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Registered number: 10641710









JUNIPER VENTURES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
JUNIPER VENTURES LIMITED
 
 
COMPANY INFORMATION


Directors
D Gibbs 
M C Hales 
P J Terry 
S Giles 
J M M Gasson-Mulcahy 
B Stanford-Francis (appointed 28 October 2022, resigned 1 December 2023)




Company secretary
C Foster



Registered number
10641710



Registered office
The Old Town Hall
29 Broadway

London

England

E15 4BQ




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL




Bankers
Lloyds Bank Plc
3rd Floor

25 Gresham Street

London

EC2V 7HN





 
JUNIPER VENTURES LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5 - 7
Directors' Responsibilities Statement
 
8
Independent Auditors' Report
 
9 - 12
Statement of Comprehensive Income
 
13
Balance Sheet
 
14
Statement of Changes in Equity
 
15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 28


 
JUNIPER VENTURES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
Juniper Ventures Limited (the Company) is a Teckal compliant business wholly owned by the Mayor and Burgesses of the London Borough of Newham. This company provides, as does its subsidiary Juniper Pursuits Limited, professional catering, cleaning and Health & Safety advisory services (primarily in education settings).
The Company trades as Juniper Ventures Limited and its sixth year of operation has seen notable successes as well as new and continuing operational challenges which have been tackled by the Board supported by a strong, experienced and committed Management Team.

Business review
 
Since its launch in April 2018, the purpose and aim for Juniper Ventures Limited, and its subsidiary Juniper Pursuits Limited, has been to provide the very highest quality catering and cleaning services. As with most businesses across the UK the Covid-19 pandemic led to the need to review operations, look to diversification and mitigate against the added challenges it brought with it. Juniper has been no exception with the huge costs of the pandemic prompting diversification of the business into Health & Safety advisory services.
Juniper is the largest remaining local authority owned caterer in London and Newham has more employees working for Juniper within school catering receiving Local Government Terms and Conditions than any other London Borough. Newham’s primary school meals service continues to be highlighted by academies and other high-profile organisations campaigning around school meals, as the front-running example of a high impact primary school meals “ecosystem”.
The relationship with our Shareholder has continued to blossom, to become one of collaborative working to ensure the benefits of Juniper are felt across the local community and that the Council’s values and policies are supported.
The outcomes of the pandemic and the ongoing cost of living crisis clearly illustrate the importance of providing free hot, healthy and nutritious school meals each day to local families.
There has been a change to the board, with one of the shareholder-nominated NEDs resigning during the year.
 
A Three-Year Vision and Business Plan has been developed and presented to the Shareholder. With the significant improvement in the company’s performance over the past 12 months, there is now a clear focus on ensuring the business builds upon its existing formidable reputation of providing excellent services and through its marketing and diversification strategies continues to deliver important levels of community wealth across Newham.
The Business Plan is built on careful analysis and budgeting a realistic set of assumptions for inflation over the three-year period. This includes the agreement with the Shareholder that the company will continue to invoice schools for the actual percentage meal uptake that has been used to calculate their Eat For Free grant – less an element for food costs. This is a continuing positive step as it simplifies invoicing and ensures that a greater level of unused grant is returned to the Council.
There has been a continuing major change in direction for the business with growing profitability. The combined losses made in 22/23 have been substantially reduced through actively considering costs in all strands of the business, together with careful procurement of all goods and services to ensure that competitive pricing is maintained. In turn, further improvements anticipated in 24/25 will lead to profitability and sustainability over the following two years.
The directors have discussed at length and included in the Business Plan several exciting business developments for the coming 12 months which each reflect the financial turnaround of the business.
The Shareholder will continue to be appraised monthly on the Company’s performance as well as any pressing
Page 1

 
JUNIPER VENTURES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

matters through the specific Management Information report along with a full set of KPIs that have been also developed for Board consideration each month.
Whilst running within this challenging environment the business has still managed to achieve some of its strategic business objectives, particularly:
Maintaining certification in three ISO standards, thereby helping the Company’s commercial edge and reassuring our stakeholders of our robust governance in ISO9001 – Quality Management, ISO14001 – Environmental Management and ISO45001 – Health & Safety Management.
The business diversified into Health & Safety Management Advisory services with the creation of an experienced team able to ensure the Company keeps the highest standards and to offer a service to clients. The growth in these areas of the business has been very encouraging and will be built upon in 24/25 with an expanded team.
In addition to these achieved aims, the Company has also:
 
engaged professional marketing partners in early 2024 to ensure a new and revitalised marketing strategy is developed in all strands of the business;
 
as part of a growth in employee engagement we have held Supervisory Focus Group Meetings during the year along with two well attended Employee Assemblies which included our first “Meet the Board“ session.  We have also re-marketed our employee portal via the website to ensure they are offered the benefits it has open to them.
 
maintained our programme of training and development, including moving to a greater use of online sessions with over 11,000 CPD training hours completed by team.
 
maintained an increased focus on the management of risk with the development and regular monitoring and  review of the Operational and Strategic Risk Registers as well as reviewing and upgrading a suite of 48 policies and procedures further designed to manage the risks to which the Company is exposed. 
 
