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REGISTERED NUMBER: 13362716 (England and Wales)














GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


FOR



JAIN GLOBAL HOLDINGS LIMITED


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)







CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 31 December 2022





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

5




Consolidated Income Statement  

9




Consolidated Other Comprehensive Income  

10




Consolidated Balance Sheet  

11




Company Balance Sheet  

12




Consolidated Statement of Changes in Equity  

13




Company Statement of Changes in Equity  

14




Consolidated Cash Flow Statement  

15




Notes to the Consolidated Cash Flow Statement

16




Notes to the Consolidated Financial Statements

18




JAIN GLOBAL HOLDINGS LIMITED


COMPANY INFORMATION

for the Year Ended 31 December 2022









DIRECTORS:

V Jain


K Jain







REGISTERED OFFICE:

Herschel House


58 Herschel Street


Slough


SL1 1PG







REGISTERED NUMBER:

13362716 (England and Wales)







AUDITORS:

Oury Clark Chartered Accountants


Statutory Auditors


Herschel House


58 Herschel Street


Slough


Berkshire


SL1 1PG


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


GROUP STRATEGIC REPORT

for the Year Ended 31 December 2022


The directors present their strategic report of the company and the group for the year ended 31 December 2022.


RESULTS

The consolidated income statement is set out on page 8 and shows the consolidated profit for the period.


PRINCIPAL ACTIVITY

The principal activity of the Group in the period under review was that of wholesaling childrens' clothing and rental of commercial and residential properties.


REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

Group turnover for the year ended 31 December 2022 reduced by 21.66% to £9,698,918 from the prior year. Group EBITDA, before gains on asset revaluations, was £1,535,070 for the year, which was a reduction of 43.50% from the prior year. The group's consolidated balance sheet on page 10 shows the financial position at the year end.


In March 2020, The World Health Organization declared a global pandemic due to the novel coronavirus (COVID-19). The lockdown measures introduced in 2020 to contain the spread of the virus continued to impact 2022 via the supply chain of goods.


The directors look forward to an improvement in trading conditions as the impact of the covid pandemic recedes and, in particular, an easing in the accelerated global freight costs being normalised to pre-pandemic levels.


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties faced by the Group are as follows:


- Foreign exchange variance due to a general weakness in pound sterling

- Financing risk associated with the Group's bank borrowings


KEY PERFORMANCE INDICATORS

The directors manage the business on key indicators of turnover, gross margin, and EBITDA. Furthermore the directors are constantly reviewing suppliers and stock levels to ensure margins are maintained and goods are available to satisfy customers' demands.


As stated above, during the year Turnover decreased by 21.66% and EBITDA by 43.50%, due to the continuing impact of the COVID pandemic. Gross margin was reduced by 1.01%.


ON BEHALF OF THE BOARD:






V Jain - Director



29 September 2023


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


REPORT OF THE DIRECTORS

for the Year Ended 31 December 2022


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.


DIVIDENDS

Interim dividends totalling £86,000 (2021: £78,000) were paid by Jain Global Holdings Limited. No final dividend will be paid.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.


V Jain

K Jain


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of 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 judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


REPORT OF THE DIRECTORS

for the Year Ended 31 December 2022



AUDITORS

The auditors,  Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.


ON BEHALF OF THE BOARD:






V Jain - Director



29 September 2023


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JAIN GLOBAL HOLDINGS LIMITED


Opinion

We have audited the financial statements of Jain Global Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 December 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JAIN GLOBAL HOLDINGS LIMITED



Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and company and its environment obtained in the course of the audit, we have not identified any matters in the Group Strategic Report or the Report of the Directors that are inconsistent with our overall view of the financial statements.


We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JAIN GLOBAL HOLDINGS LIMITED



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 a Report of the Auditors 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.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Identifying and assessing potential irregularities, including fraud


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:


- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

- Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

- Discussing within the engagement team and internal specialists where necessary, regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following as the areas most most likely to be susceptible to fraud:

1. Valuation of investment property;

2. Revenue recognition;

3. Management override;

4. Misappropriation of stock.

- Discussing within the engagement team and internal specialists where necessary, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006 and UK tax legislation.


