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Registration number: 11901408

Jade Capital Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Jade Capital Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Jade Capital Ltd

Company Information

Directors

Mr N J R Aston

Mrs L J Aston

Registered office

76 Canterbury Road
Croydon
Surrey
CR0 3HA

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Jade Capital Ltd

(Registration number: 11901408)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,607

17,365

Investment property

5

1,200,000

1,200,000

Investments

6

10

10

 

1,208,617

1,217,375

Current assets

 

Debtors

8

601,022

293,386

Other financial assets

7

322,603

146,295

Cash at bank and in hand

 

917,860

1,089,677

 

1,841,485

1,529,358

Creditors: Amounts falling due within one year

9

(1,612,446)

(2,033,148)

Net current assets/(liabilities)

 

229,039

(503,790)

Total assets less current liabilities

 

1,437,656

713,585

Creditors: Amounts falling due after more than one year

9

(832,819)

(42,667)

Provisions for liabilities

(42,541)

(17,854)

Net assets

 

562,296

653,064

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

117,981

75,688

Profit and loss account

444,215

577,276

Total equity

 

562,296

653,064

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:

.........................................
Mr N J R Aston
Director

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
76 Canterbury Road
Croydon
Surrey
CR0 3HA
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Straight Line

Office equipment

33% Straight Line

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably 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 on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

44,223

44,223

At 31 March 2023

44,223

44,223

Depreciation

At 1 April 2022

26,858

26,858

Charge for the year

8,758

8,758

At 31 March 2023

35,616

35,616

Carrying amount

At 31 March 2023

8,607

8,607

At 31 March 2022

17,365

17,365

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment properties

2023
£

2022
£

At 1 April 2022

1,200,000

1,110,000

Fair value adjustments

-

90,000

At 31 March 2023

1,200,000

1,200,000

The investment property was revalued on 31 March 2023 at fair value by the director of the company who is not a professionally qualified valuer. In the opinion of the director, the fair value of the investment property is £1,200,000 as at 31 March 2023.

There has been no valuation of the investment property by an independent valuer.

The historic cost of the investment property is £1,157,470 (2022 - £1,157,470). The depreciation on this historic cost is £Nil (2022 - £Nil).

6

Investments

2023
£

2022
£

Investments in subsidiaries

10

10

Subsidiaries

£

Cost or valuation

At 1 April 2022

10

Carrying amount

At 31 March 2023

10

At 31 March 2022

10

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Hampstead Land Ltd

19 Back Lane
London
England
NW3 1HL
United Kingdom

Ordinary

50%

50%

Subsidiary undertakings

Hampstead Land Ltd

The principal activity of Hampstead Land Ltd is development of building projects. Its financial period end is 30 June. The last accounts prepared was for the year ended 30 June 2022. The loss for the financial period June 2022 was (£1,203) and the aggregate amount of capital and reserves at the end of the period was (£1,183).

7

Other financial assets

Unlisted investments
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2022

146,295

146,295

Fair value adjustments

67,076

67,076

Additions

109,232

109,232

At 31 March 2023

322,603

322,603

Carrying amount

At 31 March 2023

322,603

322,603

At 31 March 2022

146,295

146,295

The historic cost of the unlisted investment is £204,616 (2022: £95,384).

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

318,122

50,080

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

121,815

120,715

Prepayments and accrued income

 

71,120

27,280

Other debtors

 

89,965

95,311

 

601,022

293,386

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Details of other debtors

Other debtors includes two loans totaling £81,431 provided by the company. The interest receivable on these loans varies and payable on the redemption date.

The two loans do not have a fixed repayment date as at the balance sheet date. However, one of the loans has been partially repaid in June 2023.


 

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,618

6,618

Trade creditors

 

90,386

20,812

Amounts owed to group undertakings

 

10

10

Taxation and social security

 

64,799

63,131

Accruals and deferred income

 

59,737

1,752

Other creditors

 

1,625

(44)

Corporation tax

 

27,606

102,283

Other related parties

11

1,361,665

1,838,586

 

1,612,446

2,033,148

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

832,819

42,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,618

6,618

Bank borrowings
One of the bank borrowings is secured by way of legal charge over the investment property owned by the company.

 

Jade Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Other transactions with directors
Mr N J R Aston
(Director and shareholder)

During the year, dividends totalling to £237,950 were paid to Mr N J R Aston. (2022: £140,540)

Mr N J R Aston has provided an interest free loan to the company, which is repayable on demand.

At the balance sheet date, the amount due to Mr N J Aston was £1,361,665 (2022: £1,838,586).

Summary of transactions with all subsidiaries
Hampstead Land Ltd
50% subsidiary undertaking

The company is a 50% subsidiary undertaking of Hampstead Land Ltd which is a company registered in England. In addition, Mr N J R Aston is also director in Hampstead Land Ltd.

At the balance sheet date, the amount due from Hampstead Land Ltd was £121,815 (2022: £120,715).

The loan is interest free and repayable on demand.