Juniper continues to work in parallel with the Council and there is ingrained operational independence and shared ethos. There is full transparency through regular management reporting to the Shareholder which has improved trust and partnership across working relationships. There is a clear commitment and focus on providing value to the Council whilst minimising risk and being a good corporate citizen, which prides itself on supporting local businesses and employees wherever practical. 
After an excellent number of retention notifications from our existing portfolio it is hoped that similar levels will be maintained throughout 24/25.


Page 2

 
JUNIPER VENTURES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
In the spirit of Juniper’s open and honest approach to business, excellent corporate governance has been achieved during 2023/24, for example with the continuation of the three Sub-Committees chaired by Non-Executive Directors, to focus on Risk and Governance, People and Pay and Health & Safety and Food Safety. Most recently, a fourth has been launched to focus on Corporate Responsibility.
The competitiveness of the market has continued to be challenging for Juniper. All Juniper employees within the London Borough of Newham are paid, as a minimum, the London Living Wage (LLW) and have access to the Local Government Pension Scheme. Following considerable lobbying by the business and other interested parties it was pleasing that the Eat for Free grant conditions were amended to include the necessity of LLW being paid throughout the life of any contract tendered. Newham is an accredited LLW organisation and Juniper is too under that guise. 
The Eat For Free scheme is a Newham initiative providing funding for all Key Stage 2 pupils to receive a hot, healthy and nutritious meal each day. The Government’s allowance for Universal Infant Free School Meals (UIFSM) was uplifted during 2023/4 to £2.30 – only the third increase since its introduction in 2014. The UIFSM scheme is a Government-funded scheme to ensure all infant pupils across the whole of England receive a hot, healthy and nutritious meal each day. The Board is also fortunate to have a Chief Executive Officer who is a past chair of LACA (the industry’s trade body) and will be taking the National Chair again in 2025. This organisation has and continues to lobby Government for an ongoing inflationary review of this amount and contributed to a paper recommending the meal price be raised in line with inflation which would bring it today to £3.00 as a minimum.
The geo-political risk landscape is more challenging. Whilst the ultimate outcomes of BREXIT continue to be unclear, the pandemic and the impacts of the invasion of Ukraine by Russia, were the focus across the industry and the country. Whilst there was rocketing inflation in the supply chain last year this seems to have levelled out with many commodities being less volatile - our ongoing good relations with suppliers have helped to mitigate any challenges.
The business continues to adopt the Three Lines of Defence model for risk management. This is a recognised best-practice framework for managing risk and is also used by the Council. 

Financial key performance indicators
 
The Juniper Ventures Board of Directors have worked hard to ensure that during another challenging year the business’s outturn losses have been kept to a minimum. A pre-tax profit of £2,087 is reported for its sixth year of business. This when combined with the pre-tax loss from its subsidiary company Juniper Pursuits Limited, amounts to a loss of £37,412 combined. It should be noted that:

Local Authority owned businesses (Juniper is wholly owned by London Borough of Newham which is sole shareholder) cannot profit from the provision of school meals;
other commercial companies are permitted to do so; and, 
other strands of the business are able, and continue to be, profitable.

A raft of new KPIs have continued to be developed over the past twelve months and these, together with the flexible accounting and payroll systems in place, have allowed the Heads of Operations to monitor, report, challenge and act on the worst performing sites of operation. This is in addition to the forensic analysis of all expenditure and movements in income each month.
Further benchmarking exercises and potential marketplace testing will, it is felt produce additional financial opportunities moving forward.