Audit response to the risks identified


As noted above, we identified the following as the matters that would most likely be susceptible to fraud:


1. Valuation of investment property;

2. Revenue recognition;

3. Management override;

4. Misappropriation of stock.


Our procedures to respond to these risks included the following:


1. Inspection of valuation reports for all property revaluations in relation to company owned assets.

2. Testing a sample of sales made in the period to ensure that they are being treated correctly for VAT purposes, and are being recognised in a manner which reflects the underlying transaction and period in which the service is provided;

3. Reviewing the nominal ledger for any evidence of management override, or transactions outside the course of normal business;

4. Testing for existence and completeness during visits to multiple locations where the company's stocks are held.


Further, we also identified compliance with the Companies Act 2006 and UK tax legislation as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:


1. Review the disclosures in the financial statements and testing supporting documentation to assess compliance with the Companies Act 2006;


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

JAIN GLOBAL HOLDINGS LIMITED


2. Safeguard review of the accounts by a qualified accountant not associated with the audit team, and of the corporation tax by a Chartered Tax Adviser not associated with the audit team;

3. A review of expenses for any items not allowable for UK corporation tax, and to ensure the tax computation complies with UK tax legislation.


The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


There are inherent limitations in the audit procedures described above and 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.


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 Report of the Auditors.


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 a Report of the Auditors 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.





Richard Oury (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG


29 September 2023


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


CONSOLIDATED

INCOME STATEMENT

for the Year Ended 31 December 2022



31.12.22


31.12.21


as restated



Notes

£   

£   



TURNOVER

4

9,698,918


12,380,893




Cost of sales

6,405,308


8,050,998



GROSS PROFIT

3,293,610


4,329,895




Administrative expenses

1,967,360


1,955,897



1,326,250


2,373,998




Other operating income

184,764


146,658



OPERATING PROFIT

6

1,511,014


2,520,656




Interest receivable and similar income

216


-



1,511,230


2,520,656



Gain/loss on revaluation of assets

400,000


250,000



1,911,230


2,770,656




Interest payable and similar expenses

7

88,844


22,563



PROFIT BEFORE TAXATION

1,822,386


2,748,093




Tax on profit

8

522,614


559,082



PROFIT FOR THE FINANCIAL YEAR

1,299,772


2,189,011



Profit attributable to:

Owners of the parent

1,299,772


2,189,011




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


CONSOLIDATED

OTHER COMPREHENSIVE INCOME

for the Year Ended 31 December 2022



31.12.22


31.12.21


as restated



Notes

£   

£   



PROFIT FOR THE YEAR

1,299,772


2,189,011





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

2,189,011




Note

Prior year adjustment

11

(179,275

)


TOTAL COMPREHENSIVE INCOME

SINCE LAST ANNUAL REPORT

1,120,497




Total comprehensive income attributable to:

Owners of the parent

1,120,497


2,189,011




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


CONSOLIDATED BALANCE SHEET

31 December 2022



31.12.22


31.12.21


1.1.21


as restated



Notes

£   

£   

£   


FIXED ASSETS

Intangible assets

12

136,194


181,592


-



Tangible assets

13

1,237,957


1,237,942


1,242,188



Investments

14

-


-


-



Investment property

15

7,891,122


7,413,115


4,674,364



9,265,273


8,832,649


5,916,552




CURRENT ASSETS

Stocks

16

777,952


306,892


221,184



Debtors

17

3,981,898


4,193,710


2,522,312



Cash at bank and in hand

1,290,406


1,876,354


3,964,015



6,050,256


6,376,956


6,707,511



CREDITORS

Amounts falling due within one year

18

(1,757,187

)

(3,277,324

)

(2,570,583

)


NET CURRENT ASSETS

4,293,069


3,099,632


4,136,928



TOTAL ASSETS LESS CURRENT

LIABILITIES

13,558,342


11,932,281


10,053,480




CREDITORS

Amounts falling due after more than one year

19

(2,181,703

)

(2,003,191

)

(2,256,820

)



PROVISIONS FOR LIABILITIES

23

(547,401

)

(313,624

)

(265,533

)


NET ASSETS

10,829,238


9,615,466


7,531,127




CAPITAL AND RESERVES

Called up share capital

24

5,328


5,328


-



Other reserves

25

1,530,814


1,328,407


1,127,307



Retained earnings

25

9,293,096


8,281,731


6,403,820



SHAREHOLDERS' FUNDS

10,829,238


9,615,466


7,531,127




The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





V Jain - Director



JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


COMPANY BALANCE SHEET

31 December 2022



31.12.22

31.12.21



as restated



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

12

-


-



Tangible assets

13

-


-



Investments

14

1,921,194


1,921,194



Investment property

15

2,488,751


2,488,751



4,409,945


4,409,945




CURRENT ASSETS

Debtors

17

100,000


180,000



Cash at bank

44,677


89,418



144,677


269,418



CREDITORS

Amounts falling due within one year

18

2,186,962


2,605,899



NET CURRENT LIABILITIES

(2,042,285

)

