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Company No: 06937797 (England and Wales)

JEMM CAPITAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

JEMM CAPITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

JEMM CAPITAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
JEMM CAPITAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
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)
JEMM CAPITAL LIMITED

BALANCE SHEET

As at 31 December 2023
JEMM CAPITAL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 6,008,806 3,964,113
6,008,806 3,964,113
Current assets
Debtors
- due within one year 4 711,865 1,874,797
- due after more than one year 4 3,014,317 1,685,217
Cash at bank and in hand 658,017 1,510,040
4,384,199 5,070,054
Creditors: amounts falling due within one year 5 ( 23,497) ( 30,130)
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 ( 12,677,701) ( 14,674,175)
Net liabilities ( 2,308,193) ( 5,670,138)
Capital and reserves
Called-up share capital 2,667 2,667
Share premium account 34,304 34,304
Profit and loss account ( 2,345,164 ) ( 5,707,109 )
Total shareholders' deficit ( 2,308,193) ( 5,670,138)

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

Directors' responsibilities:

The financial statements of Jemm Capital Limited (registered number: 06937797) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

A L de Normann
Director
JEMM CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
JEMM CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Group accounts exemption s399
As the company is subject to the small companies regime, group accounts have not been prepared.

Turnover

Interest receivable on loans, short term deposits and cash at bank is recognised on an accruals basis.

Foreign currency transactions and balances

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.

Tax

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.

Fixed asset investments

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 and other debtors

Loans made to customers as part of the company's business of lending money are measured at the principal receivable on the loan end date, less provision for impairment. A provision for impairment of trade debtors is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities, or equity instruments.

2. Employees

2023 2022
Number Number
The average number of persons employed by the company during the year was 3 3

3. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 2,592 2,592
Participating interests 5,148,265 3,894,831
Other investments and loans 857,949 66,690
6,008,806 3,964,113

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 2,592
At 31 December 2023 2,592
Carrying value at 31 December 2023 2,592
Carrying value at 31 December 2022 2,592

Investments in associates Investments in joint ventures Other investments Total
£ £ £ £
Cost or valuation before impairment
At 01 January 2023 5,731,764 3,481,330 82,941 9,296,035
Additions 1,192,296 0 791,259 1,983,555
At 31 December 2023 6,924,060 3,481,330 874,200 11,279,590
Provisions for impairment
At 01 January 2023 5,318,263 0 16,251 5,334,514
Impairment ( 61,138) 0 0 ( 61,138)
At 31 December 2023 5,257,125 0 16,251 5,273,376
Carrying value at 31 December 2023 1,666,935 3,481,330 857,949 6,006,214
Carrying value at 31 December 2022 413,501 3,481,330 66,690 3,961,521

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%)

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 694,455 850,138
Other debtors 17,410 1,024,659
711,865 1,874,797
Debtors: amounts falling due after more than one year
Trade debtors 3,014,317 1,685,217

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 120 8,445
Other taxation and social security 2,219 2,355
Other creditors 21,158 19,330
23,497 30,130

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 12,677,701 14,674,175

7. Related party transactions

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).