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Registration number: NI693509

JAQ Group Holdings Limited

Annual Report and Consolidated Financial Statements

for the Period from 6 January 2023 to 31 December 2023

 

JAQ Group Holdings Limited

Contents

Company Information

1

Directors' Report

2 to 3

Strategic Report

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

11

Consolidated Statement of Cash Flows

12

Notes to the Financial Statements

13 to 25

 

JAQ Group Holdings Limited

Company Information

Directors

Mr Connor Martin

Mr Oliver Hudson

Mr Seamus O'Connor

Registered office

Unit 13 Craigstown Road Industrial Estate
Craigstown Road
Randalstown
Co Antrim
BT41 2PT

Bankers

HSBC
25-29 Royal Avenue
Belfast
BT1 1FB

Auditors

Stevenson and Wilson
22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

 

JAQ Group Holdings Limited

Directors' Report for the Period from 6 January 2023 to 31 December 2023

The directors present their report and the for the period from 6 January 2023 to 31 December 2023.

Directors of the group

The directors who held office during the period were as follows:

Mr Connor Martin (appointed 6 January 2023)

Mr Oliver Hudson (appointed 20 March 2023)

Mr Seamus O'Connor (appointed 20 March 2023)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Stevenson and Wilson as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

 

JAQ Group Holdings Limited

Directors' Report for the Period from 6 January 2023 to 31 December 2023

Information included in the Strategic Report

financial instruments incorporating financial risk management objectives and policies, and

likely future developments in the business of the Company

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr Connor Martin
Director

 

JAQ Group Holdings Limited

Strategic Report for the period from 6 January 2023 to 31 December 2023

The directors present their strategic report for the period from 6 January 2023 to 31 December 2023.

Principal activity

The principal activity of the group is retail sale of cosmetics and toiletries

Fair review of the business

The company was incorporated on 6th January 2023 to act as the holding company of the trading group, and this is therefore the first financial period to be reported.

Through the year the directors have pursued a growth strategy and they are encouraged by the results, seeing revenues doubling to approximately £30M for the year. To accommodate this level of growth, the group has invested heavily in property, people and processes. Further costs have been incurred in brand development, promotional activities and expanding the group's geographical reach. As a result of these costs, the growth in revenue has not translated into increased profitability for the year. However, the directors are confident that this has created the appropriate structure and profile that will yield significant benefits in the coming years. In the incoming year the Group has continued to grow steadily and the directors anticipate a return to healthy levels of profitability.

2023
£

Key performance indicators

Revenue

29,956,384

Gross profit

6,015,161

Profit/(loss) for the period

(206,547)

Principal risks and uncertainties

In a highly competitive market place, the principal risks facing the Company arise from its ability to produce highly desirable products at a price which differentiates it from its competitors. The Group sells directly to the end consumer, and so the level of disposable income across the UK and EU is of importance.

Liquidity and cash flow risk remain key focusses of the Company’s management. Management is actively monitoring and managing cash flow on a daily basis to ensure necessary funds are available to meet operating and financing requirements. With healthy levels of operating profitability the Company continues to meet all financing commitments. The Company does not have any necessity to engage in any form of hedging activities nor is the utilisation of any other form of financial instrument required.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr Connor Martin
Director

 

JAQ Group Holdings Limited

Independent Auditor's Report to the Members of JAQ Group Holdings Limited

Opinion

We have audited the financial statements of JAQ Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 6 January 2023 to 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and the parent company's affairs as at 31 December 2023 and of the group's loss for the period 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

JAQ Group Holdings Limited

Independent Auditor's Report to the Members of JAQ Group Holdings Limited

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 Statement of Directors' Responsibilities [set out on page 2], 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.

Auditor 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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.

 

JAQ Group Holdings Limited

Independent Auditor's Report to the Members of JAQ Group Holdings Limited

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.

In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 2006. Our 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 auditor’s 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.

......................................
Peter Stevenson (Senior Statutory Auditor)
For and on behalf of Stevenson and Wilson, Statutory Auditor

22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

27 September 2024

 

JAQ Group Holdings Limited

Consolidated Profit and Loss Account for the Period from 6 January 2023 to 31 December 2023

Note

2023
£

Turnover

3

29,956,384

Cost of sales

 

(23,941,223)

Gross profit

 

6,015,161

Administrative expenses

 

(5,907,590)

Operating profit

4

107,571

Provision of loan due from related company

 

(226,867)

Interest payable and similar expenses

5

(400,859)

Loss before tax

 

(520,155)

Tax on loss

9

313,608

Loss for the financial period

 

(206,547)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the period other than the results above.

