Company registration number 00421390 (England and Wales)
JELI INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JELI INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
JELI INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
4,338,730
5,164,240
Current assets
Debtors
5
2,762,979
1,894,867
Cash at bank and in hand
454,929
584,924
3,217,908
2,479,791
Creditors: amounts falling due within one year
6
(80,337)
(136,941)
Net current assets
3,137,571
2,342,850
Total assets less current liabilities
7,476,301
7,507,090
Capital and reserves
Called up share capital
7
1,000
1,000
Revaluation reserve
8
865,380
1,150,148
Profit and loss reserves
6,609,921
6,355,942
Total equity
7,476,301
7,507,090
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
J Pine
Director
Company Registration No. 00421390
JELI INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2021
1,000
631,850
5,967,168
6,600,018
Year ended 31 October 2022:
Profit
-
-
907,072
907,072
Other comprehensive income:
Revaluation of tangible fixed assets
-
518,298
-
518,298
Total comprehensive income
-
518,298
907,072
1,425,370
Transfers
-
(518,298)
(518,298)
Balance at 31 October 2022
1,000
1,150,148
6,355,942
7,507,090
Year ended 31 October 2023:
Loss
-
-
(30,789)
(30,789)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(284,768)
-
(284,768)
Total comprehensive income
-
(284,768)
(30,789)
(315,557)
Transfers
-
284,768
284,768
Balance at 31 October 2023
1,000
865,380
6,609,921
7,476,301
JELI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Jeli Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Vaughan Street, Manchester, M12 5FQ.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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 balance sheet 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 and cash and bank balances, 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
JELI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from related parties 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.
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.
1.4
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
JELI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed during the year was:
2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Investments
3,053,920
3,486,487
Investment loans
1,284,810
1,677,753
4,338,730
5,164,240
Movements in fixed asset investments
Investments other than loans
Investment loans
Total
£
£
£
Cost or valuation
At 1 November 2022
3,486,487
1,677,753
5,164,240
Additions
326,112
433,051
759,163
Valuation changes
(284,768)
-
(284,768)
Disposals
(473,911)
(825,994)
(1,299,905)
At 31 October 2023
3,053,920
1,284,810
4,338,730
Carrying amount
At 31 October 2023
3,053,920
1,284,810
4,338,730
At 31 October 2022
3,486,487
1,677,753
5,164,240
JELI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,736,980
1,868,868
Deferred tax asset
26,000
26,000
2,762,980
1,894,868
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
69,193
120,851
Other taxation and social security
163
(1,541)
Other creditors
10,981
17,631
80,337
136,941
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
8
Other reserve
2023
2022
£
£
At beginning of year
962,845
631,850
Revaluation surplus arising in the year
291,370
330,995
At end of year
1,254,215
962,845
The other reserve comprises the cumulative balance of fair value gains/ (losses) on investments carried at fair value through profit and loss. This reserve is not distributable.
JELI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Related party transactions
On 2 November 2018, the company hived down its textiles trade and related assets and liabilities to a newly formed subsidiary company. Through a process of group reconstruction the subsidiary was transferred into the ownership of Frank Pine Limited (formerly Jeli Investments Limited), a related company through common ownership and directors. On that date the company changed its name to Jeli Investments Limited and the newco became Frank Pine Limited.
At 31 October 2023 the company was owed £1,769,428 (2022: £1,769,428) by the new Frank Pine Limited, largely being consideration for the assets transferred from Jeli Investments Limited not yet paid.
At 31 October 2023 the company was owed £917,552 (2022: £99,440) by Jeli Resi Limited, a related company through common ownership and directors.
10
Directors' transactions
At 31 October 2023 the company was owed £50,000 (2022: £NIL) by E Pine, director and the company owed £1,531 (2022: £8,631) to J Pine, director. No interest is charged on amounts owing.
11
Parent company
The ultimate controlling parties are J Pine and E Pine, the controlling shareholders of Jeli Holding Limited.