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Registered number: 02222834










JAGUAR BUILDING SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
JAGUAR BUILDING SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
P Roberts 
D Roberts 




Company secretary
D Roberts



Registered number
02222834



Registered office
6 Gracechurch Street
London

EC3V 0AT




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
JAGUAR BUILDING SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 26


 
JAGUAR BUILDING SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present their strategic report for the year ended 31 March 2023.

Business review
 
Our concentration on building services maintenance opportunities for static sites in the City, West End and Canary Wharf remains unchanged. This year turnover increased to £69.5M (£62M last year) through growth both across our core business activities and our expanding projects division.  
Mid-year contract additions accounted for approximately 16% of the core business growth this year.  These were mostly from new clients and the business development team are dealing with a continually high volume of tenders both for existing contract renewals and further new business.  
This, along with our strong and diversified portfolio of clients, excellent retention rates and ongoing multiyear contracts bode well for the coming year.  
The projects team have enjoyed enormous success this year, and as their reach and reputation are growing so are the number of bidding opportunities being brought to the company. The team are also bidding on larger and more complex individual jobs with success.    

Principal risks and uncertainties
 
Staff recruitment and retention is key and, working in collaboration with many of our loyal clients, we’ve honed our staff packages to respond the recent cost of living crisis and market conditions, to ensure, as far as possible, that our client contracts are consistently well managed and staffed by well supported employees.  
This year we elected to award salary increases just below inflation and significantly higher than the allowances set out within our client contracts. We have also made significant improvements to our employee benefits.  These measures appear to have reduced our recruitment challenges. Whilst the increased labour costs have impacted on our short-term profitability, going forward they are being reflected within our renewal costs. 

Financial key performance indicators
 
The 2022-23 turnover of £69.5M was a significant increase on the 2021-22 £62M. This was accomplished through a combination of 9% growth in the our core business but also from additional projects works which increased by 33% from £4.4M up to £6.5M. Additional new term contracts that commenced during the last year represented 16% of core growth, putting us in good stead heading into 2023-24.
Gross profit of 15.4% was slightly down from 17% in the previous year and PBIT decreased from 6.1% to 4.7%.  

Page 1

 
JAGUAR BUILDING SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors are committed to achieving ethical growth. Decisions are given due consideration and take into account the interests of all of our stakeholders including our customers, our staff, our suppliers and our specialist sub-contractors, all of whom impact our ability to deliver service and retain our customers.
The company continues to support the local community through its support of the Ivy Street Centre which supports underprivileged families in the Hoxton Area. We’ve also made generous donations to The Trussell Trust who seed and support UK foodbanks.
As Building Services Maintenance Specialists we actively seek to identify and action energy saving initiatives within our own offices and those of our customers. We support many of our customers in retaining Breeam status for their buildings.
The shareholders continue to seek appropriate and responsible levels of renumeration commensurate with maintaining a healthy cash position and a resilient balance sheet.
The business has strong procedures in place to manage debtors and cashflow.
The business procures a broad spectrum of goods from a large number of suppliers. We pay suppliers on time and have strong procedures in place to ensure that our relationship with our suppliers mirror our relationship with our own customers. 


This report was approved by the board on 23 November 2023 and signed on its behalf.





P Roberts
Director

Page 2

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,633,912 (2022 - £3,097,651).

During the year the company declared dividends amounting to £1,150,000 (2022: £1,270,000).

Directors

The directors who served during the year were:

P Roberts 
D Roberts 

Page 3

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Future developments

Our “Apprise” management software has been well received and we continue to develop additional content for our client and staff users. Our health and safety task management upgrade is now complete and is being testing prior to roll out across the business. 
We have commenced the development of our customer energy monitoring dashboard to enable receipt of real time energy consumption data from multiple platforms. This will allow Apprise to produce portfolio consumption league tables for our multi-site customers. 
Lastly, we aim to remain at the forefront of innovational technologies and will invest time into LoRaWAN connectivity for IoT devices and the development of our data analytic expertise.