Page 3

 
JUNIPER VENTURES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key performance indicators
 
Juniper recognises the importance of Social Value and continuously plans to provide such outcomes to local people, communities and economies where our contracts are based. We have always collaborated with the Council to help deliver the Council’s priorities. Examples of some of the projects that have generated social value during 2023/24 were:
Community wealth

80% of Juniper’s workforce reside in Newham;
positive gender pay gap data is improving year on year;
we use Newham Workplace for recruitment of our new employees;
an apprenticeship programme was put in place just prior to the pandemic with appointments made and opportunities being offered across the whole workforce to develop themselves;
we always tender aggressively for Newham contracts to protect local people’s terms and conditions which are regularly eroded in practice by commercial operators; and,
we use local suppliers whenever possible. 
Towards a better Newham 

delivering hot healthy and nutritious school meals each day;
providing health and nutrition through a range of added values events in schools;
promoting home cookery through social media videos; and,
delivery of quality cleaning services using the latest technology and environmentally friendly cleaning materials to better safeguard the health and wellbeing of Newham residents.
Climate Now

use of Vegeware compostable packaging and rewarding schools who reduce food waste;
ever increasing use of plant-based foods on school food menus including the introduction of “Meat-Free Mondays”;
first London school caterer working with Forest Green Rovers (the world’s only Vegan Football team) to develop a range of plant-based, school food compliant dishes;
introduction of plant-based cleaning materials to reduce plastic waste and environmental impact of chemicals ending up in watercourses; and,
provision of an excellent catering facility at Dockside Diner that includes the provision of more plant-based dishes and all items approved by Public Health through their Healthier Snacks Approved List with all snacks offered lower in fat and sugar.


This report was approved by the board on 25 August 2024 and signed on its behalf.



M C Hales
Director

Page 4

 
JUNIPER VENTURES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £2,087 (2023 - loss £1,647,987).

When combined with the losses of its subsidiary company Juniper Pursuits Limited, the losses for the year, after taxation, amounted to £37,412.
The Board do not propose a dividend for the year.

Directors

The directors who served during the year were:

D Gibbs 
M C Hales 
P J Terry 
S Giles 
J M M Gasson-Mulcahy 
B Stanford-Francis (appointed 28 October 2022, resigned 1 December 2023)

Future developments

There are opportunities for further growth and diversification as detailed in the Business Plan presented to the Shareholder in February 2024. The Board believes that Juniper Ventures will continue to develop sustainably as set out in the Plan. This is underpinned by the working relationship between the Company and Newham Council enabling the vital work conducted each day for the benefit of the local community and the social wealth the business generates.
During 2024/25 with the appointment of a marketing partner the Company will continue to develop a strong marketing strategy with their support, experience, and knowledge. This will strengthen already good levels of business retention during the spring of 2024. This is coupled with a relaunched and improved website along with an increasing presence on the business’s social media channels and national recognition of our achievements.

Page 5

 
JUNIPER VENTURES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Engagement with employees

The business workforce is recognised by the Board as its greatest asset and are known as #Juniperfamily and we do all we can to ensure they are well looked after, developed and rewarded. With the Shareholder in 2022 achieving the London Living Wage Accreditation, this in turn ensured that Juniper itself is equally recognised for paying all staff and agency workers on assignment, a minimum of the London Living Wage which brings benefits of job retention and community wealth.
The staff are engaged regularly in many ways to ensure they are kept abreast of everything that is happening in the business. We have an electronic newsletter - The Word – which is sent out fortnightly to everyone (with hard copies sent to home addresses for those who do not have access to the internet). Additionally, we have a #teamJuniper group on Facebook where we communicate and all can interact on the work of others in a more informal way. 
There are focus groups for both catering and cleaning teams meeting regularly with management to discuss the service provided and for example, menu development. The CEO or the COO will attend these meetings too to provide strategic updates on the business and take any questions from colleagues.
A series of “Supervisory Workshops” chaired by the CEO and COO along with members of the senior management team was launched  last year allowing opportunities for all staff to have their ideas and concerns to be considered in any future decision making – some of which have already been adopted. Further meetings have been planned for throughout the year on a regular basis.
Two “Employee Assemblies” have also been held which have been particularly well attended with one event including a “Meet the Board of Directors” session which had some really positive feedback. Further such events will occur on 24/25.
We also continue to develop and distribute a range of pulse surveys for staff in a move away from a larger more traditional staff survey each year and this was introduced in 2022/23 with the results being published and an action plan being formed.

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

The ever-improving close working with the Shareholder to achieve betterment for the community is creating new opportunities for Juniper as it moves forward, helping the Council to fulfil its pledges on community wealth building and its "climate now" agenda.
The huge issues during 2023/24 of rising inflation seem to be stabilising and more recently in Q4 reducing.  However, food inflation in some key commodities remains high, with the impact on the cost of raw materials continuing to be a challenge. We have in recent months benchmarked over 1400 lines and negotiated further pricing models with suppliers. This supports business recuperation, retention of existing business, expansion in our diversified areas culminating in a clear road to sustainability and greater resilience.

Page 6

 
JUNIPER VENTURES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 August 2024 and signed on its behalf.
 