 

JAQ Group Holdings Limited

(Registration number: NI693509)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Intangible assets

10

23,480

Tangible assets

11

2,784,355

Investment property

12

705,130

Other financial assets

14

54,331

 

3,567,296

Current assets

 

Stocks

15

2,165,151

Debtors

16

1,906,684

Cash at bank and in hand

 

1,762,829

 

5,834,664

Creditors: due within one year

18

(7,160,294)

Net current liabilities

 

(1,325,630)

Total assets less current liabilities

 

2,241,666

Provisions for liabilities

19

(215,660)

Net assets

 

2,026,006

Capital and reserves

 

Called up share capital

20

100

Retained earnings

2,025,906

Shareholders' funds

 

2,026,006

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr Connor Martin
Director

.........................................
Mr Seamus O'Connor
Director

 
     
 

JAQ Group Holdings Limited

(Registration number: NI693509)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Investments

13

300

Other financial assets

14

39,331

 

39,631

Current assets

 

Debtors

16

962,988

Cash at bank and in hand

 

10,802

 

973,790

Creditors: due within one year

18

(967,704)

Net current assets

 

6,086

Net assets

 

45,717

Capital and reserves

 

Called up share capital

20

100

Retained earnings

45,617

Shareholders' funds

 

45,717

The company made a profit after tax for the financial period of £105,867

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr Connor Martin
Director

.........................................
Mr Seamus O'Connor
Director

 
     
 

JAQ Group Holdings Limited

Consolidated Statement of Changes in Equity for the Period from 6 January 2023 to 31 December 2023

Share capital
£

Retained earnings
£

Total
£

Loss for the period

-

(206,547)

(206,547)

New share capital subscribed

100

-

100

Dividends

-

(60,250)

(60,250)

Acquisition of subsidiaries, increase in equity

-

2,292,703

2,292,703

At 31 December 2023

100

2,025,906

2,026,006

Company

Share capital
£

Retained earnings
£

Total
£

Profit for the period

-

105,867

105,867

Dividends

-

(60,250)

(60,250)

New share capital subscribed

100

-

100

At 31 December 2023

100

45,617

45,717

 

JAQ Group Holdings Limited

Consolidated Statement of Cash Flows for the Period from 6 January 2023 to 31 December 2023

Note

2023
£

Cash flows from operating activities

Loss for the period

 

(206,547)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

197,229

Finance costs

400,859

Income tax expense

9

(313,608)

 

77,933

Working capital adjustments

 

Increase in stocks

15

(1,318,879)

Increase in trade debtors

16

(1,329,082)

Increase in trade creditors

18

4,552,440

Cash generated from operations

 

1,982,412

Income taxes paid

9

(134,783)

Net cash flow from operating activities

 

1,847,629

Cash flows from investing activities

 

Acquisitions of tangible assets

(1,649,850)

Acquisition of intangible assets

10

(24,289)

Acquisition of investment properties

(551,418)

Acquisition of financial investments other than trading investments

 

(54,331)

Net cash flows from investing activities

 

(2,279,888)

Cash flows from financing activities

 

Interest paid

(400,859)

Proceeds from bank borrowing draw downs

 

967,435

Net cash flows from financing activities

 

566,576

Net increase in cash and cash equivalents

 

134,317

Opening cash and cash equivalents of subsidaries

 

1,628,512

Cash and cash equivalents at 31 December

 

1,762,829

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit 13 Craigstown Road Industrial Estate, Craigstown Road, Randalstown, Co Antrim. BT41 2PT

These financial statements were authorised for issue by the Board on 27 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The presentational and functional currency is sterling.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial period of £105,867

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Going concern

The financial statements have been prepared on a going concern basis.

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 debtors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group 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 account 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Turnover

The analysis of the group's turnover for the period from continuing operations is as follows:

2023
£

Sale of goods

29,956,384

The analysis of the group's turnover for the period by market is as follows:

2023
£

UK

26,033,484

Europe

3,076,844

Rest of world

846,056

29,956,384

4

Operating profit

Arrived at after charging/(crediting)

2023
£

Depreciation expense

196,420

Amortisation expense

809

5

Interest payable and similar expenses

2023
£

Interest on bank overdrafts and borrowings

400,859

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

Wages and salaries

3,303,898

Other employee expense

310,285

3,614,183

The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:

2023
No.

Production

24

Administration and support

36

Distribution

66

126

7

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

Remuneration

140,975

8

Auditors' remuneration

2023
£

Audit of these financial statements

19,000


 

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

Current taxation

UK corporation tax

(224,379)

UK corporation tax adjustment to prior periods

(138,423)

(362,802)

Deferred taxation

Arising from origination and reversal of timing differences

49,194

Tax receipt in the income statement

(313,608)

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK of 25%.