Employee engagement

Our staff inductions provide all joiners with a thorough grounding on the company background, our culture, and our aims for the company and the opportunities that it affords them.  
We support and encourage our staff to undertake professional training or re-train in other areas related to our core business or their own specialism. 
Account managers will visit sites and keep in touch with staff on a regular basis thereafter but head office is always open to all staff.
Our quarterly company newsletter provides business updates, introduces new sites and contains regular content focused on operational staff. There are also features on health and wellbeing and we have company “champions” who promote the benefits of our extensive PMI scheme.  
We partner with an employee benefits advisory who provide a variety of financial guidance and products free of charge to staff as well as administering all of our staff package policies.   
We hold two annual all-staff events that are attended by the company directorate and often future bookings are driven from the staff feedback that we receive.
At the end of 2022-23 we conducted a full staff survey to give all employees an opportunity to express the views on our culture and their experience within the company. We expect to implement changes in our practices and offerings based upon the findings. 

Engagement with suppliers, customers and others

Customer Satisfaction / Service Delivery
Our customer satisfaction review interviews provide invaluable feedback and enable us to react to concerns before they become issues. They also share and build upon positive aspects of clients experiences. Our Customer Service representatives aim to visit, or offer to visit, every customer each year. The client responses always generate further actions and are a part of our continually evolving service to our customers.
Fraud Prevention
The company follow rigid protocols to prevent fraud. We have from time to time employed an external agency to further raise awareness amongst our workforce. Accounts staff are kept abreast of developing fraud strategies through our bankers and financial services providers and regularly attend briefings on current alerts.  Stringent controls within our supplier acceptance process prevent potential fraudsters from being added to our purchase ledger. Multi-layer payment approval methods are employed to protect against loss of funds.

Page 4

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disabled employees

Full and fair consideration is given to the employment of disabled persons, having regard to their particular aptitude and abilities. 
Wherever possible, continuous employment is provided for employees, who become disabled, with appropriate arrangements for re-training being made where necessary.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company is currently undertaking an exercise in calculating their total energy consumption (scope 1, 2 & 3 emissions) to achieve ISO 50001 accreditation.  
Once all the data has been collected, the environmental impact of the business will be reviewed. A plan will then be formulated to evaluate performance and monitor and track future improvements as per ISO 50001.

Based on manual meter readings, head office electrical consumption was 47,146 kWh (9,763 kgCO2e based on 0.207074 carbon factor) for the period Apr 2022 – Mar 2023. This is a 4.56% decrease from the previous year of 49,400 kWh (10,489 kgCO2e based on 0.21233 carbon factor).
During the current reporting period, the office head count has increased from 92 to 98. Based on this occupancy metric, the kWh/person/year has improved from 536 to 481. Electricity in the building is from 100% REGO backed renewable electricity.

This data is now obtained via an AMR system, installed in May 2023, to monitor head office lighting & power consumption. This will improve the accuracy and reliability of data collected.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no post-balance sheet events to take into account in preparing the statement of financial position as at 31 March 2023.

This report was approved by the board on 23 November 2023 and signed on its behalf.
 





P Roberts
Director

Page 5

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED
 

Opinion


We have audited the financial statements of Jaguar Building Services Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 6

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 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 material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED (CONTINUED)


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 an Auditors' 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Health and Safety at Work, the Building Regulations and various requirements such as CORGI registration, Defra, Construction Industry Scheme, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, corporation tax, payroll tax and VAT. 
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 
- Inspecting correspondence with regulators and tax authorities; 
- Evaluating management’s controls designed to prevent and detect irregularities; 
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions, postings at specific or unusual points in time; and 
- Challenging assumptions and judgements made by management in their critical accounting estimates


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 8

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED (CONTINUED)


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 2006Our 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 an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jake Pearlman (Senior Statutory Auditor)
  
for and on behalf of
Haysmacintyre LLP
 
Statutory Auditors
  
10 Queen Street Place
London
EC4R 1AG

23 November 2023
Page 9

 
JAGUAR BUILDING SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
69,501,293
62,761,566

Cost of sales
  
(58,768,387)
(52,112,281)

Gross profit
  
10,732,906
10,649,285

Administrative expenses
  
(7,497,093)
(6,790,354)

Operating profit
 5 
3,235,813
3,858,931

Interest receivable and similar income
  
8,627
364

Profit before tax
  
3,244,440
3,859,295

Tax on profit
 9 
(610,528)
(761,644)

Profit for the financial year
  
2,633,912
3,097,651

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 26 form part of these financial statements.

