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COMPANY REGISTRATION NUMBER: 05073716
JOLENEVI LTD
Filleted Unaudited Financial Statements
31 March 2023
JOLENEVI LTD
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
10,000
23,819
Tangible assets
6
4,484,725
5,242,604
Investments
7
200,000
------------
------------
4,494,725
5,466,423
Current assets
Stocks
94,636
108,468
Debtors
8
958,284
943,003
Cash at bank and in hand
450,180
430,928
------------
------------
1,503,100
1,482,399
Creditors: amounts falling due within one year
9
217,032
205,994
------------
------------
Net current assets
1,286,068
1,276,405
------------
------------
Total assets less current liabilities
5,780,793
6,742,828
Creditors: amounts falling due after more than one year
10
1,854,191
1,885,058
Provisions
Taxation including deferred tax
686,098
709,651
------------
------------
Net assets
3,240,504
4,148,119
------------
------------
JOLENEVI LTD
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,240,404
4,148,019
------------
------------
Shareholders funds
3,240,504
4,148,119
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:
Mrs J Nanthabalan
Director
Company registration number: 05073716
JOLENEVI LTD
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Flat 22 Jeeva Mansions, 135 Shacklewell Lane, London, N16 7RW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Short lease
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
18% reducing balance
Fixtures and fittings
-
25% reducing balance
Freehold land and building - Depreciation not provided
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Goodwill
Short lease
Total
£
£
£
Cost
At 1 April 2022
100,000
19,099
119,099
Additions
Transfers
( 19,099)
( 19,099)
---------
--------
---------
At 31 March 2023
100,000
100,000
---------
--------
---------
Amortisation
At 1 April 2022
80,000
15,280
95,280
Charge for the year
10,000
10,000
Transfers
( 15,280)
( 15,280)
---------
--------
---------
At 31 March 2023
90,000
90,000
---------
--------
---------
Carrying amount
At 31 March 2023
10,000
10,000
---------
--------
---------
At 31 March 2022
20,000
3,819
23,819
---------
--------
---------
Value of goodwill acquired was agreed with HMRC in November 2017.
Intangible assets held at valuation
There was no material change in the value of intangible assets at 31 March 2023.
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 April 2022
5,229,911
10,845
42,281
5,283,037
Revaluations
( 774,010)
( 774,010)
Transfers
19,099
19,099
------------
--------
--------
------------
At 31 March 2023
4,475,000
10,845
42,281
4,528,126
------------
--------
--------
------------
Depreciation
At 1 April 2022
7,913
32,520
40,433
Charge for the year
528
2,440
2,968
------------
--------
--------
------------
At 31 March 2023
8,441
34,960
43,401
------------
--------
--------
------------
Carrying amount
At 31 March 2023
4,475,000
2,404
7,321
4,484,725
------------
--------
--------
------------
At 31 March 2022
5,229,911
2,932
9,761
5,242,604
------------
--------
--------
------------
Tangible assets held at valuation
The investment properties both freehold and leasehold were valued at £4,475,000 in March 2023 by the independent valuer Mr Roshan Sivapalan, Chartered Surveyor and RICS Registered Valuer.
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022
200,000
Disposals
( 200,000)
---------
At 31 March 2023
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
200,000
---------
The investments of £200,000 which were not recoverable had been written off.
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
889,309
889,309
Other debtors
68,975
53,694
---------
---------
958,284
943,003
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,110
30,000
Trade creditors
100,575
90,537
Corporation tax
23,790
30,775
Social security and other taxes
17,922
5,458
Other creditors
43,635
49,224
---------
---------
217,032
205,994
---------
---------
Bank loan of £31,110 (2022 - £30,000) and the bank loans of the parent company Tivejolen Ltd are secured by fixed and floating charges over the company's assets and negative pledge.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,854,191
1,885,058
------------
------------
Bank loans £1,854,191 (2022 - £1,885,058) of and the bank loans of the parent company Tivejolen Ltd are secured by fixed and floating charges over the company's assets and negative pledge.
11. Controlling party
The company's holding company is Tivejolen Ltd whose address of the registered office is Flat 22, Jeeva Mansions, 135 Shacklewell Lane, London, England N16 7RW. The ultimate controlling party is Mrs J Nanthabalan by virtue of his controlling interests.