ACCOUNTS - Final Accounts preparation

OPERATING PROFIT

The operating profit is stated after charging:

J R G PROPERTIES (CORNWALL) LIMITED - Company Information

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Registered number: 09147126

J R G PROPERTIES (CORNWALL) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

J R G PROPERTIES (CORNWALL) LIMITED

COMPANY INFORMATION

DIRECTOR	Mr J Godden


REGISTERED NUMBER	09147126


REGISTERED OFFICE	c/o Bishop Fleming LLP
	Chy Nyverow
	Newham Road
	Truro
	Cornwall
	TR1 2DP


INDEPENDENT AUDITORS	Bishop Fleming LLP
	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
Independent auditors' report	4 - 7
Consolidated statement of income and retained earnings	8
Consolidated statement of financial position	9 - 10
Company statement of financial position	11
Consolidated statement of cash flows	12 - 13
Consolidated analysis of net debt	14
Notes to the financial statements	15 - 31

J R G PROPERTIES (CORNWALL) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2022

INTRODUCTION

The director presents his strategic review for the year ended 31 July 2022.

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 £1,097,832 (2021: £58,483) and sales of £12,908,022 (2021: £97,843). This increases seen in the consolidated results are due to the company acquiring the entire share capital of Flyingfish Seafoods Company Limited on 22 December 2021. The results of Flyingfish have therefore been consolidated into the group accounts from the date of acquisition.

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 28 April 2023 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 2022

The director presents his report and the financial statements for the year ended 31 July 2022.

DIRECTOR'S RESPONSIBILITIES STATEMENT

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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £804,098 (2021:£47,317).

No further dividends were proposed.

DIRECTOR

The director who served during the year was:

Mr J Godden

FUTURE DEVELOPMENTS

Business activities continue to grow within Flyingfish as the impact of Covid receeds, this has had a significant impact on the value of the subsidiary increasing since it was acquired on 22 December 2021.
Following the elimination of risk to the business caused by Covid, the Director has decided to continue the successful expansion by developing the geographical coverage of the business.
This will involve establishing a new depot facility closer to new UK markets. A new depot will be located shortly and the fleet of refrigerated vehicles will be increased accordingly.

Page 2

J R G PROPERTIES (CORNWALL) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙ 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 LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr J Godden

Director

Date: 28 April 2023

c/o Bishop Fleming LLP

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP

Page 3

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 2022, which comprise the Consolidated Statement of income and retained earnings, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows and the related notes, including a summary of 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 2022 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 Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual 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 4

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 Group 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 Group 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 Group 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 2, 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 have no realistic alternative but to do so.

Page 5

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 company'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 organisation for fraud and identified the greatest potential for fraud in revenue recognition cut-off.

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 company'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 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

Page 6

J R G PROPERTIES (CORNWALL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J R G PROPERTIES (CORNWALL) LIMITED (CONTINUED)

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.

The engagement team performed the majority of the audit testing remotely using online portals to share documentation securely and to make enquiries. Some testing was also performed in person on site. This has not had any detrimental impact on our ability to identify and respond to risks.

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 LLP

Chartered Accountants

Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP

28 April 2023

Page 7

J R G PROPERTIES (CORNWALL) LIMITED

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 JULY 2022

	2022	2021
Note	£	£


Turnover	4	12,908,022	97,843
Cost of sales		(8,333,312)	-
GROSS PROFIT		4,574,710	97,843
Distribution costs		(590,376)	-
Administrative expenses		(2,888,060)	(17,871)
Other operating income	5	37,640	-
OPERATING PROFIT	6	1,133,914	79,972
Interest payable and similar expenses	10	(36,082)	(21,489)
PROFIT BEFORE TAX		1,097,832	58,483
Tax on profit	11	(293,734)	(11,166)
PROFIT AFTER TAX		804,098	47,317



Retained earnings at the beginning of the year	119,647	72,330
	119,647	72,330
Profit for the year attributable to the owners of the parent	804,098	47,317
Dividends declared and paid	(250,000)	-
RETAINED EARNINGS AT THE END OF THE YEAR	673,745	119,647

Other NCI share movements		(186)	-
NON-CONTROLLING INTEREST AT THE END OF THE YEAR		(186)	-

The notes on pages 15 to 31 form part of these financial statements.

