Company No:
Contents
Note | 2023 | 2022 | ||
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Fixed assets | ||||
Investments | 3 |
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7,295,199 | 7,195,357 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,827 | 114,028 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (3,751,884) | (3,652,709) | ||
Total assets less current liabilities | 3,543,315 | 3,542,648 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of J&E Nominees Limited (registered number:
Mr G P Brewster
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
J&E Nominees Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 13 Albert Square, Dundee, DD1 1XA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investments and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At 30 November 2023 the company has net current liabilities of £3,751,884. The partnership of J&E Shepherd intends to continue to support the company in meeting its obligations as they fall due, and as such the Directors believe it is appropriate to prepare these financial statements on a going concern basis.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Equity investments are initially measured at cost and subsequently measured at fair value through profit or loss. The directors assess fair value of investments based on recent sale of shares and any other available relevant information.
Receivable loans are included within investments where they are internally reported and managed as part of the company's investment portfolio. Such loans may have long term repayment terms at the balance sheet date, however the cash flows associated with such debt instruments are not managed in the company's projections on this basis, but rather any call for cash settlement within their terms is considered in the context of the company's overall investment strategy.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in associates | Loans | Total | |||
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Cost or valuation before impairment | |||||
At 01 December 2022 |
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Additions |
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Change in value of loans receivable |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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Unlisted investments related to unquoted equity investments and are measured at fair value through the profit and loss account. Debt instruments are measured at amortised cost less impairment. Loans to connected entities are interest free and repayable on demand.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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2023 | 2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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The revaluation reserve relates to fair value movements in investments and investment properties net of deferred tax. All amounts relating to investment properties have been released on disposal of the investment properties.