(2,336,481

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

2,367,660


2,073,464




CAPITAL AND RESERVES

Called up share capital

24

5,328


5,328



Retained earnings

25

2,362,332


2,068,136



SHAREHOLDERS' FUNDS

2,367,660


2,073,464




Company's profit for the financial year

380,196


2,146,136




The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:






V Jain - Director



JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2022



Called up



share


Retained


Other


Total


capital


earnings


reserves


equity

£   

£   

£   

£   



Balance at 1 January 2021

-


6,403,820


1,127,307


7,531,127




Changes in equity

Issue of share capital

5,328


-


-


5,328



Dividends

-


(110,000

)

-


(110,000

)


Total comprehensive income

-


2,167,186


201,100


2,368,286



Balance at 31 December 2021

5,328


8,461,006


1,328,407


9,794,741



Prior year adjustment

-


(179,275

)

-


(179,275

)


As restated

5,328


8,281,731


1,328,407


9,615,466




Changes in equity

Dividends

-


(86,000

)

-


(86,000

)


Total comprehensive income

-


1,097,365


202,407


1,299,772



Balance at 31 December 2022

5,328


9,293,096


1,530,814


10,829,238




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


COMPANY STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2022



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   



Changes in equity

Issue of share capital

5,328


-


5,328



Dividends

-


(78,000

)

(78,000

)


Total comprehensive income

-


2,146,136


2,146,136



Balance at 31 December 2021

5,328


2,068,136


2,073,464




Changes in equity

Dividends

-


(86,000

)

(86,000

)


Total comprehensive income

-


380,196


380,196



Balance at 31 December 2022

5,328


2,362,332


2,367,660




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 31 December 2022



31.12.22


31.12.21


as restated



Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

316,915


1,212,694



Interest paid

(88,844

)

(22,563

)


Tax paid

(411,739

)

(530,142

)


Net cash from operating activities

(183,668

)

659,989




Cash flows from investing activities

Purchase of intangible fixed assets

-


(181,592

)


Purchase of tangible fixed assets

(19,309

)

(14,908

)


Purchase of investment property

(752,371

)

(2,488,751

)


Sale of tangible fixed assets

-


2,250



Sale of investment property

715,000


-



Government grants received

-


34,884



Interest received

216


-



Net cash from investing activities

(56,464

)

(2,648,117

)



Cash flows from financing activities

New loans in year

510,000


-



Loan repayments in year

(292,473

)

(144,400

)


Net amounts repaid by directors

26,500


(301,419

)


Amount withdrawn by directors

(63,069

)

-



Share issue

-


5,328



Equity dividends paid

(86,000

)

(110,000

)


Net cash from financing activities

94,958


(550,491

)



Decrease in cash and cash equivalents

(145,174

)

(2,538,619

)


Cash and cash equivalents at beginning of

year

2

1,425,343


3,963,962




Cash and cash equivalents at end of year

2

1,280,169


1,425,343




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 31 December 2022


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


31.12.22


31.12.21


as restated


£   

£   



Profit before taxation

1,822,386


2,748,093




Depreciation charges

64,691


19,154




Profit on disposal of fixed assets

(40,636

)

(2,250

)



Gain on revaluation of fixed assets

(400,000

)

(250,000

)



Government grants

-


(34,884

)



Finance costs

88,844


22,563




Finance income

(216

)

-



1,535,069


2,502,676




Increase in stocks

(471,060

)

(85,708

)



Decrease/(increase) in trade and other debtors

228,130


(1,645,727

)



(Decrease)/increase in trade and other creditors

(975,224

)

441,453




Cash generated from operations

316,915


1,212,694




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

1,290,406


1,876,354




Bank overdrafts

(10,237

)

(451,011

)


1,280,169


1,425,343




Year ended 31 December 2021


31.12.21


1.1.21


as restated


£   

£   



Cash and cash equivalents

1,876,354


3,964,015




Bank overdrafts

(451,011

)

(53

)


1,425,343


3,963,962





JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 31 December 2022


3.

