | (979,202)
Repayment of finance leases | (199,453) | (301,646)
Dividends paid | (524,400) | (447,890)
Interest paid | (25,894) | (50,651)
Interest received | 1,025 | -
Net cash used in financing activities | (822,553) | (1,735,895)
Net increase/(decrease) in cash and cash equivalents | 549,468 | (730,031)
Cash and cash equivalents at beginning of year | 151,180 | 881,211
Cash and cash equivalents at the end of year | 700,648 | 151,180
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 700,648 | 151,180
| 700,648 | 151,180
The notes on pages 16 to 33 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 2025
| At 1 August 2024 | Cash flows | At 31 July 2025
| £ | £ | £
Cash at bank and in hand | 151,180 | 549,468 | 700,648
Debt due after 1 year | (207,362) | 75,879 | (131,483)
Debt due within 1 year | (85,461) | (3,147) | (88,608)
Finance leases | (308,527) | 199,453 | (109,074)
| (450,170) | 821,653 | 371,483
The notes on pages 16 to 33 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 2025
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 Audit Limited, 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 2025 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 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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 2025 2.ACCOUNTING POLICIES (continued)
| 2.10 | 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.
| 2.11 | 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 2025 2.ACCOUNTING POLICIES (continued)
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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.
| 2.15 | 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 2025 2.ACCOUNTING POLICIES (continued)
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | 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.
| 2.19 | 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.
| 2.20 | 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.
| 2.21 | 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 2025
5. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sundry income | 14,703 | 9,206
6. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 669,982 | 656,874
| Amortisation of intangible assets | 545,867 | 545,867
| Other operating lease rentals | 149,238 | 145,476
| Cost of defined contribution scheme | 151,228 | 118,955
7. | AUDITORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 32,050 | 33,000
Page 21
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
8. | EMPLOYEES
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 4,031,864 | 3,796,881
| Social security costs | 422,417 | 342,593
| Cost of defined contribution scheme | 151,228 | 118,955
|  | 4,605,509 | 4,258,429
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management | 34 | 39 | 1 | 1
|  | Operations | 95 | 88 | - | -
|  |  | 129 | 127 | 1 | 1
9. | DIRECTOR'S REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 33,944 | 16,837
| Group contributions to defined contribution pension schemes | 9,800 | 30,000
|  | 43,744 | 46,837
| During the year retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.
10. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1,025 | -
Page 22
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 6,947 | 27,273
| Finance leases and hire purchase contracts | 18,947 | 23,378
|  | 25,894 | 50,651
12. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 276,433 | 279,379
| Adjustments in respect of previous periods | 17,260 | (126,008)
|  | 293,693 | 153,371
| TOTAL CURRENT TAX | 293,693 | 153,371
| DEFERRED TAX |  |
| Origination and reversal of timing differences | (31,248) | 34,164
| TOTAL DEFERRED TAX | (31,248) | 34,164
| TAX ON PROFIT | 262,445 | 187,535
Page 23
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 244,706 | 544,759
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 61,176 | 136,190
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 25,810 | 39,879
| Fixed asset differences | 158,591 | 137,915
| Adjustments to tax charge in respect of prior periods | 17,260 | (126,008)
| Marginal relief | (392) | (441)
| TOTAL TAX CHARGE FOR THE YEAR | 262,445 | 187,535
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
13. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 524,400 | 447,890
Page 24
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | INTANGIBLE ASSETS
| Group and Company
|  | Goodwill
|  | £
| COST |
| At 1 August 2024 | 5,463,671
| At 31 July 2025 | 5,463,671
| AMORTISATION |
| At 1 August 2024 | 1,415,156
| Charge for the year on owned assets | 545,867
| At 31 July 2025 | 1,961,023
| NET BOOK VALUE |
| At 31 July 2025 | 3,502,648
| At 31 July 2024 | 4,048,515
Page 25

J R G PROPERTIES (CORNWALL) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 |
| 15. | TANGIBLE FIXED ASSETS
|  | Group
|  | Leasehold improvements | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |  |
| At 1 August 2024 | 2,219,117 | 568,400 | 1,882,261 | 301,070 | 13,764 | 4,984,612
| Additions | - | 42,279 | 381,679 | 27,461 | - | 451,419
| Disposals | - | - | (141,216) | - | - | (141,216)
| At 31 July 2025 | 2,219,117 | 610,679 | 2,122,724 | 328,531 | 13,764 | 5,294,815
| DEPRECIATION |  |  |  |  |  |
| At 1 August 2024 | 1,071,216 | 253,840 | 871,783 | 99,166 | 7,134 | 2,303,139
| Charge for the year on owned assets | 198,457 | 47,621 | 141,974 | 20,820 | 3,060 | 411,932
| Charge for the year on financed assets | - | - | 258,050 | - | - | 258,050
| Disposals | - | - | (130,070) | - | - | (130,070)
| At 31 July 2025 | 1,269,673 | 301,461 | 1,141,737 | 119,986 | 10,194 | 2,843,051