M C Hales
Director

Page 7

 
JUNIPER VENTURES LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

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 judgements and accounting estimates that are reasonable and prudent;


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.

Page 8

 
JUNIPER VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNIPER VENTURES LIMITED
 

Opinion


We have audited the financial statements of Juniper Ventures Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 2024 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 9

 
JUNIPER VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNIPER VENTURES 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 8, 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 10

 
JUNIPER VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNIPER VENTURES 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:

had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc; and
 
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: 
 
dentifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries 
 
Assessing the extent of compliance with the relevant laws and regulations
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud 
 
Challenging assumptions and judgements made by management in its significant accounting estimates; and
 
Carrying out a review of large and unusual bank transactions.

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 11

 
JUNIPER VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUNIPER VENTURES 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.





Charalambos Patsalides ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Haslers
 
Chartered Accountants
Statutory Auditor
  
Old Station Road
Loughton
Essex
IG10 4PL

25 August 2024
Page 12

 
JUNIPER VENTURES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,892,041
12,044,585

Cost of sales
  
(12,322,652)
(11,211,518)

Gross profit
  
1,569,389
833,067

Administrative expenses
  
(2,844,526)
(3,390,110)

Other operating income
 5 
1,261,408
1,117,398

Operating loss
 6 
(13,729)
(1,439,645)

Interest receivable and similar income
 9 
39,832
118

Interest payable and similar expenses
 10 
(24,016)
(208,460)

Profit/(loss) before tax
  
2,087
(1,647,987)

Profit/(loss) for the financial year
  
2,087
(1,647,987)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 28 form part of these financial statements.

Page 13

 
JUNIPER VENTURES LIMITED
REGISTERED NUMBER: 10641710

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
52,720
26,911

Investments
  
2
1

  
52,722
26,912

Current assets
  

Stocks
 13 
112,201
111,202

Debtors: amounts falling due within one year
 14 
2,587,807
1,967,138

Cash at bank and in hand
 15 
1,167,260
1,454,011

  
3,867,268
3,532,351

Creditors: amounts falling due within one year
 16 
(1,449,255)
(1,090,615)

Net current assets
  
 
 
2,418,013
 
 
2,441,736

Total assets less current liabilities
  
2,470,735
2,468,648

  

Net assets
  
2,470,735
2,468,648


Capital and reserves
  

Called up share capital 
 18 
4,050,001
4,050,001

Profit and loss account
 19 
(1,579,266)
(1,581,353)

  
2,470,735
2,468,648


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 August 2024.




M C Hales
Director

The notes on pages 17 to 28 form part of these financial statements.

Page 14

 
JUNIPER VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
4,050,001
(1,581,353)
2,468,648


Comprehensive income for the year

Profit for the year
-
2,087
2,087
Total comprehensive income for the year
-
2,087
2,087


Total transactions with owners
-
-
-


At 31 March 2024
4,050,001
(1,579,266)
2,470,735



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 2022
1
66,634
66,635


Comprehensive income for the year

Loss for the year
-
(1,647,987)
(1,647,987)
Total comprehensive income for the year
-
(1,647,987)
(1,647,987)


Contributions by and distributions to owners

Shares issued during the year
4,050,000
-
4,050,000


At 31 March 2023
4,050,001
(1,581,353)
2,468,648


The notes on pages 17 to 28 form part of these financial statements.

Page 15

 
JUNIPER VENTURES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,454,011

(286,751)

1,167,260

Debt due within 1 year

(142,111)

(29,924)

(172,035)


1,311,900
(316,675)
995,225

The notes on pages 17 to 28 form part of these financial statements.

Page 16

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Juniper Ventures Limited is a private company, limited by shares, domiciled in England and Wales, registration number 10641710. The registered office is The Old Town Hall, 29 Broadway, London, England, E15 4BQ. The principal activity of the company is to deliver catering and cleaning services to Schools, Colleges and Public Buildings, principally within the London Borough of Newham.

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 judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest pound Sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of the London Borough of Newham as at 31st March 2024 and these financial statements may be obtained from their registered office.

 
2.3

Going concern

The company made a profit of £2,087 (2023-loss: £1,647,987) and the net asset position as at 31 March 2024 is £2,470,735 (2023: £2,468,648). The company receives financial support from the parent company and the directors have received confirmation of extension. Based on this, the accounts have been prepared on the going concern basis and do not take into account any adjustments which would be necessary if the going concern basis were not appropriate.

Page 17

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

  
2.10

Pensions

Multi-employer pension plan
The company is a member of a multi-employer plan. The liability and associated expenses of the pension scheme fund have been fully guaranteed by London Borough of Newham, and therefore for the purposes of these accounts, the actual contributions made during the period have been included within the accounts and the pension scheme has been treated as a defined contribution pension scheme. This has been disclosed with the pension commitment note to the accounts.