Page 8

J R G PROPERTIES (CORNWALL) LIMITED

REGISTERED NUMBER:09147126

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	13		5,140,249		-
Tangible assets	14		2,163,701		-
Investment property	16		1,534,174		1,534,174
			8,838,124		1,534,174
Current assets
Stocks	17	321,138		-
Debtors: amounts falling due within one year	18	3,226,268		333
Cash at bank and in hand	19	503,177		30,761
		4,050,583		31,094
Creditors: amounts falling due within one year	20	(1,901,371)		(934,578)
Net current assets/(liabilities)			2,149,212		(903,484)
Total assets less current liabilities			10,987,336		630,690
Creditors: amounts falling due after more than one year	21		(1,487,156)		(510,943)
Provisions for liabilities
Deferred taxation	25	(426,149)		-
			(426,149)		-
Net assets excluding pension asset			9,074,031		119,747
Net assets			9,074,031		119,747

Capital and reserves
Called up share capital	26	1,380	100
Share premium account		8,398,720	-
Profit and loss account		673,745	119,647
Equity attributable to owners of the parent Company		9,073,845	119,747
Non-controlling interests		186	-
		9,074,031	119,747

Page 9

J R G PROPERTIES (CORNWALL) LIMITED

REGISTERED NUMBER:09147126

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr J Godden

Director

Date: 28 April 2023

The notes on pages 15 to 31 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 2022

		2022		2021
Note		£		£

Fixed assets
Investments	15		8,400,000		-
Investment property	16		1,534,174		1,534,174
			9,934,174		1,534,174
Current assets
Debtors: amounts falling due within one year	18	3,531		333
Cash at bank and in hand	19	32,671		30,761
		36,202		31,094
Creditors: amounts falling due within one year	20	(114,044)		(934,578)
Net current liabilities			(77,842)		(903,484)
Total assets less current liabilities			9,856,332		630,690

Creditors: amounts falling due after more than one year	21		(423,600)		(510,943)

Net assets excluding pension asset			9,432,732		119,747
Net assets			9,432,732		119,747

Capital and reserves
Called up share capital	26	1,380	100
Share premium account		8,398,720	-
Profit and loss account		1,032,632	119,647
		9,432,732	119,747

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr J Godden

Director

Date: 28 April 2023

The notes on pages 15 to 31 form part of these financial statements.

Page 11

J R G PROPERTIES (CORNWALL) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2022

			2022	2021
			£	£

Cash flows from operating activities
Profit for the financial year	804,098	47,317
Adjustments for:
Amortisation of intangible assets	318,422	-
Depreciation of tangible assets	447,878	-
Profit on disposal of tangible assets	9,593	-
Interest paid	36,082	21,489
Increase in deferred tax provision	426,149	-
(Increase)/decrease in stocks	(321,138)	-
(Increase)/decrease in debtors	(3,226,187)	4,667
Increase in creditors	437,947	69,152
Net cash generated from operating activities	(1,067,156)	142,625

Cash flows from investing activities
Purchase of intangible fixed assets	(5,458,671)	-
Purchase of tangible fixed assets	(945,425)	-
Recognition of fixed assets from acquisition	(1,675,747)	-
Net cash from investing activities	(8,079,843)	-
Cash flows from financing activities
Issue of ordinary shares	8,400,000	-
New secured loans	1,165,898	-
Repayment of loans	(117,343)	(150,440)
New finance leases	456,756	-
Dividends paid	(250,000)	-
Interest paid	(36,082)	(21,489)
Non-controlling interests	186	-
Net cash used in financing activities	9,619,415	(171,929)
Net increase/(decrease) in cash and cash equivalents	472,416	(29,304)
Cash and cash equivalents at beginning of year	30,761	60,065
Cash and cash equivalents at the end of year	503,177	30,761

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	503,177	30,761
	503,177	30,761

Page 12

J R G PROPERTIES (CORNWALL) LIMITED

The notes on pages 15 to 31 form part of these financial statements.

Page 13

J R G PROPERTIES (CORNWALL) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2022


At 1 August 2021	Cash flows	Acquisition and disposal of subsidiaries	At 31 July 2022
£	£	£	£

Cash at bank and in hand	30,761	(5,236)	477,652	503,177
Debt due after 1 year	(510,943)	387,343	(1,125,000)	(1,248,600)
Debt due within 1 year	(82,173)	(135,898)	(175,000)	(393,071)
Finance leases	-	(93,585)	(363,170)	(456,755)
	(562,355)	152,624	(1,185,518)	(1,595,249)

The notes on pages 15 to 31 form part of these financial statements.

Page 14

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

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 LLP, 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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2015.

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 15

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

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

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.

2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

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 16

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.ACCOUNTING POLICIES (continued)

2.9

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.

2.10

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

years

Page 17

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.ACCOUNTING POLICIES (continued)

2.11

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.

2.12

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.

2.13

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.

2.14

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 18

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.ACCOUNTING POLICIES (continued)

2.15

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.

