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COMPANY REGISTRATION NUMBER: 10863604
Jaspar Holdings Limited
Financial Statements
31 December 2021
Jaspar Holdings Limited
Financial Statements
Year ended 31 December 2021
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the member
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Jaspar Holdings Limited
Officers and Professional Advisers
The board of directors
R Pankhania
A Pankhania
Registered office
173 Cleveland Street
London
United Kingdom
W1T 6QR
Auditor
Chamberlains UK LLP
Chartered Accountants & Statutory Auditors
173 Cleveland Street
London
UK
W1T 6QR
Jaspar Holdings Limited
Strategic Report
Year ended 31 December 2021
Introduction The directors present their strategic report for the year ended 31 December 2021. Business review The principal activity of the group and its subsidiaries continues to be that of residential property development. This has been another challenging year following on from the COVID-19 pandemic and the rising inflation levels which has impacted the cost of materials becoming more expensive due to supply and demand issues being faced. As a result, this has caused a disruption across the housing market. Notwithstanding all the issues faced during the year, the group managed to generate a turnover of £7.776m compared to £12.646m in 2020. This is a result of the group continuing to undertake development projects in desirable locations with excellent local amenities despite there being continued pressures on the cost of materials. Throughout the year, the group continued its policy of being selective when choosing property development projects. Furthermore, the directors adopted a more cautious strategy for the business ensuring that full development appraisals were undertaken, (discounting sales and adjusting costs where necessary) before a decision was made whether to acquire the site or not. The development appraisal consists of sales analysis of the local housing market, a fully costed construction budget, potential future development potential of the site through enhanced planning, projected finance and sales costs. An accurate development appraisal helps safeguard the future performance of the group and aids in future business planning. It should be noted that competition for such sites remains intense and rate of returns may still come under pressure from a combination of upwards pressure on rising construction costs and the potential for reductions in sales prices. As part of assessing the projects on hand, the group decided against developing one of the sites acquired and instead took a decision to hold the site as an investment property for its rental yield and future appreciation. After interest and taxation, the group has shown profit for the financial year of £1.371m (2020: £2.255m) and at the year end, the group has net assets of £5.663m (2020: £4.292m). These results continue to encourage the directors to conclude that the group remains financially strong and well positioned to take advantage of market opportunities. Principal risks and uncertainties All property development businesses are exposed to some risk and the particular risks and uncertainties affecting the group results from the following: - - Development opportunities - the availability of development projects with suitable rates of return; - Planning - the current planning system that can result in uncertainty through delays and refusals; - Economic climate - the demand for housing can easily be influenced by interest rate, changes in employment levels, obtaining mortgage finance and the general state of the economy in the country; and - Subcontractor labour and materials - there remains a significant skills shortage and competition for subcontractor labour remains high resulting in upwards pressure on rising costs. These risks are managed through sufficient research in potential site acquisitions, regular correspondence with planning authorities and purchasing sites with some outright planning permission already in place and focusing investment on quality developments in desired locations that are not affected by the economic climate. Financial key performance indicators The company uses several KPI's to measure performance and these include the following: - Internal rate of return - all property acquisitions are targeted to achieve a certain rate of return based on the development appraisal undertaken by the property development team and approved by the directors before a decision is made to acquire the site; and - Liquidity measures - to ensure the group operates within its financing facilities and has sufficient liquidity to fund the group's activities. Financial risk management The group's operations expose it to some financial risks which include credit risk, liquidity risk, operating risk and capital risk which are monitored by the group's accounting department and the directors although these are not deemed to represent significant risks to the business. The director's have reviewed and agreed policies for managing each of these risks and this is summarised as follows: - Credit Risk The group is exposed to a risk of financial loss if a customer fails to meet its contractual obligations. Credit limits may be implemented to reduce this risk. Liquidity Risk The group manages its cash and borrowing requirements in order to minimise interest expense whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business. Operating Risk The group's purpose is to manage the operating risk so as to balance the prevention of financial losses and damage to the group's reputation with the general effectiveness of costs and avoid the control procedures that restrict initiative and creativity. Capital Risk The company's objectives are focused on guaranteeing its ability to continue operating as a going concern, provide shareholders with profits and maintain an optimal capital structure. Furthermore, there is no risk of bad debts as the nature of the business is such that cash is instantly received on the completion of property sales. The group monitors the financial risk to ensure that it has sufficient funds available to see through any development project. The only interest-bearing loans at the balance sheet date were some bank loans. The management team regularly review the bank facilities to ensure competitive interest rates are charged on development loans.