 
2.11

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.

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:

Plant and machinery
-
20%
Motor vehicles
-
20%
Computer equipment
-
20%

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 19

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Financial instruments

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




 
Page 20

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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 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.
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.

Page 21

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The Directors have exercised their judgement in relation to the calculation of the management charge between this company and its subsidiary. This company bears all of the administrative expenses for both companies and recharges this expenditure on a percentage basis.


4.


Turnover

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


2024
2023
£
£

Cleaning income
5,784,980
5,314,865

Catering income
8,106,997
6,729,240

Other income
64
480

13,892,041
12,044,585


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Management charges
1,261,408
1,117,398

1,261,408
1,117,398


Page 22

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Auditor remuneration
15,860
15,750

Other operating lease rentals
52,700
50,700


7.


Employees

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


2024
2023
£
£

Wages and salaries
8,631,505
8,259,744

Social security costs
524,471
487,567

Pension costs
1,653,137
1,347,276

10,809,113
10,094,587


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


        2024
        2023
            No.
            No.







Employees
421
455


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
193,751
251,079

193,751
251,079


The highest paid director received remuneration of £109,935 (2023 - £108,245).

Page 23

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
39,832
118

39,832
118


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
24,016
208,460

24,016
208,460


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
2,087
(1,647,987)


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
522
-

Effects of:


Utilisation of tax losses
(522)
-

Total tax charge for the year
-
-

Page 24

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There are tax losses that can be offset against future profits.


12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
41,509
10,743
9,066
61,318


Additions
39,033
-
-
39,033



At 31 March 2024

80,542
10,743
9,066
100,351



Depreciation


At 1 April 2023
21,243
9,672
3,493
34,408


Charge for the year on owned assets
10,339
1,071
1,813
13,223



At 31 March 2024

31,582
10,743
5,306
47,631



Net book value



At 31 March 2024
48,960
-
3,760
52,720



At 31 March 2023
20,266
1,072
5,573
26,911

Page 25

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Stocks

2024
2023
£
£

Cleaning materials and food
112,201
111,202

112,201
111,202



14.


Debtors

2024
2023
£
£


Trade debtors
1,456,165
1,087,412

Amounts owed by group undertakings
1,025,437
734,670

Other debtors
2,354
2,806

Prepayments and accrued income
103,851
142,250

2,587,807
1,967,138



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,167,260
1,454,011

1,167,260
1,454,011



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
376,368
189,921

Other taxation and social security
659,043
515,701

Other creditors
172,035
142,111

Accruals and deferred income
241,809
242,882

1,449,255
1,090,615


Page 26

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,167,260
1,454,011




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1
4,050,000 (2023 - 4,050,000) Preference shares of £1.00 each
4,050,000
4,050,000

4,050,001

4,050,001



19.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 27

 
JUNIPER VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Pension commitments

The company is a member of a multiple employer defined benefit pension scheme administered by the London Borough of Newham Council (LBN). LBN is the administering authority of the London Borough of Newham Pension Fund which provides a defined benefit scheme under the Local Government Pension Scheme for employees of Juniper Ventures Limited. 
The Local Government Pension Scheme is a defined benefit statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and it provides benefits based on career average revalued earnings. There are no minimum funding requirements in the Local Government Pension Scheme but contributions are generally set to target a funding level of 100% using the actuarial assumptions.
The most recent actuarial valuation has been obtained as at the year end and the following has been noted: 
As at 31 March 2024 the total present value of the defined benefit obligation was £25,151,000 (2023: £23,862,000), whilst assets were £24,033,000 (2023: £20,475,000) leaving a deficit of £1,118,000 (2023: £3,387,000). However, LBN has stated in the absence of a bond (which this company does not have), it will and has issued a guarantee in respect of the premature termination of the provision of service or assets by reason of insolvency, winding up or liquidation of the company. 
The above has the effect of the pension fund being fully funded for the company and therefore there is no recognition in these accounts of a pension fund net defined benefit liability. Therefore the treatment of the pension fund has been accounted for as if it were a defined contribution scheme. The contributions made during the year were £1,653,137 (2023: £1,347,276).


21.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
14,408
13,939

14,408
13,939


22.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 from the
requirement to disclose transactions with group companies on the grounds that consolidated financial
statements are prepared by the ultimate parent company and are publicly available.


23.


Controlling party

The controlling party is Mayor And Burgesses Of The London Borough Of Newham by virtue of 100% shareholding in Juniper Ventures Limited. 

 
Page 28