2.16

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.

2.17

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.

2.18

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.19

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.

2.20

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.

Page 19

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

TURNOVER

All turnover arose within the United Kingdom.

5.	OTHER OPERATING INCOME
		2022	2021
		£	£

Sundry income	37,640	-
	37,640	-

Depreciation of tangible fixed assets	295,550	-
Amortisation of goodwill	318,422	-
Other operating lease rentals	80,876	-
Defined contribution pension cost	55,000	-

7.	AUDITORS' REMUNERATION
		2022	2021
		£	£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements

26,300

19,900

FEES PAYABLE TO THE GROUP'S AUDITOR AND ITS ASSOCIATES IN RESPECT OF:
Taxation compliance services	2,125	2,000
	2,125	2,000

Page 20

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

8.	EMPLOYEES
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2022	2021	2022	2021
£	£	£	£


Wages and salaries	3,433,168	-	5,741	-
Cost of defined contribution scheme	55,000	-	-	-
	3,488,168	-	5,741	-

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2022	2021	2022	2021
	No.	No.	No.	No.

Management	30	1	1	1
Operations	73	-	-	-

	103	1	1	1

9.	DIRECTOR'S REMUNERATION
		2022	2021
		£	£

Director's emoluments	9,591	-
	9,591	-

During the year retirement benefits were accruing to 1 director (2021: Nil) in respect of defined contribution pension schemes.

10.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2022	2021
		£	£

Bank interest payable	18,250	21,489
Finance leases and hire purchase contracts	14,652	-
Other interest payable	3,180	-
	36,082	21,489

Page 21

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

CORPORATION TAX
Current tax on profits for the year	161,639	11,166
	161,639	11,166

TOTAL CURRENT TAX	161,639	11,166

DEFERRED TAX
Origination and reversal of timing differences	132,095	-
TOTAL DEFERRED TAX	132,095	-


	TAX ON PROFIT	293,734	11,166

Profit on ordinary activities before tax

1,097,832

58,483

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021:19%)	208,588	11,112
EFFECTS OF:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	32,037	54
Capital allowances for year in excess of depreciation	(36,863)	-
Short-term timing difference leading to an increase (decrease) in taxation	31,703	-
Other differences leading to an increase (decrease) in the tax charge	58,269	-
TOTAL TAX CHARGE FOR THE YEAR	293,734	11,166

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

12.	DIVIDENDS
		2022	2021
		£	£

	Dividends paid on equity capital	250,000	-
		250,000	-

13.	INTANGIBLE ASSETS
	Group and Company

		Goodwill
		£
	COST
	At 1 August 2021	5,000
	Additions	5,458,671
	At 31 July 2022	5,463,671
	AMORTISATION
	At 1 August 2021	5,000
	Charge for the year on owned assets	318,422
	At 31 July 2022	323,422
	NET BOOK VALUE
	At 31 July 2022	5,140,249
	At 31 July 2021	-

Page 23

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

	14.	TANGIBLE FIXED ASSETS
		Group

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£
COST OR VALUATION
Additions	347,642	175,882	412,306	9,595	-	945,425
Acquisition of subsidiary	863,720	136,840	500,526	173,281	1,380	1,675,747
Disposals	-	(5,900)	(156,021)	-	-	(161,921)
At 31 July 2022	1,211,362	306,822	756,811	182,876	1,380	2,459,251
DEPRECIATION
Charge for the year on owned assets	159,424	33,639	7,182	16,934	672	217,851
Charge for the year on financed assets	-	-	230,027	-	-	230,027
Disposals	-	(3,372)	(148,956)	-	-	(152,328)
At 31 July 2022	159,424	30,267	88,253	16,934	672	295,550
NET BOOK VALUE
At 31 July 2022	1,051,938	276,555	668,558	165,942	708	2,163,701
At 31 July 2021	-	-	-	-	-	-

Page 24

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

14.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of land and buildings may be further analysed as follows:
	2022	2021
	£	£

Short leasehold	1,051,938	-
	1,051,938	-

15.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST OR VALUATION
	Additions	8,400,000
	At 31 July 2022	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 2022 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

2,901,051

1,845,847

Page 25

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

16.	INVESTMENT PROPERTY
	Group

		Freehold investment property
		£
	VALUATION
	At 1 August 2021	1,534,174
	AT 31 JULY 2022	1,534,174

The 2022 valuations were made by the director, 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:
	2022	2021
	£	£

Historic cost

1,534,174

	Company

		Freehold investment property
		£
	VALUATION
	At 1 August 2021	1,534,174
	AT 31 JULY 2022	1,534,174

The 2022 valuations were made by the director, on an open market value for existing use basis.