ANALYSIS OF CHANGES IN NET DEBT



At 1.1.22

Cash flow

At 31.12.22

£   

£   

£   



Net cash



Cash at bank and in hand

1,876,354


(585,948

)

1,290,406




Bank overdrafts

(451,011

)

440,774


(10,237

)


1,425,343


(145,174

)

1,280,169




Debt


Debts falling due within 1 year

(253,726

)

(39,015

)

(292,741

)



Debts falling due after 1 year

(2,003,191

)

(178,512

)

(2,181,703

)


(2,256,917

)

(217,527

)

(2,474,444

)



Total

(831,574

)

(362,701

)

(1,194,275

)



JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 31 December 2022


1.

STATUTORY INFORMATION



Jain Global Holdings 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 General Information page.



The trading address of the company is 10 Wellcroft Road, Slough, SL1 4AQ.


2.

STATEMENT OF COMPLIANCE



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" and the Companies Act 2006.


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.  



After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period in excess of twelve months from the date of the audit report on these financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.



Basis of consolidation


The group has prepared consolidated financial statements including the results of all of its directly wholly owned subsidiaries.  The financial statements of all subsidiaries are made up to 31 December 2022 and their results for that period have been included in the consolidated financial statements.



All inter-company trading and indebtedness have been eliminated from the consolidated financial statements.



Jain Global Holdings Limited was incorporated on 28 April 2021. In line with merger accounting, it presented consolidated results for a full 12 month period to 31 December 2021.



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



Significant judgements and estimates

The preparation of the financial statements required 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.

Depreciation - management uses judgement to estimate the useful lives and residual value of depreciating tangible fixed assets.

Deferred tax - management uses judgement to estimate the tax rate expected to apply to the reversal of timing differences.

JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


3.

ACCOUNTING POLICIES - continued



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised on a time basis over the period covered. Service income is recognised on provision of the management service.

Turnover relates to the wholesale of clothing and footwear, rental income from investment properties, and service income from the provision of property management.

The three main streams of revenue from wholesale of clothes and footwear are:
1. Licensing
2. Own Brand
3. 'Free to Sell'

Turnover relating to the sale of goods in the period can be categorised as FOB (Free on Board), and non-FOB.

FOB sales are recognised at the point of shipment, when the buyer assumes all risks and rewards associated with the goods.

Non-FOB sales are recognised when the contractual obligations are met in line with underlying purchase orders and terms. This can be at the point of provision to a third party courier, or upon delivery of goods to the customer.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.


Intangible assets

Intangible assets relate to software development costs which are shown at cost less amortisation.
Amortisation is only charged when the software is brought into use and is recognised on a straight line basis over 4 years.


Tangible fixed assets


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


Plant and machinery

-

15% on cost


Freehold property is shown at cost less impairment. The directors conduct an impairment review each year and any impairment is charged to the Income Statement in the year in which it is identified.


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

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is measured on the FIFO basis.


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


3.

ACCOUNTING POLICIES - continued


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.


Deferred tax

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


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Financial instruments


Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.



Fixed asset investments


Fixed asset investments relate to investments by the parent company in its subsidiaries and are stated at cost, together with subsequent capital contributions, less provisions for any impairment in value.



Cash flow statement


The cash flow statement has been prepared on the indirect basis.


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


4.

TURNOVER



The turnover and profit before taxation are attributable to the principal activities of the group.



An analysis of turnover by class of business is given below:



31.12.22


31.12.21


as restated


£   

£   



Wholesale of clothing

9,415,740


11,421,126




Distribution fees

-


688,413




Rental & service charge income

283,178


271,354



9,698,918


12,380,893




5.

EMPLOYEES AND DIRECTORS


31.12.22


31.12.21


as restated


£   

£   



Wages and salaries

1,000,335


1,034,870




Social security costs

114,176


87,632




Other pension costs

21,244


16,944



1,135,755


1,139,446





The average number of employees during the year was as follows:


31.12.22


31.12.21


as restated




Sales and administration

31


27





31.12.22


31.12.21


as restated


£   

£   



Directors' remuneration

21,600


21,600





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2





2 directors belong to the Group pension scheme. Contributions paid on their behalf during the year were £40,000 (2021: £40,000).


