Company No:
Contents
DIRECTORS | JCS Chenevix - Trench |
A L de Normann | |
M de Normann |
REGISTERED OFFICE | 22 Chancery Lane |
London | |
WC2A 1LS | |
United Kingdom |
COMPANY NUMBER | 06937797 (England and Wales) |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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6,008,806 | 3,964,113 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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4,384,199 | 5,070,054 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 4,360,702 | 5,039,924 | ||
Total assets less current liabilities | 10,369,508 | 9,004,037 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Jemm Capital Limited (registered number:
A L de Normann
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.
Jemm Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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 £.
The financial statements have been prepared on a going concern basis. The directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future, and the directors have agreed not to seek repayment of the balances owed for at least twelve months from the date of these accounts.
Group accounts exemption s399
As the company is subject to the small companies regime, group accounts have not been prepared.
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
The current 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.
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. The investments are assessed at each reporting date as to whether there are any indications that the investment may be impaired. Where there is an indication of impairment, an estimate of the recoverable amount of the investment is made. If the recoverable amount is less than its carrying amount, the carrying amount is reduced to its recoverable amount and that reduction is recognised as an impairment in profit or loss.
Investments in equity shares that are publicly traded are measured at fair value.
Investments in associated undertakings and joint ventures are carried at cost, less provision for impairment.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 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.
The company has taken advantage of an exemption and has chosen to account for loans from a director at transaction price rather than at present value.
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.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities, or equity instruments.
2023 | 2022 | ||
Number | Number | ||
The average number of persons employed by the company during the year was |
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2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Participating interests |
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Other investments and loans |
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6,008,806 | 3,964,113 |
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Investments in associates | Investments in joint ventures | Other investments | Total | ||||
£ | £ | £ | £ | ||||
Cost or valuation before impairment | |||||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Provisions for impairment | |||||||
At 01 January 2023 |
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Impairment | (
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Other investments are held at cost less impairment because their fair value cannot be measured reliably.
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Subsidiary undertakings - Jemm Mauritius 100% (2022 - 100%)
Joint ventures - Constantine Wind Energy Limited 50% (2022 - 50%)
Associates - African Century Real Estates Limited 40.25% (2022 - 40.25%)
Associates - African Century Limited 33.37% (2022 - 0%)
2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Trade debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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J C S Chenevix-Trench (director). The director has provided loan finance to the company. The loans are interest free and repayable on demand. During the year additional loans were made to the company of £nil (2022 - £162,304) and repayments were made to the director of £1,250,000 (2022 - £1,329,102). At the balance sheet date the amount due to J C S Chenevix-Trench was £12,677,701 (2022 - £14,674,17).