This report was approved by the board of directors on 31 August 2022 and signed on behalf of the board by:
R Pankhania
A Pankhania
Director
Director
Registered office:
173 Cleveland Street
London
United Kingdom
W1T 6QR
Jaspar Holdings Limited
Directors' Report
Year ended 31 December 2021
The directors present their report and the financial statements of the group for the year ended 31 December 2021 .
Directors
The directors who served the company during the year were as follows:
R Pankhania
A Pankhania
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 company will continue in business. The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 31 August 2022 and signed on behalf of the board by:
R Pankhania
A Pankhania
Director
Director
Registered office:
173 Cleveland Street
London
United Kingdom
W1T 6QR
Jaspar Holdings Limited
Independent Auditor's Report to the Member of Jaspar Holdings Limited
Year ended 31 December 2021
Opinion
We have audited the financial statements of Jaspar Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, 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 FRS 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 December 2021 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 UK, including the FRC’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 directors' 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 directors 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 auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' 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 directors' 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 directors' 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 directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, data protection, anti-bribery, anti-money laundering, employment, environmental and health and safety legislation; - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Shammir Shah
(Senior Statutory Auditor)
For and on behalf of
Chamberlains UK LLP
Chartered Accountants & Statutory Auditors
173 Cleveland Street
London
UK
W1T 6QR
1 September 2022
Jaspar Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2021
2021
2020
Note
£
£
Turnover
4
7,776,392
12,646,037
Cost of sales
5,214,058
8,929,405
------------
-------------
Gross profit
2,562,334
3,716,632
Administrative expenses
754,275
896,524
------------
------------
Operating profit
1,808,059
2,820,108
Other interest receivable and similar income
7
120
377
Interest payable and similar expenses
8
313,648
158,089
------------
------------
Profit before taxation
1,494,531
2,662,396
Tax on profit
9
164,678
406,644
------------
------------
Profit for the financial year and total comprehensive income
1,329,853
2,255,752
------------
------------
All the activities of the group are from continuing operations.
Jaspar Holdings Limited
Consolidated Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
11
5,670,237
Current assets
Stocks
13
36,994,129
29,049,778
Debtors
14
1,351,623
1,947,870
Cash at bank and in hand
892,478
2,659,868
-------------
-------------
39,238,230
33,657,516
Creditors: amounts falling due within one year
15
36,946,413
27,415,315
-------------
-------------
Net current assets
2,291,817
6,242,201
------------
------------
Total assets less current liabilities
7,962,054
6,242,201
Creditors: amounts falling due after more than one year
16
2,340,000
1,950,000
------------
------------
Net assets
5,622,054
4,292,201
------------
------------
Capital and reserves
Called up share capital
17
100
100
Profit and loss account
5,621,954
4,292,101
------------
------------
Shareholder funds
5,622,054
4,292,201
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
R Pankhania
A Pankhania
Director
Director
Company registration number: 10863604
Jaspar Holdings Limited
Company Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Investments
12
32,986,517
25,470,210
Current assets
Debtors
14
1,042,703
200,000
Cash at bank and in hand
12,798
405,059
------------
---------
1,055,501
605,059
Creditors: amounts falling due within one year
15
29,492,537
26,107,585
-------------
-------------
Net current liabilities
28,437,036
25,502,526
-------------
-------------
Total assets less current liabilities
4,549,481
( 32,316)
------------
--------
Net assets/(liabilities)
4,549,481
( 32,316)
------------
--------
Capital and reserves
Called up share capital
17
100
100
Profit and loss account
4,549,381
( 32,416)
------------
--------
Shareholder funds/(deficit)
4,549,481
( 32,316)
------------
--------
The profit for the financial year of the parent company was £ 4,581,797 (2020: £ 13,465 loss).