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


6.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



31.12.22


31.12.21


as restated


£   

£   



Other operating leases

43,000


14,333




Depreciation - owned assets

19,294


19,154




Profit on disposal of fixed assets

(40,636

)

(2,250

)



Computer software amortisation

45,398


-




Auditors' remuneration

70,000


60,000




Foreign exchange differences

(81,993

)

64,058




7.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.12.22


31.12.21


as restated


£   

£   



Bank interest

37,129


383




Bank loan interest

51,715


22,180



88,844


22,563




8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.12.22


31.12.21


as restated


£   

£   



Current tax:


UK corporation tax

239,386


510,991




Corporation tax underprovided in prior year

49,451


-




Total current tax

288,837


510,991





Deferred tax

233,777


48,091




Tax on profit

522,614


559,082




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


8.

TAXATION - continued



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



31.12.22


31.12.21


as restated


£   

£   



Profit before tax

1,822,386


2,748,093




Profit multiplied by the standard rate of corporation tax in the UK of 19 %

(2021 - 19 %)  

346,253


522,138





Effects of:


Expenses not deductible for tax purposes

6,171


3,267




Income not taxable for tax purposes

(83,721

)

(47,500

)



Capital allowances in excess of depreciation

(1,296

)

(1,530

)



Adjustments to tax charge in respect of previous periods

49,451


554




Deferred tax movement  

233,777


48,091




Capital gains tax  

5,321


-




Losses carried forward  

720


-




Taxation on prior year adjustment  

(34,062

)

34,062




Total tax charge

522,614


559,082




9.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



10.

DIVIDENDS


31.12.22


31.12.21


as restated


£   

£   



Ordinary shares of £0.001 each


Interim

86,000


110,000




11.

PRIOR YEAR ADJUSTMENT



A prior period adjustment has been made to both Purchases and Accrued expenses, increasing each to the amount of £179,275 in 2021. The adjustment has been made to correct the recognition of these Purchases in the appropriate accounting period.



The comparative figures have been restated to include these relevant expenses and the associated effect on equity.


JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


12.

INTANGIBLE FIXED ASSETS



Group


Computer


software

£   



COST


At 1 January 2022


and 31 December 2022

181,592




AMORTISATION


Amortisation for year

45,398




At 31 December 2022

45,398




NET BOOK VALUE


At 31 December 2022

136,194




At 31 December 2021

181,592




13.

TANGIBLE FIXED ASSETS



Group


Freehold


Plant and



property


machinery


Totals

£   

£   

£   



COST


At 1 January 2022

1,187,616


195,168


1,382,784




Additions

-


19,309


19,309




At 31 December 2022

1,187,616


214,477


1,402,093




DEPRECIATION


At 1 January 2022

-


144,842


144,842




Charge for year

-


19,294


19,294




At 31 December 2022

-


164,136


164,136




NET BOOK VALUE


At 31 December 2022

1,187,616


50,341


1,237,957




At 31 December 2021

1,187,616


50,326


1,237,942




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


14.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 January 2022


and 31 December 2022

1,921,194




NET BOOK VALUE


At 31 December 2022

1,921,194




At 31 December 2021

1,921,194





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



Jain Group Holdings Ltd


Registered office: Herschel House, 58 Herschel Street, Slough, Berks. SL1 1PG


Nature of business: Holding company


%


Class of shares:

holding



Ordinary

100.00




Jain Estates Limited


Registered office: Herschel House, 58 Herschel Street, Slough, Berks. SL1 1PG


Nature of business: Property investment


%


Class of shares:

holding



Ordinary

100.00




Jainco (UK) Limited


Registered office: Herschel House, 58 Herschel Street, Slough, Berks. SL1 1PG


Nature of business: Wholesale of clothing and footwear


%


Class of shares:

holding



Ordinary

100.00




Brands Edition Limited


Registered office: Herschel House, 58 Herschel Street, Slough, Berks. SL1 1PG


Nature of business: Clothing wholesaler


%


Class of shares:

holding



Ordinary

100.00




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


15.

INVESTMENT PROPERTY



Group


Total

£   



FAIR VALUE


At 1 January 2022

7,413,115




Additions

752,371




Disposals

(674,364

)



Revaluations

400,000




At 31 December 2022

7,891,122




NET BOOK VALUE


At 31 December 2022

7,891,122




At 31 December 2021

7,413,115





Fair value at 31 December 2022 is represented by:

£   



Valuation in 2017

35,914




Valuation in 2018

606,705




Valuation in 2019

161,670




Valuation in 2020

586,796




Valuation in 2021

250,000




Valuation in 2022

400,000




Cost

5,850,037



7,891,122





Investment property was valued on an open market basis on 31 December 2022 by the directors of the company .



