Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
COMPANY INFORMATION
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JAGUAR BUILDING SERVICES LIMITED
CONTENTS
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JAGUAR BUILDING SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their strategic report for the year ended 31 March 2023.
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.
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.
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%.
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JAGUAR BUILDING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
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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.
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 2006. They 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.
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).
The directors who served during the year were:
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JAGUAR BUILDING SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
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.
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.
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JAGUAR BUILDING SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Wherever possible, continuous employment is provided for employees, who become disabled, with appropriate arrangements for re-training being made where necessary.
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.
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
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JAGUAR BUILDING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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JAGUAR BUILDING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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JAGUAR BUILDING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED (CONTINUED)
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.
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JAGUAR BUILDING SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAGUAR BUILDING SERVICES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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JAGUAR BUILDING SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
REGISTERED NUMBER: 02222834
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 26 form part of these financial statements.
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JAGUAR BUILDING SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
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:
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.
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (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:
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.
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
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (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
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (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.
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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.
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
9.Taxation (continued)
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.
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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.
Profit and loss account
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JAGUAR BUILDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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.
The ultimate controlling party is considered to be P Roberts.
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