Page 10

 
JAGUAR BUILDING SERVICES LIMITED
REGISTERED NUMBER: 02222834

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
364,746
431,052

  
364,746
431,052

Current assets
  

Debtors: amounts falling due within one year
 12 
13,654,243
14,159,780

Cash at bank and in hand
 13 
6,624,872
3,512,502

  
20,279,115
17,672,282

Creditors: amounts falling due within one year
 14 
(10,751,778)
(9,697,594)

Net current assets
  
 
 
9,527,337
 
 
7,974,688

Total assets less current liabilities
  
9,892,083
8,405,740

Provisions for liabilities
  

Deferred tax
 15 
(25,197)
(49,266)

  
 
 
(25,197)
 
 
(49,266)

Net assets
  
9,866,886
8,356,474


Capital and reserves
  

Called up share capital 
 16 
86,500
60,000

Profit and loss account
 17 
9,780,386
8,296,474

  
9,866,886
8,356,474


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 November 2023.




P Roberts
Director

The notes on pages 15 to 26 form part of these financial statements.

Page 11

 
JAGUAR BUILDING SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
60,000
6,468,823
6,528,823



Profit for the year
-
3,097,651
3,097,651

Dividends: Equity capital
-
(1,270,000)
(1,270,000)



At 1 April 2022
60,000
8,296,474
8,356,474


Comprehensive income for the year

Profit for the year
-
2,633,912
2,633,912

Dividends: Equity capital
-
(1,150,000)
(1,150,000)

Shares issued during the year
26,500
-
26,500


At 31 March 2023
86,500
9,780,386
9,866,886


The notes on pages 15 to 26 form part of these financial statements.

Page 12

 
JAGUAR BUILDING SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,633,912
3,097,651

Adjustments for:

Depreciation of tangible assets
225,438
225,375

Interest received
(8,627)
(364)

Taxation charge
610,528
761,644

Decrease/(increase) in debtors
505,538
(5,235,961)

Increase in creditors
1,169,586
1,363,414

Corporation tax (paid)
(750,000)
(450,000)

Net cash generated from operating activities

4,386,375
(238,241)


Cash flows from investing activities

Purchase of tangible fixed assets
(159,132)
(126,537)

Interest received
8,627
364

Net cash from investing activities

(150,505)
(126,173)

Cash flows from financing activities

Issue of ordinary shares
26,500
-

Dividends paid
(1,150,000)
(1,270,000)

Net cash used in financing activities
(1,123,500)
(1,270,000)

Net increase/(decrease) in cash and cash equivalents
3,112,370
(1,634,414)

Cash and cash equivalents at beginning of year
3,512,502
5,146,916

Cash and cash equivalents at the end of year
6,624,872
3,512,502


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,624,872
3,512,502

6,624,872
3,512,502


The notes on pages 15 to 26 form part of these financial statements.

Page 13

 
JAGUAR BUILDING SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

3,512,502

3,112,370

6,624,872

Debt due within 1 year

(1,456)

(6,599)

(8,055)


3,511,046
3,105,771
6,616,817

The notes on pages 15 to 26 form part of these financial statements.

Page 14

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Jaguar Buildings Services Limited is a private company limited by shares incorporated in England and Wales. Further information regarding the company is given in the company information page and Strategic Report.

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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the date of approval of these financial statements, the Company has positive net assets. The directors have reviewed the cash flow forecast for the business for the next 12 months and have assessed that there is a reasonable expectation that the Company will have sufficient financial resources to continue in operational existence for the foreseeable future and to meet its liabilities as they fall due.
The directors have therefore concluded that it is appropriate that the financial statements of the Company should be prepared on a going concern basis.

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
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.

 
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.

Page 16

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Over the life of the lease (10 years)
Plant and machinery
-
20%
Straight Line
Motor vehicles
-
20%
Straight Line
Office equipment
-
20%
Straight line
Computer equipment
-
25%
Straight Line

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

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.

 
2.9

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

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.

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.12

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Page 17

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 18

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

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.

Page 19

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
Estimated useful life of intangibles, property, plant and equipment and impairment testing
The Company estimates the useful life and residual values of intangible assets, property, plant and equipment and reviews these estimates at each financial year end. The Company also tests for impairment when a trigger event occurs, or annually, as appropriate.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Contractual maintenance
44,891,243
41,862,985

Additional project work
24,610,050
20,898,581

69,501,293
62,761,566


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
383,844
407,401

Deprecation of tangible fixed assets
225,438
225,375

Defined contribution pension cost
740,430
662,877


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
25,250
21,000

Fees payable to the Company's auditor in respect of:

Taxation compliance services
4,350
3,800

Other services relating to taxation
5,000
3,300

All other services
-
2,500
Page 20

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
25,521,744
23,367,254

Social security costs
3,028,594
2,573,439

Cost of defined contribution scheme
740,430
662,877

29,290,768
26,603,570


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


        2023
        2022
            No.
            No.