Company


Total

£   



FAIR VALUE


At 1 January 2022


and 31 December 2022

2,488,751




NET BOOK VALUE


At 31 December 2022

2,488,751




At 31 December 2021

2,488,751




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


16.

STOCKS



Group



31.12.22


31.12.21



as restated


£   

£   



Stocks

777,952


306,892




17.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.12.22


31.12.21


31.12.22


31.12.21



as restated


as restated


£   

£   

£   

£   



Trade debtors

1,913,687


2,659,344


-


-




Amounts owed by group undertakings

41,988


-


100,000


180,000




Other debtors

1,990,929


1,340,128


-


-




Directors' loan accounts

-


25,671


-


-




VAT

35,294


68,567


-


-




Prepayments and accrued income

-


100,000


-


-



3,981,898


4,193,710


100,000


180,000




18.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.12.22


31.12.21


31.12.22


31.12.21



as restated


as restated


£   

£   

£   

£   



Bank loans and overdrafts (see note 20)

302,978


704,737


-


-




Trade creditors

21,623


52,525


-


-




Amounts owed to group undertakings

41,988


-


2,029,000


2,499,000




Tax

188,698


311,600


70,299


39,236




Social security and other taxes

58,864


73,144


-


-




VAT

-


-


56,000


36,000




Other creditors

214,325


548,974


-


-




Directors' current accounts

53,095


116,164


-


-




Directors' loan accounts

1,663


834


1,663


1,663




Accruals and deferred income

72,750


145,125


30,000


30,000




Accrued expenses

801,203


1,324,221


-


-



1,757,187


3,277,324


2,186,962


2,605,899




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


19.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group



31.12.22


31.12.21



as restated


£   

£   



Bank loans (see note 20)

1,671,703


2,003,191




Other loans (see note 20)

510,000


-



2,181,703


2,003,191




20.

LOANS



An analysis of the maturity of loans is given below:



Group



31.12.22


31.12.21



as restated


£   

£   



Amounts falling due within one year or on

demand:



Bank overdrafts

10,237


451,011




Bank loans

292,741


253,726



302,978


704,737




Amounts falling due between one and two

years:



Bank loans - 1-2 years

1,048,813


1,310,629




Amounts falling due between two and five

years:



Bank loans - 2-5 years

622,890


692,562




Amounts falling due in more than five years:



Repayable by instalments


Other loans - more than 5 years

510,000


-




21.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Non-cancellable operating

leases



31.12.22


31.12.21


as restated


£   

£   



Within one year

21,500


21,500




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


22.

SECURED DEBTS



The following secured debts are included within creditors:



Group



31.12.22


31.12.21



as restated


£   

£   



Bank overdraft

10,237


451,011




Bank loans

1,964,444


2,256,917




Other loans

510,000


-



2,484,681


2,707,928





Bank borrowings and Other loans are secured on investment properties and all other assets of the group.


23.

PROVISIONS FOR LIABILITIES



Group



31.12.22


31.12.21



as restated


£   

£   



Deferred tax

547,401


313,624





Group


Deferred



tax


£   



Balance at 1 January 2022

313,624




Charge to Income Statement during year

233,777




Balance at 31 December 2022

547,401





Deferred tax provision on revaluation of investment properties amounts to £510,271 (2021 £311,602). The balance relates to accelerated capital allowances.


24.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.22


31.12.21


value:


as restated


£   

£   



5,327,908

Ordinary

£0.00

1

5,328


5,328




JAIN GLOBAL HOLDINGS LIMITED (REGISTERED NUMBER: 13362716)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2022


25.

RESERVES



Group


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 1 January 2022

8,461,006


1,328,407


9,789,413




Prior year adjustment

(179,275

)

(179,275

)


8,281,731


9,610,138




Profit for the year

1,299,772


1,299,772




Dividends

(86,000

)

(86,000

)



Revaluation in year

(202,407

)

202,407


-




At 31 December 2022

9,293,096


1,530,814


10,823,910





Company


Retained


earnings

£   




At 1 January 2022

2,068,136




Profit for the year

380,196




Dividends

(86,000

)



At 31 December 2022

2,362,332





Other reserves relate to revaluations of investment properties and are not distributable. The revaluation in year is shown after deduction of deferred tax.


26.

PENSION COMMITMENTS



During the year, the group made pension contributions of £61,244 (2021: £56,944). As at the year end, there


were unpaid pension contributions of £6,999 (2021: £8,992).


27.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



At the beginning of the accounting period a director had an advance brought forward of £26,500. This balance was repaid during the year.