Registration number:
JAQ Group Holdings Limited
for the Period from 6 January 2023 to 31 December 2023
JAQ Group Holdings Limited
Contents
Company Information |
|
Directors' Report |
|
Strategic Report |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
JAQ Group Holdings Limited
Company Information
Directors |
Mr Connor Martin Mr Oliver Hudson Mr Seamus O'Connor |
Registered office |
|
Bankers |
|
Auditors |
|
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:
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
......................................... |
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
......................................... |
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.
......................................
For and on behalf of
22-30 Broadway Avenue
Co. Antrim
BT43 7AA
JAQ Group Holdings Limited
Consolidated Profit and Loss Account for the Period from 6 January 2023 to 31 December 2023
Note |
2023 |
|
Turnover |
|
|
Cost of sales |
( |
|
Gross profit |
|
|
Administrative expenses |
( |
|
Operating profit |
|
|
Provision of loan due from related company |
( |
|
Interest payable and similar expenses |
( |
|
Loss before tax |
( |
|
Tax on loss |
|
|
Loss for the financial period |
( |
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 |
|
|
Tangible assets |
|
|
Investment property |
|
|
Other financial assets |
54,331 |
|
|
||
Current assets |
||
Stocks |
|
|
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: due within one year |
( |
|
Net current liabilities |
( |
|
Total assets less current liabilities |
|
|
Provisions for liabilities |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100 |
|
Retained earnings |
2,025,906 |
|
Shareholders' funds |
2,026,006 |
Approved and authorised by the
......................................... |
......................................... |
JAQ Group Holdings Limited
(Registration number: NI693509)
Balance Sheet as at 31 December 2023
Note |
2023 |
|
Fixed assets |
||
Investments |
|
|
Other financial assets |
39,331 |
|
|
||
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: due within one year |
( |
|
Net current assets |
|
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
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
......................................... |
......................................... |
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 |
- |
( |
( |
New share capital subscribed |
|
- |
|
Dividends |
- |
( |
( |
Acquisition of subsidiaries, increase in equity |
- |
|
|
At 31 December 2023 |
|
|
|
Company |
Share capital |
Retained earnings |
Total |
Profit for the period |
- |
|
|
Dividends |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 December 2023 |
|
|
|
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 |
( |
|
Adjustments to cash flows from non-cash items |
||
Depreciation and amortisation |
|
|
Finance costs |
|
|
Income tax expense |
( |
|
|
||
Working capital adjustments |
||
Increase in stocks |
( |
|
Increase in trade debtors |
( |
|
Increase in trade creditors |
|
|
Cash generated from operations |
|
|
Income taxes paid |
( |
|
Net cash flow from operating activities |
|
|
Cash flows from investing activities |
||
Acquisitions of tangible assets |
( |
|
Acquisition of intangible assets |
( |
|
Acquisition of investment properties |
( |
|
Acquisition of financial investments other than trading investments |
( |
|
Net cash flows from investing activities |
( |
|
Cash flows from financing activities |
||
Interest paid |
( |
|
Proceeds from bank borrowing draw downs |
|
|
Net cash flows from financing activities |
|
|
Net increase in cash and cash equivalents |
|
|
Opening cash and cash equivalents of subsidaries |
|
|
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
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
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.
Turnover |
The analysis of the group's turnover for the period from continuing operations is as follows:
2023 |
|
Sale of goods |
|
The analysis of the group's turnover for the period by market is as follows:
2023 |
|
UK |
|
Europe |
|
Rest of world |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
|
Depreciation expense |
|
Amortisation expense |
|
Interest payable and similar expenses |
2023 |
|
Interest on bank overdrafts and borrowings |
|
JAQ Group Holdings Limited
Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
|
Wages and salaries |
|
Other employee expense |
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
2023 |
|
Production |
|
Administration and support |
|
Distribution |
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
2023 |
|
Remuneration |
|
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
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
|
Current taxation |
|
UK corporation tax |
( |
UK corporation tax adjustment to prior periods |
( |
(362,802) |
|
Deferred taxation |
|
Arising from origination and reversal of timing differences |
|
Tax receipt in the income statement |
( |
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK of
The differences are reconciled below:
2023 |
|
Loss before tax |
( |
Corporation tax at standard rate |
( |
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
Tax increase from other short-term timing differences |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
Decrease from effect of tax incentives |
( |
Tax decrease from effect of adjustment in research and development tax credit |
( |
Tax increase from effect of unrelieved loss on foreign subsidiaries |
|
Tax increase from other tax effects |
|
Total tax credit |
( |
JAQ Group Holdings Limited
Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023
Intangible assets |
Group
Other intangible assets |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
Amortisation charge |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
JAQ Group Holdings Limited
Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023
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 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Depreciation |
|||||
Opening depreciation at 6th January 2023 |
- |
|
|
|
|
Charge for the period |
- |
|
|
|
|
At 31 December 2023 |
- |
|
|
|
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
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
Investment properties |
Group
2023 |
|
Opening cost at 6th January 2023 |
|
Additions |
|
At 31 December |
|
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.
Investments |
Company
2023 |
|
Investments in subsidiaries |
|
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
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 |
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 |
JAQ Group Holdings Limited
Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023
Stocks |
Group |
Company |
|
2023 |
2023 |
|
Raw materials and consumables |
|
- |
Debtors |
Group |
Company |
||
Current |
Note |
2023 |
2023 |
Trade debtors |
|
- |
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
- |
|
Deferred tax assets |
- |
|
|
Income tax asset |
|
- |
|
|
|
Cash and cash equivalents |
Group |
Company |
|
2023 |
2023 |
|
Cash at bank |
|
|
Creditors |
Group |
Company |
||
Note |
2023 |
2023 |
|
Loans and borrowings |
|
- |
|
Trade creditors |
|
- |
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
- |
|
Other payables |
|
- |
|
Accruals |
|
|
|
|
|
JAQ Group Holdings Limited
Notes to the Financial Statements for the Period from 6 January 2023 to 31 December 2023
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 6 January 2023 |
|
|
Additional provisions |
|
|
At 31 December 2023 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
||
No. |
£ |
|
|
|
100 |
Loans and borrowings |
Current loans and borrowings
Group |
Company |
|
2023 |
2023 |
|
Other borrowings |
|
- |
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
Parent and ultimate parent undertaking |
The ultimate controlling party is