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Registration number: 04003531

Jaz-Tec Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Jaz-Tec Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Jaz-Tec Solutions Ltd

Company Information

Director

J Bekhor

Registered office

33 Melbury Court
London
W8 6NH

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Jaz-Tec Solutions Ltd

(Registration number: 04003531)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,264

3,680

Investments

5

160

160

 

1,424

3,840

Current assets

 

Debtors

6

1,004,621

1,004,732

Cash at bank and in hand

 

105,673

15,318

 

1,110,294

1,020,050

Creditors: Amounts falling due within one year

7

(1,494,499)

(1,476,763)

Net current liabilities

 

(384,205)

(456,713)

Net liabilities

 

(382,781)

(452,873)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(383,781)

(453,873)

Shareholders' deficit

 

(382,781)

(452,873)

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

Director's 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 director acknowledges his 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 March 2024
 

.........................................
J Bekhor
Director

 

Jaz-Tec Solutions Ltd

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

1

General information

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

The address of its registered office is:
33 Melbury Court
London
W8 6NH

These financial statements were authorised for issue by the director on 1 March 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.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continuing support of the company creditors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of 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.

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.

 

Jaz-Tec Solutions Ltd

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

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

Fixtures, fittings, equipment

25% Reducing balance method

Computer equipment

33% Straight line method

Motor vehicles

25% Reducing balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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.

 

Jaz-Tec Solutions Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Jaz-Tec Solutions Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

36,295

36,830

73,125

At 31 October 2023

36,295

36,830

73,125

Depreciation

At 1 November 2022

32,615

36,830

69,445

Charge for the year

2,416

-

2,416

At 31 October 2023

35,031

36,830

71,861

Carrying amount

At 31 October 2023

1,264

-

1,264

At 31 October 2022

3,680

-

3,680

 

Jaz-Tec Solutions Ltd

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

5

Investments

2023
£

2022
£

Investments in joint ventures

160

160

Joint ventures

£

Cost

At 1 November 2022

160

Provision

Carrying amount

At 31 October 2023

160

At 31 October 2022

160

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 10% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Joint ventures

Diamond Corporation No 1 Ltd

120 Cockfosters Road,
Barnet, EN4 0DZ

Preference shares

16%

16%

 

UK

     

Joint ventures

Diamond Corporation No 1 Ltd

The principal activity of Diamond Corporation No 1 Ltd is property development .

 

Jaz-Tec Solutions Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

51

Prepayments

(18)

149

Other debtors

1,004,639

1,004,532

 

1,004,621

1,004,732

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

27,442

37,271

Trade creditors

 

274

32

Taxation and social security

 

6,094

618

Accruals and deferred income

 

2,400

2,400

Other creditors

 

1,458,289

1,436,442

 

1,494,499

1,476,763

 

Jaz-Tec Solutions Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Related party transactions

Summary of transactions with other related parties

Included in other creditors is an amount of £1,458,017 (2022: £1,433,942) owed to J Bekhor, the director of the company. Included in other debtors is an amount of £1,000,000 (2022:£1,000,000) owed from Diamond Corporation No 1 Ltd, a company in which Jaz-Tec Solutions Ltd holds an interest.