| NET BOOK VALUE |  |  |  |  |  |
| At 31 July 2025 | 949,444 | 309,218 | 980,987 | 208,545 | 3,570 | 2,451,764
| At 31 July 2024 | 1,147,901 | 314,560 | 1,010,478 | 201,904 | 6,630 | 2,681,473
Page 26

J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 15.TANGIBLE FIXED ASSETS (CONTINUED)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Leasehold improvements | 949,444 | 1,147,901
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 109,074 | 308,527
| Company
|  | Fixtures and fittings
|  | £
| COST OR VALUATION |
| At 1 August 2024 | 1,364
| At 31 July 2025 | 1,364
| At 31 July 2025 | -
| NET BOOK VALUE |
| At 31 July 2025 | 1,364
| At 31 July 2024 | 1,364
Page 27
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | FIXED ASSET INVESTMENTS
| Company
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 August 2024 | 8,400,000
| At 31 July 2025 | 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 2025 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 | 4,008,784 | 453,949
Page 28
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
17. | INVESTMENT PROPERTY
| Group and Company
|  | Freehold investment property
|  | £
| VALUATION |
| At 1 August 2024 | 1,750,000
| AT 31 JULY 2025 | 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:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 1,534,174 | 1,534,174
18. | STOCKS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 354,002 | 238,682
19. | DEBTORS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 2,903,174 | 2,366,289 | - | -
| Other debtors | 257,172 | 380,438 | - | -
| Prepayments and accrued income | 209,795 | 174,591 | 249 | 400
|  | 3,370,141 | 2,921,318 | 249 | 400
Page 29
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
20. | CASH AND CASH EQUIVALENTS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 700,648 | 151,180 | 14,534 | 13,957
21. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 77,764 | 75,716 | 77,764 | 75,716
| Trade creditors | 1,108,528 | 884,006 | - | -
| Amounts owed to group undertakings | - | - | 15,024 | 14,805
| Corporation tax | 148,475 | 23,464 | 24,321 | 23,464
| Other taxation and social security | 84,996 | 64,959 | - | -
| Obligations under finance lease and hire purchase contracts | 107,988 | 199,452 | - | -
| Other creditors | 711,303 | 20,267 | - | -
| Accruals and deferred income | 277,393 | 153,293 | 14,764 | 15,763
|  | 2,516,447 | 1,421,157 | 131,873 | 129,748
| Included within other creditors at 31 July 2025 is a balance of £685,533 regarding invoice financing. At 31 July 2024, the equivalent balance totalled £164,166 and was included within other debtors.
22. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 131,483 | 207,362 | 131,483 | 207,362
| Net obligations under finance leases and hire purchase contracts | 1,086 | 109,075 | - | -
|  | 132,569 | 316,437 | 131,483 | 207,362
Page 30
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | LOANS
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |  |  |
| Bank loans | 77,764 | 75,716 | 77,764 | 75,716
| AMOUNTS FALLING DUE 1-2 YEARS |  |  |  |
| Bank loans | 79,922 | 77,817 | 79,922 | 77,817
| AMOUNTS FALLING DUE 2-5 YEARS |  |  |  |
| Bank loans | 51,561 | 129,545 | 51,561 | 129,545
| AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS |  |  |  |
|  | 209,247 | 283,078 | 209,247 | 283,078
| At the year end, the Group had bank loans outstanding amounting to £209,247 (2024: £283,078), repayable in monthly installments of £6,877.
24. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 107,988 | 199,452
| Between 1-5 years | 1,086 | 109,075
|  | 109,074 | 308,527
Page 31
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
25. | DEFERRED TAXATION
| Group
|  | 2025
|  | £
| At beginning of year | (527,093)
| Charged to profit or loss | 31,248
| AT END OF YEAR | (495,845)
| Company
|  | 2025
|  | £
| At beginning of year | (29,881)
| AT END OF YEAR | (29,881)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (495,845) | (527,093) | (29,881) | (29,881)
|  | (495,845) | (527,093) | (29,881) | (29,881)
26. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 1,380 (2024: 1,380) Ordinary shares of £1.00 each | 1,380 | 1,380
27. | 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 17) in respect of the revaluations. Page 32
J R G PROPERTIES (CORNWALL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
28. | PENSION COMMITMENTS
The company operates a defined contributions pension scheme. the pension cost charge for the year was £151,228 (2024: £118,955). Contributions totaling £NIL (2024: £NIL) were payable to the fund at the balance sheet date and are included in creditors.
29. | COMMITMENTS UNDER OPERATING LEASES
| At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 133,152 | 133,152
| Later than 1 year and not later than 5 years | 478,586 | 501,737
| Later than 5 years | 861,666 | 971,667
|  | 1,473,404 | 1,606,556
30. | RELATED PARTY TRANSACTIONS
| IIn the year the company received rental income of £110,000 (2024: £110,000) to J R G Properties (Cornwall) Limited. An amount of £15,024 was owed to Flyingfish Seafoods Company Limited at 31 July 2025 (2024: £14,805 was owed to J R G Properties (Cornwall) Limited). At the year end, £10,844 was owed to Mr J Godden byFlyingfish Seafoods Company Limited (2024: £9,745). Key management personnel The total remuneration paid to Key Management Personnel was £379,373 (2024: £400,809).
31. | CONTROLLING PARTY
The controlling party is J Godden, the director.
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