	AT 31 JULY 2022

17.	STOCKS
		Group	Group
		2022	2021
		£	£

Finished goods and goods for resale	321,138	-
	321,138	-

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 26

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

18.

DEBTORS

Group	Group	Company	Company
2022	2021	2022	2021
£	£	£	£


Trade debtors	2,556,002	-	-	-
Amounts owed by group undertakings	-	-	3,131	-
Other debtors	544,494	-	-	-
Prepayments and accrued income	125,772	333	400	333
	3,226,268	333	3,531	333

19.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

Cash at bank and in hand	503,177	30,761	32,671	30,761
	503,177	30,761	32,671	30,761

20.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

Bank loans	391,823	80,925	91,823	80,925
Trade creditors	671,184	-	-	-
Amounts owed to group undertakings	-	829,881	-	829,881
Corporation tax	416,064	12,797	12,467	12,797
Other taxation and social security	76,170	-	-	-
Obligations under finance lease and hire purchase contracts	218,200	-	-	-
Other creditors	9,034	1,248	1,248	1,248
Accruals and deferred income	118,896	9,727	8,506	9,727
	1,901,371	934,578	114,044	934,578

Page 27

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

21.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

Bank loans	1,248,600	510,943	423,600	510,943
Net obligations under finance leases and hire purchase contracts	238,556	-	-	-
	1,487,156	510,943	423,600	510,943

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.

22.	LOANS
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans	391,823	80,925	91,823	80,925
	391,823	80,925	91,823	80,925
AMOUNTS FALLING DUE 1-2 YEARS
Bank loans	1,248,600	510,943	423,600	510,943
	1,248,600	510,943	423,600	510,943


	1,640,423	591,868	515,423	591,868

23.	HIRE PURCHASE AND FINANCE LEASES
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2022	2021
		£	£

Within one year	218,200	-
Between 1-5 years	238,555	-
	456,755	-

Page 28

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

24.	FINANCIAL INSTRUMENTS
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

FINANCIAL ASSETS
Financial assets measured at fair value through profit or loss	503,177	30,761	32,671	30,761
Financial assets measured at amortised cost	3,100,748	-	3,383	-
	3,603,925	30,761	36,054	30,761

	FINANCIAL LIABILITIES
	Financial liabilities measured at amortised cost	(2,439,537)	(602,843)	(101,577)	(602,843)

	Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
	Financial assets measured at amortised cost comprise trade debtors and other debtors.
	Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, accruals and other creditors.

25.	DEFERRED TAXATION
	Group

		2022
		£

	Charged to profit or loss	(132,095)
	Arising on business combinations	(294,054)
	AT END OF YEAR	(426,149)

		Group
		2022
		£

	Accelerated capital allowances	(426,149)
		(426,149)

26.	SHARE CAPITAL
		2022	2021
		£	£

		ALLOTTED, CALLED UP AND FULLY PAID

Page 29

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

26.SHARE CAPITAL (CONTINUED)

1,380 (2021:100) Ordinary shares of £1.00 each

1,380

100

During the year, 1,280 ordinary shares were issued at par.

27.	BUSINESS COMBINATIONS

On 22 December 2021, the company acquired the entire share capital of Flyingfish Seafoods Company Limited.

FIXED ASSETS
Tangible	1,895,921	1,895,921
	1,895,921	1,895,921
CURRENT ASSETS
Stocks	95,809	95,809
Debtors	3,290,695	3,290,695
Cash at bank and in hand	477,652	477,652
TOTAL ASSETS	5,760,077	5,760,077
CREDITORS
Due within one year	(2,818,748)	(2,818,748)
TOTAL IDENTIFIABLE NET ASSETS	2,941,329	2,941,329


	Goodwill	5,458,671
	TOTAL PURCHASE CONSIDERATION	8,400,000

	CONSIDERATION
					£


	Equity instruments	8,400,000

Page 30

J R G PROPERTIES (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

27.BUSINESS COMBINATIONS (CONTINUED)

	The results of Flyingfish Seafoods Company Limited since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	12,853,563
	Profit for the period since acquisition	1,074,541

28.	PENSION COMMITMENTS

29.	COMMITMENTS UNDER OPERATING LEASES
	At 31 July 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2022	2021
		£	£

Not later than 1 year	19,708	36,418
Later than 1 year and not later than 5 years	41,400	59,800
	61,108	96,218

30.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of the exemption to not disclose transactions between members of the group as permitted in accordance with FRS 102.

31.	CONTROLLING PARTY

The controlling party is J Godden, the director.

Page 31