Jacgilden Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00631048 (England and Wales)

Jacgilden Properties Limited

Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs G P Brookes

Ms D M Rowe

Mrs J McNamara

REGISTERED OFFICE:

24 Cornwall Road

Dorchester

Dorset

DT1 1RX

REGISTERED NUMBER:

00631048 (England and Wales)

ACCOUNTANTS:

Read Woodruff

Chartered Accountants

24 Cornwall Road

Dorchester

Dorset

DT1 1RX

FIXED ASSETS

Property, plant and equipment

4

940,656

941,742

Investment property

5

9,300,000

8,575,000

10,240,656

9,516,742

CURRENT ASSETS

Inventories

1,810

3,433

Debtors

6

71,148

57,251

Investments

7

894

9,355

Cash at bank

633,188

446,355

707,040

516,394

CREDITORS

Amounts falling due within one year

8

140,707

149,219

NET CURRENT ASSETS

566,333

367,175

TOTAL ASSETS LESS CURRENT LIABILITIES

10,806,989

9,883,917

PROVISIONS FOR LIABILITIES

9

809,717

673,850

NET ASSETS

9,997,272

9,210,067

CAPITAL AND RESERVES

Called up share capital

10

180

180

Undistributable reserves

11

5,794,028

5,204,878

Other reserves

11

180

11,736

Retained earnings

11

4,202,884

3,993,273

SHAREHOLDERS' FUNDS

9,997,272

9,210,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2020 and were signed on its behalf by:

Mrs G P Brookes - Director

1.	STATUTORY INFORMATION

Jacgilden Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold farm

-

2% on cost

Farm arena and plant

-

20% on reducing balance and 5% on cost

Office equipment

-

10% on cost

Fixtures and fittings

-

10% on cost

Farm freehold land and buildings is occupied by the company. The directors consider that freehold properties

are maintained in such a state of repair that their residual value is at least equal to their net book value. As a

result, the corresponding depreciation charge for the year is nil. The directors perform annual impairment

reviews to ensure that the recoverable amount is not lower than the carrying value.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Farm

Fixtures

Freehold

arena and

Office

and

farm

plant

equipment

fittings

Totals

£

£

£

£

£

COST

At 1 January 2019

926,883

35,973

2,914

7,964

973,734

Additions

-

-

1,322

-

1,322

At 31 December 2019

926,883

35,973

4,236

7,964

975,056

DEPRECIATION

At 1 January 2019

-

21,294

2,914

7,784

31,992

Charge for year

-

2,096

132

180

2,408

At 31 December 2019

-

23,390

3,046

7,964

34,400

NET BOOK VALUE

At 31 December 2019

926,883

12,583

1,190

-

940,656

At 31 December 2018

926,883

14,679

-

180

941,742

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

8,575,000

Revaluations

725,000

At 31 December 2019

9,300,000

NET BOOK VALUE

At 31 December 2019

9,300,000

At 31 December 2018

8,575,000

Realisation of investment properties at the balance sheet date at fair value would give rise to a corporation tax

liability on capital gains of £741,730 (2018: £605,880).

Fair value at 31 December 2019 is represented by:

£

Valuation in 2019

6,535,758

Cost

2,764,242

9,300,000

If investment properties had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

2,764,242

2,764,242

Investment properties were valued on a fair value basis on 31 December 2019 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

65,150

51,500

Prepayments and accrued income

5,998

5,751

71,148

57,251

7.	CURRENT ASSET INVESTMENTS

2019

2018

£

£

Listed investments

180

8,641

Unlisted investments

714

714

894

9,355

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

51,727

53,813

UK corporation tax

58,717

58,825

Tax and social security costs

17,471

27,562

Accruals and deferred income

12,792

9,019

140,707

149,219

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

912

895

Accelerated industrial and agricultural buildings allowances

67,075

67,075

Capital gains on investment properties

741,730

605,880

809,717

673,850

Deferred

tax

£

Balance at 1 January 2019

673,850

Charge to Income Statement during year

135,867

Balance at 31 December 2019

809,717

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

180

Ordinary

£1

180

180

11.

RESERVES

Retained

Undistributable

Other

earnings

reserves

reserves

Totals

£

£

£

£

At 1 January 2019

3,993,273

5,204,878

11,736

9,209,887

Profit for the year

847,205

847,205

Dividends

(60,000

)

(60,000

)

Transfer realised gain

11,556

-

(11,556

)

-

Transfer unrealised gain on investment properties to undistributable reserves

(589,150

)

589,150

-

-

At 31 December 2019

4,202,884

5,794,028

180

9,997,092

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the

deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend

to shareholders.

Other reserves arose as a result of including listed and unlisted investments received on disbandment of the

Milk Marketing Board at valuation on acquisition in 1994.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 (2018 - £100,000) were paid to the directors .