Directors
2
2



Administration
90
80



Maintenance
396
394

488
476


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
90,552
90,552

Company contributions to defined contribution pension schemes
4,918
8,432

95,470
98,984


Page 21

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
661,077
757,019

Adjustments in respect of previous periods
(26,480)
11,734


634,597
768,753


Total current tax
634,597
768,753

Deferred tax


Origination and reversal of timing differences
(14,489)
(24,911)

Changes to tax rates
(9,580)
17,802

Total deferred tax
(24,069)
(7,109)


Taxation on profit on ordinary activities
610,528
761,644

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
3,244,440
3,859,295


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
631,176
733,266

Effects of:


Expenses not deductible for tax purposes
14,294
12,804

Capital allowances for year in excess of depreciation
(2,686)
(1,505)

Adjustments to tax charge in respect of prior periods
(26,480)
11,734

Remeasurement of deferred tax for
 changes in tax rates
(5,776)
11,825

Movement in deferred tax not recognised
-
(6,480)

Total tax charge for the year
610,528
761,644

Page 22

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

The corporation tax rate is 19% for the current year. In the Budget, published on 3 March 2021, the government announced that the corporation tax rate would increase to 25% from 1 April 2023.


10.


Dividends

2023
2022
£
£


Ordinary dividends
1,150,000
1,270,000

1,150,000
1,270,000


11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
287,746
65,395
493,155
436,171
1,282,467


Additions
48,612
34,574
6,328
69,618
159,132



At 31 March 2023

336,358
99,969
499,483
505,789
1,441,599



Depreciation


At 1 April 2022
205,924
47,859
286,540
311,092
851,415


Charge for the year on owned assets
41,374
16,941
63,092
104,031
225,438



At 31 March 2023

247,298
64,800
349,632
415,123
1,076,853



Net book value



At 31 March 2023
89,060
35,169
149,851
90,666
364,746



At 31 March 2022
81,822
17,536
206,615
125,079
431,052

Page 23

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Debtors

2023
2022
£
£


Trade debtors
9,214,493
11,382,670

Other debtors
2,573,787
1,379,979

Prepayments and accrued income
1,865,963
1,397,131

13,654,243
14,159,780


Included within other debtors is a rent deposit of £178,913 (2022: £178,913) falling due after more than one year.


13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,624,872
3,512,502

6,624,872
3,512,502



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,268,352
3,872,200

Corporation tax
486,581
601,984

Other taxation and social security
1,717,035
1,779,052

Other creditors
555,244
653,909

Accruals and deferred income
3,724,566
2,790,449

10,751,778
9,697,594


Page 24

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Deferred taxation




2023


£






At beginning of year
(49,266)


Charged to profit or loss
24,069



At end of year
(25,197)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(65,966)
(80,455)

Short term timing differences
40,769
31,189

(25,197)
(49,266)


Deferred taxation has been calculated at 25.00% (2022: 19.00%).


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,000,000 (2022 - 60,000) A Ordinary shares of £0.01 each (2022 - £1.00)
60,000
60,000
2,650,000 B Ordinary shares of £0.01 each
26,500
-

86,500

60,000


On 01 April 2022, the Ordinary shares were sub-divided and re-designated into 6,000,000 A Ordinary shares of £0.01 each. 
On 04 July 2022, there was a bonus share issue of 2,650,000 B Ordinary shares at £0.01 each.


17.


Reserves

Profit and loss account

Relates to the accumulated surpluses of the company.

Page 25

 
JAGUAR BUILDING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £740,430 (2022: £662,877). Contributions totaling £163,077 (2022: £124,756) were payable to the fund at the reporting date and are included in creditors.


19.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
382,193
382,193

Later than 1 year and not later than 5 years
742,429
1,124,622

1,124,622
1,506,815


20.


Related party transactions

Included in other creditors is an amount due to P Roberts totalling £8,055 (2022: £1,456).
G Roberts (daughter of P Roberts) is employed by Jaguar Building Services Limited and paid at a market rate.


21.


Controlling party

The ultimate controlling party is considered to be P Roberts.

Page 26