Company Registration No. SC340626 (Scotland)
JAB Investments Limited
unaudited financial statements
for the year ended 30 June 2023
Pages for filing with Registrar
JAB Investments Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JAB Investments Limited
Balance sheet
as at 30 June 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
829,813
829,813
Current assets
Debtors
5
100
100
Creditors: amounts falling due within one year
6
(827,218)
(827,218)
Net current liabilities
(827,118)
(827,118)
Net assets
2,695
2,695
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,595
2,595
Total equity
2,695
2,695
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
Mr C Black
Director
Company Registration No. SC340626
JAB Investments Limited
Notes to the financial statements
for the year ended 30 June 2023
- 2 -
1
Accounting policies
Company information
JAB Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Clairmont Gardens, Glasgow, G3 7LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Dividend and interest income
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time bases, by reference to the principal outstanding and the effective interest rate applicable.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
JAB Investments Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
JAB Investments Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
None of the directors received a salary in either year.
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
829,813
829,813
Fixed asset investments not carried at fair value
The fixed asset investments comprise solely the investments in subsidiaries of the company. The value in the financial statements is historical cost and the directors consider this to be the fair value of the investments.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2022 & 30 June 2023
829,813
Carrying amount
At 30 June 2023
829,813
At 30 June 2022
829,813
4
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered office
Class of shares held
% Held
Direct
JAB Media Limited
Scotland
Ordinary
100
JAB Recruitment Corporation
Canada
Class A
100
JAB Recruitment LLC
USA
Units
100
JAB Investments Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
100
100
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
799,439
799,439
Other creditors
27,779
27,779
827,218
827,218
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in other creditors falling due within one year was £3,375 (2022 - £3,375) due to the directors.
Dividends in the year of £nil (2022 - £nil) were paid out.
The company has taken advantage of the exemption available in FRS102 Section 33.11 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.