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Registered number: 09147126
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J R G PROPERTIES (CORNWALL) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2019
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J R G PROPERTIES (CORNWALL) LIMITED
REGISTERED NUMBER:09147126
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2019
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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J R G PROPERTIES (CORNWALL) LIMITED
REGISTERED NUMBER:09147126
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2019
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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J R G PROPERTIES (CORNWALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
J R G Properties (Cornwall) Limited is a company limited by shares, registered in England and Wales. The registered office address is Bishop Fleming, Chy Nyverow, Newham Road, Truro, TR1 2DP. The company registration number is 09147126.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The following principal accounting policies have been applied:
The director has assessed the impact of COVID-19 on the company's ability to continue as a going concern. Given that the company's income arises from the rental of commercial property, the director has discussed and assessed the impact of COVID-19 on the tenants. The director is confident that the tenants will have the ability to maintain payment of the rent.
The financial impact of COVID-19 has been assessed by the director and he believes there are sufficient resources, together with the support of the bank, to address any financial impact. On this basis, the director has concluded it is appropriate that the financial statements have been prepared on a going concern basis.
The director's assumptions and outlook assumes that COVID-19 causes no long-term material unanticipated changes to the business model. The financial statements do not reflect any adjustments that would be necessary should the long-term ability of the company be jeopardised due to the current COVID-19 situation.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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J R G PROPERTIES (CORNWALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
2.ACCOUNTING POLICIES (continued)
Finance costs are charged to the Statement of income and retained earnings 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.
All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.
Tax is recognised in the Statement of income and retained earnings, 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 operates and generates income.
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 the Statement of income and retained earnings.
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.
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CASH AND CASH EQUIVALENTS
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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.
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.
The Company 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 non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
Page 4
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J R G PROPERTIES (CORNWALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
2.ACCOUNTING POLICIES (continued)
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FINANCIAL INSTRUMENTS (CONTINUED)
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impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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The average monthly number of employees, including directors, during the year was 1 (2018: 1).
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Freehold investment property
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The 2019 valuations were made by the directors, on an open market value for existing use basis.
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ALLOTTED, CALLED UP AND FULLY PAID
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100 (2018: 100) Ordinary shares of £1.00 each
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Page 5
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J R G PROPERTIES (CORNWALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
6.SECURED LIABILITIES
Included in creditors: amounts falling due within one year are liabilities of £78,093 (2018: 69,272) in respect of loans which are secured on the assets to which they relate.
Included in creditors: amounts falling due in more than one year, but less than five years, are liabilities of £312,372 (2018: £277,088) in respect of loans which are secured on the assets to which they relate.
Included in creditors: amounts falling due in more than five years are liabilites of £395,783 (2018: £389,664).
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RELATED PARTY TRANSACTIONS
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At the year end, the company owed Flyingfish Seafoods Limited £690,528 (2017: £906,855) by way of intercompany loan.
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Page 6
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