Company Registration No. 11793028 (England and Wales)
Jadeplant Forest Ltd
Annual report and unaudited financial statements
for the year ended 31 January 2024
Jadeplant Forest Ltd
Company information
Director
Joshua Harrison
Company number
11793028
Registered office
Whitchurch House 2nd Floor
2-4 Albert Street
Maidenhead
Berkshire
SL6 1PR
Accountants
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Jadeplant Forest Ltd
Contents
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of financial position
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 12
Jadeplant Forest Ltd
Director's report
For the year ended 31 January 2024
1

The director presents his annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company is that of holding and development of investment property.

Fair review of the business

This financial year comprised of various positive achievements for our company despite elevated economic and political uncertainty. Central banks increased interest rates, which exposed us to headwinds in the property market, yet we were able to deliver a strong operating performance in 2023 - 2024.

A particular highlight was the successful disposal of one asset in the Home Counties which followed us unlocking the true value of the site through methodical planning intervention. Exchange was agreed within 18 months from acquisition and completion took place in Q3 2023. This has resulted in the company entering 2024 on solid foundations and with tremendous energy looking ahead for the year. We have also witnessed significant growth in the rental income generated from our PCL property.

An exciting new planning application was submitted for a settlement site in Wiltshire comprising around 7 sustainable residential units. We are actively engaged with the local authority, communities, and leading professional consultants to ensure substantive progress is made towards achieving our goals for this site as part of our overarching strategy.

We also commenced pre-planning works to a site in Buckinghamshire and are currently devising an appropriate strategy for this backland infill site which has the potential to significantly benefit the community in which it resides, by unit typology and quantity but also from an amenity perspective by proposing attractive landscaping, high-quality architecture and new public realms.

Separately, we are exploring the application of, and development of tools which also utilise disruptive technologies to enhance our business process.

Looking forward we will continue to actively seek investments in accordance with our proven formula and carefully invest to create added value throughout our portfolio.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Joshua Harrison
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Joshua Harrison
Director
23 September 2024
Jadeplant Forest Ltd
Chartered accountants' report to the Director on the preparation of the unaudited statutory financial statements of Jadeplant Forest Ltd for the year ended 31 January 2024
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jadeplant Forest Ltd for the year ended 31 January 2024 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Jadeplant Forest Ltd, as a body, in accordance with the terms of our engagement letter dated 20 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Jadeplant Forest Ltd and state those matters that we have agreed to state to the board of directors of Jadeplant Forest Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jadeplant Forest Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Jadeplant Forest Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Jadeplant Forest Ltd. You consider that Jadeplant Forest Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Jadeplant Forest Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
23 September 2024
Chartered Accountants
St John's Court
Easton Street
High Wycombe
HP11 1JX
Jadeplant Forest Ltd
Income statement
For the year ended 31 January 2024
3
2024
2023
Notes
£
£
Turnover
48,013
44,142
Direct costs
(15,497)
(11,945)
Gross profit
32,516
32,197
Administrative expenses
(35,246)
(21,595)
Operating (loss)/profit
(2,730)
10,602
Interest receivable and similar income
782
-
0
Interest payable and similar expenses
(26,991)
(26,555)
Other gains and losses
3
(106,446)
265,951
(Loss)/profit before taxation
(135,385)
249,998
Tax on (loss)/profit
4
36,144
(63,067)
(Loss)/profit for the financial year
(99,241)
186,931
Jadeplant Forest Ltd
Statement of financial position
As at 31 January 2024
4
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
300
2,801
Investment property
6
1,813,394
2,280,830
1,813,694
2,283,631
Current assets
Debtors
7
-
0
1,000
Cash at bank and in hand
430,923
22,349
430,923
23,349
Creditors: amounts falling due within one year
8
(237,607)
(173,691)
Net current assets/(liabilities)
193,316
(150,342)
Total assets less current liabilities
2,007,010
2,133,289
Creditors: amounts falling due after more than one year
9
(992,730)
(981,624)
Provisions for liabilities
10
(251,184)
(287,328)
Net assets
763,096
864,337
Capital and reserves
Called up share capital
11
50
50
Revaluation reserve
736,043
988,085
Profit and loss reserves
27,003
(123,798)
Total equity
763,096
864,337

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Jadeplant Forest Ltd
Statement of financial position (continued)
As at 31 January 2024
5
The financial statements were approved and signed by the director and authorised for issue on 23 September 2024.
2024-09-23
Joshua Harrison
Director
Company Registration No. 11793028
Jadeplant Forest Ltd
Statement of changes in equity
For the year ended 31 January 2024
6
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
50
785,202
(107,846)
677,406
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
186,931
186,931
Transfers
-
202,883
(202,883)
-
Balance at 31 January 2023
50
988,085
(123,798)
864,337
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
(99,241)
(99,241)
Dividends
-
-
(2,000)
(2,000)
Transfers
-
(252,042)
252,042
-
Balance at 31 January 2024
50
736,043
27,003
763,096
Jadeplant Forest Ltd
Notes to the financial statements
For the year ended 31 January 2024
7
1
Accounting policies
Company information

Jadeplant Forest Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Whitchurch House 2nd Floor, 2-4 Albert Street, Maidenhead, Berkshire, SL6 1PR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable from investment property recognised in accordance with the lease term.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Jadeplant Forest Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
8
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents deferred tax.

Jadeplant Forest Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
9
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Other gains and losses
2024
2023
£
£
Fair value gains/(losses)
Gain on investment properties
38,015
265,951
Loss on disposal of investment properties
(144,461)
-
4
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(36,144)
63,067
Jadeplant Forest Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
10
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
7,682
Disposals
(2,103)
At 31 January 2024
5,579
Depreciation and impairment
At 1 February 2023
4,881
Depreciation charged in the year
1,859
Eliminated in respect of disposals
(1,461)
At 31 January 2024
5,279
Carrying amount
At 31 January 2024
300
At 31 January 2023
2,801
6
Investment property
2024
£
Fair value
At 1 February 2023
2,280,830
Additions
85,799
Disposals
(591,250)
Revaluations
38,015
At 31 January 2024
1,813,394

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 January 2024 by Joshua Harrison, a director and shareholder of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices of similar properties.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
1,000
Jadeplant Forest Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
11
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,351
6,630
Trade creditors
8,205
-
0
Other creditors
223,051
167,061
237,607
173,691
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
691,594
695,061
Other creditors
301,136
286,563
992,730
981,624

The long-term bank loans are secured by fixed charges over 214E Gloucester Terrace, London, W2 6HU.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
251,184
287,328
2024
Movements in the year:
£
Liability at 1 February 2023
287,328
Transfer on disposal
(36,144)
Liability at 31 January 2024
251,184

The deferred tax liability set out above relates to the revaluation movement on the investment property.

 

The net deferred tax liability expected to reverse in the next accounting period is £nil. No reversal is anticipated as the investment property is not expected to be sold within the next 12 months.

Jadeplant Forest Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
12
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
50
50
50

Full rights to receive notice of, attend and vote at general meetings, one share carries one vote, and full rights to dividends and capital distributions (including upon winding up).

12
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
137,907
25,783
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Related company
3,669
4,200
10,800
-

At 31 January 2024, the company owed £159,474 (2023: £158,644) to companies with common directorship.

 

Included within other creditors is £4,261 (2023: £4,625) owing to the Director.

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