The differences are reconciled below:

2023
£

Loss before tax

(520,155)

Corporation tax at standard rate

(130,039)

Decrease in UK and foreign current tax from adjustment for prior periods

(138,423)

Tax increase from other short-term timing differences

1,298

Effect of expense not deductible in determining taxable profit (tax loss)

60,446

Decrease from effect of tax incentives

(3,528)

Tax decrease from effect of adjustment in research and development tax credit

(200,000)

Tax increase from effect of unrelieved loss on foreign subsidiaries

88,940

Tax increase from other tax effects

7,698

Total tax credit

(313,608)

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

10

Intangible assets

Group

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

24,289

24,289

At 31 December 2023

24,289

24,289

Amortisation

Amortisation charge

809

809

At 31 December 2023

809

809

Carrying amount

At 31 December 2023

23,480

23,480

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

Opening cost at 6th January 2023

576,023

402,144

221,492

351,307

1,550,966

Additions

1,095,708

282,650

144,612

126,880

1,649,850

At 31 December 2023

1,671,731

684,794

366,104

478,187

3,200,816

Depreciation

Opening depreciation at 6th January 2023

-

82,400

52,009

85,632

220,041

Charge for the period

-

74,718

62,819

58,883

196,420

At 31 December 2023

-

157,118

114,828

144,515

416,461

Carrying amount

At 31 December 2023

1,671,731

527,676

251,276

333,672

2,784,355

Included within the net book value of land and buildings above is £1,671,731 in respect of freehold land and buildings.
 

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

12

Investment properties

Group

2023
£

Opening cost at 6th January 2023

153,712

Additions

551,418

At 31 December

705,130

The investment properties have been recently acquired. In the opinion of the directors there has not been any significant change in value since acquisition and so they continue to be held at cost.

13

Investments

Company

2023
£

Investments in subsidiaries

300

Group

Details of undertakings

The Group holds 100% of the equity share capital of the following subsidiaries. All subsidiaires have a year-end coterminous with that of their parent.

Undertaking

Coutnry of Incporation

Nature of business

The Essence Vault Limited

Northern Ireland

Sale of cosmetics and toiletries

JAQ Group Properties Limited

Northern Ireland

Property investment

Thomson Carter Limited

Northern Ireland

Sale of cosmetics and toiletries

JAQ Group Inc.

U.S.A.

Sale of cosmetics and toiletries

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

14

Other financial assets

Group

Financial assets
£

Total
£

Non-current financial assets

Cost or valuation

Additions

54,331

54,331

At 31 December 2023

54,331

54,331

Impairment

At 6 January 2023

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

54,331

54,331

Company

Financial assets
£

Total
£

Non-current financial assets

Cost or valuation

Additions

39,331

39,331

At 31 December 2023

39,331

39,331

Impairment

At 6 January 2023

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

39,331

39,331

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

15

Stocks

 

Group

Company

2023
£

2023
£

Raw materials and consumables

2,165,151

-

16

Debtors

   

Group

Company

Current

Note

2023
£

2023
£

Trade debtors

 

797,976

-

Amounts owed by related parties

22

50,557

39,457

Other debtors

 

923,170

923,170

Prepayments

 

66,274

-

Deferred tax assets

9

-

361

Income tax asset

9

68,707

-

   

1,906,684

962,988

17

Cash and cash equivalents

 

Group

Company

2023
£

2023
£

Cash at bank

1,762,829

10,802

18

Creditors

   

Group

Company

Note

2023
£

2023
£

Loans and borrowings

21

1,096,235

-

Trade creditors

 

3,858,095

-

Amounts due to related parties

22

32,600

966,204

Social security and other taxes

 

1,098,301

-

Other payables

 

645,941

-

Accruals

 

429,122

1,500

 

7,160,294

967,704

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 6 January 2023

166,466

166,466

Additional provisions

49,194

49,194

At 31 December 2023

215,660

215,660

20

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary shares of £1 each

100

100

   

21

Loans and borrowings

Current loans and borrowings

 

Group

Company

2023
£

2023
£

Other borrowings

1,096,235

-

22

Related party transactions

The Company has taken advantage of the exemption provisions in FRS 102 permitting non-disclosure of transactions with fellow group companies. Transactions and outstanding balances with non-group related parties, related through virtue of common control were as follows:

2023
£

Sale of goods and services

311,602

Purchase of goods and services

321,922

Amounts due from related parties - trade

273,922

Amounts due from related parties - other

50,557

Amounts due to related parties

32,600

Amounts due from the director

923,170

Amounts due to, and due from, associated companies are unsecured and interest free. They are repayable on demand. Amounts due from the directors are unsecured and repayable on demand. The directors are considered to be the Group’s key management personnel. Their remuneration is disclosed in note 7.

 

JAQ Group Holdings Limited

Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023

23

Parent and ultimate parent undertaking

The ultimate controlling party is Connor Martin.