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
R Pankhania
A Pankhania
Director
Director
Company registration number: 10863604
Jaspar Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2021
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2020
100
2,036,349
2,036,449
Profit for the year
2,255,752
2,255,752
----
------------
------------
Total comprehensive income for the year
2,255,752
2,255,752
At 31 December 2020
100
4,292,101
4,292,201
Profit for the year
1,329,853
1,329,853
----
------------
------------
Total comprehensive income for the year
1,329,853
1,329,853
----
------------
------------
At 31 December 2021
100
5,621,954
5,622,054
----
------------
------------
Jaspar Holdings Limited
Company Statement of Changes in Equity
Year ended 31 December 2021
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2020
100
( 18,951)
( 18,851)
Loss for the year
( 13,465)
( 13,465)
----
--------
--------
Total comprehensive income for the year
( 13,465)
( 13,465)
At 31 December 2020
100
( 32,416)
( 32,316)
Profit for the year
4,581,797
4,581,797
----
------------
------------
Total comprehensive income for the year
4,581,797
4,581,797
----
------------
------------
At 31 December 2021
100
4,549,381
4,549,481
----
------------
------------
Jaspar Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2021
2021
2020
£
£
Cash flows from operating activities
Profit for the financial year
1,329,853
2,255,752
Adjustments for:
Other interest receivable and similar income
( 120)
( 377)
Interest payable and similar expenses
313,648
158,089
Tax on profit/(loss)
164,678
406,644
Accrued expenses
923,194
70,788
Changes in:
Stocks and tangible assets
( 13,614,588)
( 6,986,486)
Trade and other debtors
596,247
( 1,534,488)
Trade and other creditors
( 128,883)
156,108
-------------
------------
Cash generated from operations
( 10,415,971)
( 5,473,970)
Interest paid
( 313,648)
( 158,089)
Interest received
120
377
Tax paid
( 399,547)
( 462,314)
-------------
------------
Net cash used in operating activities
( 11,129,046)
( 6,093,996)
-------------
------------
Cash flows from financing activities
Proceeds from borrowings
4,290,000
855,000
Proceeds from loans from group undertakings
5,071,656
6,016,106
-------------
------------
Net cash from financing activities
9,361,656
6,871,106
-------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,767,390)
777,110
Cash and cash equivalents at beginning of year
2,659,868
1,882,758
------------
------------
Cash and cash equivalents at end of year
892,478
2,659,868
------------
------------
Jaspar Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 173 Cleveland Street, London, W1T 6QR. The trading address of the company is Stanmore House, 15-19 Church Road, Stanmore, Middlesex, HA7 4AR.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors' believe that due to the availability of reserves, there are no material uncertainties about the groups ability to continue for at least the next 12 months from the date of this report. In particular, the directors' have considered the potential implications of the Coronavirus (COVID-19) pandemic and are confident that the group will be able to remain operational.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Jaspar Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover of the group comprises of proceeds from property sales, rental income, and other fees receivable and is stated net of value added tax where appropriate.
Revenue relating to property sales is recognised when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, when completion has taken place prior to the date on which the financial statements are approved.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investment properties are properties held to earn rentals and / or for capital appreciation. Investment properties are initially measured at cost, which includes the purchase price and any directly attributable expenditure. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in property, plant and equipment at cost less accumulated depreciation and accumulated impairment losses.
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stock
Stocks which comprises of development properties are valued at the lower of cost and estimated net realisable value. Stock includes principally the property cost, construction costs, project management costs and all associated costs incurred during the course of development. Net realisable value is the price at which the stock can be realised in the normal course of business, less further costs to completion of sale. Interest and loan arrangement fees payable to acquire and develop properties for resale is written off as incurred.
4. Turnover
Turnover arises from:
2021
2020
£
£
Property sales
7,240,850
11,901,800
Rental income
454,184
639,055
Ground rent
32,606
27,539
Insurance income
45,163
47,831
Service charge income
143
12,516
Satellite income
1,250
6,250
Sinking fund
19
Other income
1,196
4,027
Reservation deposits retained
1,000
7,000
------------
-------------
7,776,392
12,646,037
------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Auditor's remuneration
2021
2020
£
£
Fees payable for the audit of the financial statements
47,513
32,880
--------
--------
6. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2021
2020
No.
No.
Number of directors
2
2
----
----
7. Other interest receivable and similar income
2021
2020
£
£
Other interest receivable and similar income
120
377
----
----
8. Interest payable and similar expenses
2021
2020
£
£
Interest on banks loans and overdrafts
313,648
154,112
Other interest payable and similar charges
3,977
---------
---------
313,648
158,089
---------
---------
9. Tax on profit/(loss)
Major components of tax income
2021
2020
£
£
Current tax:
UK current tax income
164,678
399,862
Adjustments in respect of prior periods
6,782
---------
---------
Total current tax
164,678
406,644
---------
---------
Tax on profit/(loss)
164,678
406,644
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2020: lower than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).
2021
2020
£
£
Profit on ordinary activities before taxation
1,494,531
2,662,396
------------
------------
Profit on ordinary activities by rate of tax
413,960
565,813
Adjustment to tax charge in respect of prior periods
6,782
Group and consortium relief
( 249,282)
( 166,267)
Payment of consortium relief
316
------------
------------
Tax on profit/(loss)
164,678
406,644
------------
------------
10. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2).
11. Tangible assets
Group
Investment property
£
Valuation
At 1 January 2021
Transfer from stock
5,670,237
------------
At 31 December 2021
5,670,237
------------
Depreciation
At 1 January 2021 and 31 December 2021
------------
Carrying amount
At 31 December 2021
5,670,237
------------
At 31 December 2020
------------
The company has no tangible assets.
At the balance sheet date, the fair value of the investment property of the group is the same as the historic which is £5,670,237. No depreciation or amortisation is provided in respect of the investment property.
