Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22022-01-01falseThe principal activity of the group continued to be that of manufacturers, wholesalers, importers and exporters of clothing.2false 12344781 2022-01-01 2022-12-31 12344781 2021-01-01 2021-12-31 12344781 2022-12-31 12344781 2021-12-31 12344781 c:Director1 2022-01-01 2022-12-31 12344781 c:Director2 2022-01-01 2022-12-31 12344781 d:PlantMachinery 2022-01-01 2022-12-31 12344781 d:MotorVehicles 2022-01-01 2022-12-31 12344781 d:FurnitureFittings 2022-01-01 2022-12-31 12344781 d:FurnitureFittings 2022-12-31 12344781 d:FurnitureFittings 2021-12-31 12344781 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12344781 d:OfficeEquipment 2022-01-01 2022-12-31 12344781 d:ComputerEquipment 2022-01-01 2022-12-31 12344781 d:ComputerEquipment 2022-12-31 12344781 d:ComputerEquipment 2021-12-31 12344781 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12344781 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12344781 d:LeaseholdInvestmentProperty 2022-12-31 12344781 d:LeaseholdInvestmentProperty 2021-12-31 12344781 d:CurrentFinancialInstruments 2022-12-31 12344781 d:CurrentFinancialInstruments 2021-12-31 12344781 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12344781 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12344781 d:ShareCapital 2022-12-31 12344781 d:ShareCapital 2021-12-31 12344781 d:RetainedEarningsAccumulatedLosses 2022-12-31 12344781 d:RetainedEarningsAccumulatedLosses 2021-12-31 12344781 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 12344781 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 12344781 c:FRS102 2022-01-01 2022-12-31 12344781 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12344781 c:FullAccounts 2022-01-01 2022-12-31 12344781 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12344781 d:Subsidiary1 2022-01-01 2022-12-31 12344781 d:Subsidiary1 1 2022-01-01 2022-12-31 12344781 d:Subsidiary2 2022-01-01 2022-12-31 12344781 d:Subsidiary2 1 2022-01-01 2022-12-31 12344781 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 12344781









JON ADAM GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
JON ADAM GROUP LIMITED
REGISTERED NUMBER: 12344781

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,302
25,657

Investments
 5 
1
1

Investment property
 6 
5,436,825
5,436,825

  
5,453,128
5,462,483

Current assets
  

Debtors: amounts falling due within one year
 7 
86,998
358,128

Cash at bank and in hand
 8 
749,222
536,802

  
836,220
894,930

Creditors: amounts falling due within one year
  
(6,235,609)
(6,095,816)

Net current liabilities
  
 
 
(5,399,389)
 
 
(5,200,886)

Total assets less current liabilities
  
53,739
261,597

  

Net assets
  
53,739
261,597


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
53,737
261,595

  
53,739
261,597


Page 1

 
JON ADAM GROUP LIMITED
REGISTERED NUMBER: 12344781
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




G J Gold
M R Laub
Director
Director


Date: 16 October 2023
Date:16 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Jon Adam Group Limited ("the company") is a private company limited by shares and is incorporated and domiciled in England. The company's business address is Unit 2, 2 Centric Close, Oval Road, London NW1 7EP.

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 financial statements are presented in Sterling, which is the functional currency of the company and group. Monetary amounts in the financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 Company 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

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

Page 4

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

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.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance

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. 

 
2.8

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

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.

 
2.11

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.

Page 5

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company 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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.15

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.


Employees

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


        2022
        2021
            No.
            No.







Management
2
2

Page 6

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
23,445
12,875
36,320


Disposals
(8,248)
-
(8,248)



At 31 December 2022

15,197
12,875
28,072



Depreciation


At 1 January 2022
8,088
2,575
10,663


Charge for the year on owned assets
2,016
2,060
4,076


Disposals
(2,969)
-
(2,969)



At 31 December 2022

7,135
4,635
11,770



Net book value



At 31 December 2022
8,062
8,240
16,302



At 31 December 2021
15,357
10,300
25,657

Page 7

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Jon Adam (Holdings) Limited
101 New Cavendish Street, London, W1W 6XH
Ordinary
100%
Jon Adam Limited (held by a subsidiary undertaking)
101 New Cavendish Street, London, W1W 6XH
Ordinary
100%

Jon Adam Clothing (Europe) Limited, a subsidiary of Jon Adam (Holdings) Limited, was disposed of in the year.

The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Jon Adam (Holdings) Limited
1,355,923
(118,118)

Jon Adam Limited (held by a subsidiary undertaking)
(91,094)
(13,168)


6.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2022
5,436,825



At 31 December 2022
5,436,825

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







Page 8

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£


Trade debtors
30,917
2,249

Amounts owed by group undertakings
1,201
1

Prepayments and accrued income
54,880
228,779

Deferred taxation
-
127,099

86,998
358,128



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
749,222
536,802

749,222
536,802



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
28,338
54,021

Amounts owed to group undertakings
6,000,000
6,000,000

Other taxation and social security
11,966
6,017

Other creditors
542
-

Accruals and deferred income
194,763
35,778

6,235,609
6,095,816


Page 9

 
JON ADAM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Deferred taxation




2022


£






At beginning of year
127,099


Charged to profit or loss
(127,099)



At end of year
-

The deferred tax asset is made up as follows:

2022
2021
£
£


Tax losses carried forward
-
127,099

-
127,099


11.Other financial commitments

There is a cross guarantee and debentures between Jon Adam Limited and Jon Adam (Holdings) Limited (two subsidiary companies) to HSBC UK Bank Plc, the company's bankers. As at 31 December 2022, Jon Adam (Holdings) Limited did not have any bank loans or overdrawn balances.
The company's bankers, HSBC UK Bank Plc, have given a guarantee of £200,000 on behalf of the company in favour of HM Revenue and Customs. A separate class guarantee facility exists allowing the Company to request the issue of bank guarantees to a maximum of £100,000. 

 
Page 10