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Registration number: 08179473

JAG-PL Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

JAG-PL Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

JAG-PL Ltd

Company Information

Directors

Mr Andrew Ian Glynne

Mr Joseph Lee Glynne

Registered office

1 Pank Avenue
New Barnet
Herts
EN5 1NF

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

JAG-PL Ltd

(Registration number: 08179473)
Balance Sheet as at 31 August 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

7,609

9,819

Investment property

6

1,470,000

1,359,385

 

1,477,609

1,369,204

Current assets

 

Debtors

7

8,525

-

Cash at bank and in hand

 

18,196

15,785

 

26,721

15,785

Creditors: Amounts falling due within one year

8

(303,661)

(315,046)

Net current liabilities

 

(276,940)

(299,261)

Total assets less current liabilities

 

1,200,669

1,069,943

Creditors: Amounts falling due after more than one year

8

(1,081,507)

(1,056,445)

Provisions for liabilities

(25,610)

-

Net assets

 

93,552

13,498

Capital and reserves

 

Called up share capital

12

100

100

Retained earnings

93,452

13,398

Shareholders' funds

 

93,552

13,498

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

Directors' responsibilities:

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

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

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

JAG-PL Ltd

(Registration number: 08179473)
Balance Sheet as at 31 August 2023 (continued)

These financial statements were approved and authorised for issue by the Board on 25 January 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Ian Glynne
Director

 

JAG-PL Ltd

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

1

General information

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

The address of its registered office is:
1 Pank Avenue
New Barnet
Herts
EN5 1NF
United Kingdom

These financial statements were authorised for issue by the Board on 25 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

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

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

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 3 (2022: 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,537

3,273

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 September 2022

16,648

Additions

327

At 31 August 2023

16,975

Depreciation

At 1 September 2022

6,829

Charge for the year

2,537

At 31 August 2023

9,366

Carrying amount

At 31 August 2023

7,609

At 31 August 2022

9,819

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

6

Investment properties

(As restated)
2023
£

At 1 September

1,359,385

Fair value adjustments

110,615

At 31 August

1,470,000

The fair value of the investment properties at the balance sheet date was £1,470,000 (2022: £1,359,385). The fair value of the investment properties were assessed internally by the directors at the year end. There has been no valuation of investment properties by an independent valuer.

7

Debtors

2023
£

2022
£

Other debtors

8,525

-

8,525

-

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Taxation and social security

 

-

39

Other creditors

 

400

4,092

Accrued expenses

 

3,000

1,440

Corporation tax payable

 

2,740

667

Directors current account

 

297,521

308,808

 

303,661

315,046

Due after one year

 

Loans and borrowings

9

1,081,507

1,056,445

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

9

Loans and borrowings

Note

2023
£

(As restated)

2022
£

Non-current loans and borrowings

Bank borrowings

 

1,029,237

994,176

Other borrowings

11

52,270

62,269

 

1,081,507

1,056,445

Bank loans are secured by a charge against freehold properties held by the company. The loans are all interest payable only loans and repayable over 25 years.

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £144.22 (2022 - £94.80) per ordinary share

 

14,422

 

9,480

         

11

Related party transactions

Other borrowings includes a balance of £30,000 (2022: £40,000) owed by related parties where there are common directors.

Other debtors includes a balance of £8,525 (2022: £Nil) owed by related parties where there are common directors.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

5,320

25,670

 

JAG-PL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

12

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

13

Ultimate controlling party

There is not one ultimate controlling party.

14

Prior period adjustment

The comparative numbers have been restated to include loan arrangement fees of £8,500 previously ommitted from the cost of the investment properties and bank borrowings. This reclassification has no impact on the company's results or retained earnings.