12. Investments
The group has no investments.
Company
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost
At 1 January 2021
1,100
25,469,110
25,470,210
Additions
200
12,422,401
12,422,601
Repayments
( 4,906,294)
( 4,906,294)
-------
-------------
-------------
At 31 December 2021
1,300
32,985,217
32,986,517
-------
-------------
-------------
Impairment
At 1 January 2021 and 31 December 2021
-------
-------------
-------------
Carrying amount
At 31 December 2021
1,300
32,985,217
32,986,517
-------
-------------
-------------
At 31 December 2020
1,100
25,469,110
25,470,210
-------
-------------
-------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Buckingham House Limited
Ordinary
100
Stanmore Property Developments Limited
Ordinary
100
Mission Warehouse Limited
Ordinary
100
Slough Property 2 Limited
Ordinary
100
Luddington House Limited
Ordinary
100
Tonbridge 76 Limited
Ordinary
100
Canterbury 19 Limited
Ordinary
100
Broadbridge 19 Limited
Ordinary
100
Leatherhead 20 Limited
Ordinary
100
Luddington Wood Limited
Ordinary
100
Haslemere 20 Limited
Ordinary
100
Woodford PS21 Limited
Ordinary
100
Finchley 21 Limited
Ordinary
100
All of the subsidiary undertakings are registered in England and Wales and their registered office address is 173 Cleveland Street, London, W1t 6QR.
13. Stocks
Group
Company
2021
2020
2021
2020
£
£
£
£
Closing stock of development properties
36,994,129
29,049,778
-------------
-------------
----
----
14. Debtors
Group
Company
2021
2020
2021
2020
£
£
£
£
Trade debtors
13,260
71,798
Amounts owed by group undertakings
1,042,703
200,000
1,042,703
200,000
Prepayments and accrued income
170,894
673,510
Other debtors
124,766
1,002,562
------------
------------
------------
---------
1,351,623
1,947,870
1,042,703
200,000
------------
------------
------------
---------
15. Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans and overdrafts
6,240,000
2,340,000
Trade creditors
239,026
314,008
Amounts owed to group undertakings
29,015,656
23,944,000
29,485,655
26,093,999
Accruals and deferred income
1,282,974
399,445
6,882
13,586
Corporation tax
164,678
399,547
Other creditors
4,079
18,315
-------------
-------------
-------------
-------------
36,946,413
27,415,315
29,492,537
26,107,585
-------------
-------------
-------------
-------------
The bank loans are secured by a first legal charge over some of the development properties of the group together with other security offered being debentures over assets of the borrowing companies, a charge over cash deposits, rental assignments and personal guarantees from the directors.
16. Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans and overdrafts
2,340,000
1,950,000
------------
------------
----
----
The bank loans are secured by a first legal charge over some of the development properties of the group together with other security offered being debentures over assets of the borrowing companies, a charge over cash deposits, rental assignments and personal guarantees from the directors.
17. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
18. Analysis of changes in net debt
At 1 Jan 2021
Cash flows
At 31 Dec 2021
£
£
£
Cash at bank and in hand
2,659,868
(1,767,390)
892,478
Debt due within one year
(26,284,000)
(8,971,656)
(35,255,656)
Debt due after one year
(1,950,000)
(390,000)
(2,340,000)
-------------
-------------
-------------
( 25,574,132)
( 11,129,046)
( 36,703,178)
-------------
-------------
-------------
19. Contingent liabilities
A fellow member of the group, has provided its development property as security towards the borrowing of its ultimate parent undertaking. The loan facility of the ultimate parent undertaking at the balance sheet date amounted to £2,805,000.
20. Related party transactions
Group
Transactions between the company and its subsidiaries which are related parties have been eliminated on consolidation and are not disclosed in this note. During the year, the group incurred the following costs from Jaspar Management Limited , a company in which the director, A Pankhania has a controlling interest: -
2021 2020
£ £
Construction costs recharge 5,745,578 3,032,660
Senior management and director fees 181,000 176,300
Other fees 1,312,937 866,694
------------ ------------
7,239,515 4,075,653
------------ ------------
At the balance sheet date, the amount owed to Jaspar Management Limited was £ 27,000 (£42,287). The directors have provided personal guarantees over borrowings in some of the group companies totalling £4,095,000 (2020: £4,095,000).
Company
As the company is a wholly owned subsidiary of Bencameron Limited, the company has taken advantage of the exemption afforded by FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the group headed by Bencameron Limited.
21. Ultimate controlling party
The company's and group's immediate and ultimate parent company is Bencameron Limited , a company registered in the British Virgin Islands. The ultimate controlling party is the Jaspar Trust.